Vermont Statutes Title 3 Sec. 473a
Terms Used In Vermont Statutes Title 3 Sec. 473a
- Board: shall mean the board provided for in section 471 of this title to administer the Retirement System. See
- Earnable compensation: shall mean the full rate of compensation that would be payable to an employee if the employee worked the full normal working time for the employee's position. See
- Member: means any employee included in the membership of the Retirement System under section 457 of this title. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 473a. Periodic actuarial reports
The Board shall cause to be made an actuarial reevaluation of the rate of member contributions deducted from earnable compensation pursuant to subdivision 473(b)(2) of this title, on a periodic basis at least every three years, to determine whether the amount deducted is necessary to make the contributions picked up and paid by the State for such members cost neutral to the General Fund. The actuarial reevaluation shall consider all relevant factors, including federal tax law changes. The Board shall report the results of the actuarial reevaluation to the General Assembly together with any recommendations for adjustment in the members’ contribution rate under subdivision 473(b)(2) of this title. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this section. (Added 1997, No. 68 (Adj. Sess.), § 8, eff. March 1, 1998; amended 2013, No. 142 (Adj. Sess.), § 9.)