Coming this Spring – Certain Corrections and Mental Health Workers can Choose a New Retirement Plan!
If you work in certain identified corrections or mental health positions, you will have the opportunity to choose a new Retirement Plan – Group G – this spring.
You only have ONE OPPORTUNITY to make this choice, and your choice is IRREVOCABLE, so please take some time to learn about the choice, attend an information session, and contact our office to make sure you do what is right for you.
What is Group G?
Group G was created by the Legislature in Act 114 of 2022. It is meant to recognize the acute challenges employees in front-line corrections and mental health positions face. Membership in Group G will generally allow eligible employees to retire earlier than they otherwise could.
At the highest level, Group G is a 20-year retirement plan. What that means is that if you work in Group G for your entire career and meet the minimum age requirement of 55, you will be able to retire in 20 years with the maximum 50% of your average final compensation. Compare that to your current group (Group F or F*) in which you have to work 30 years to get that same 50%.
But everything comes with a cost. If you switch to Group G, you will have more deducted from your paycheck.
Here is a PowerPoint that will help you understand the choice and provide some additional resources. While the presentation contains general information, please remember that it is just a guide. If you want additional detail on how the switch will affect you personally, please reach out to the Retirement Office.
Group G Informational PowerPoint
Are there Important Dates to Remember?
Yes! Existing employees have a choice of whether to join Group G or stay in their current Group F or F*.
Notices will go out in early April, along with an enrollment form. The form will also be available here in April.
Responses must be received by June 1, 2023, and they will take effect the first full pay period in July.
Your decision to move into Group G or to stay in Group F/F* is IRREVOCABLE. If you do not make a choice, you will remain in your current plan by default, and you will not be permitted to switch to Group G in the future.
Coming to a Facility Near You!
Our retirement specialists will be coming to facilities to present the details of Group G and your upcoming choice to opt-in or opt-out. The schedule below will be updated from time to time, so please check back to see when we will be at your facility.
|Location||Confirmed Date||Confirmed Time|
|Chittenden Regional Correctional Facility (CRCF)- South Burlington||3/2/2023, 3/14/2023||8:30 AM - 3:30 PM|
|Marble Valley Regional Correctional Facility (MVRCF)-Rutland||TBD||TBD|
|Northeast Correctional Complex (NERCF & CCWC)-St. Johnsbury||2/17/2023, 2/24/2023||4:30 PM -6:00 PM|
|Northern State Correctional Facility (NSCF)-Newport||2/14/2023, 2/22/2023||9:00 AM - 4:00 PM|
|Northwest State Correctional Facility (NWSCF)-Swanton||3/10/2023, 3/29/2023||9:00 AM - 3:00 PM|
|Southern State Correctional Facility (SSCF)-Springfield||3/3/2023, 3/24/2023||10:00 AM, 3:00 PM|
|Barre Probation and Parole||3/8/2023||10:00 AM|
|Bennington Probation and Parole||3/21/2023||11:00-2:00 PM|
|Brattleboro Probation and Parole||3/15/2023||10:00-1:00 PM|
|Burlington Probation and Parole||3/9/2023||11:00-1:00 PM|
|Middlebury Probation and Parole||3/10/2023||9:00 AM|
|Morrisville Probation and Parole||3/3/2023||10:00 AM|
|Newport Probation and Parole||3/1/2023||10:00 AM|
|Rutland Probation and Parole||2/22/2023, 3/1/2023||11:00-2:00 PM|
|St. Albans Probation and Parole||3/17/2023||9:00 AM|
|St. Johnsbury Probation and Parole||2/28/2023||1:30-3:00 PM|
|Springfield Probation and Parole||3/16/2023||10:00-12:00 PM|
|Hartford Probation and Parole||3/16/2023||1:00-3:00 PM|
|DMH Middlesex Therapeutic Community Residence (MTCR)||3/2/2023||3:30 PM|
|DMH Berlin Vermont Psychiatric Care Hospital (VPCH)||3/30/2023||7:00 AM|
If you have additional questions, please feel free to reach out to the Retirement Division staff at firstname.lastname@example.org.