Retirement plans administered by the State Treasurer's Office serve more than 45,500 active and retired members through three statutory pension plans. The membership as of June 30, 2012 is:
- 24,746 active
- 4,681 inactive
- 2,183 terminated vested
- 14,967 retired
The three pension plans are:
A Board of Trustees for each system is vested with the general administration of the system, as well as the responsibility for formulating administrative policy and procedures for its members and their beneficiaries. The day-to-day retirement operations and pension investment functions are administered through the State Treasurer's Office. The State Treasurer is a member of each Board of Trustees. Board meetings are open to the public and members are welcome to attend at any time. State Teacher Municipal
Vermont State Employees' Retirement System (VSERS) and Vermont State Teachers' Retirement System (VSTRS) are funded by employee contributions as well as contributions made by the State. The Vermont Municipal Employees' Retirement System (VMERS) is funded by employee contributions and local municipal employer contributions, and receives no State contributions.
NEW: GASB Resource Page
The Governmental Accounting Standards Board (GASB) is an organization whose main purpose is to improve and create accounting reporting standards or generally accepted accounting principals. GASB approved two new standards in June 2012 that will impact the Vermont State Retirement System and its participating employers. The Treasurer's office has compiled resources on this page to assist accounting and financial administrators with the implementation of the new standards.
Oversight and management of the three systems' assets are under the governance of the VPIC.
The Retirement Operations Division comprises 13 full-time staff members. The primary function of the staff is to serve the needs of the active contributing members and retired members receiving benefit payments. On the active member side, the Retirement Operations Division oversees enrollments, transfers, refunds, and adjustments to members' accounts. On the retiree side, the Division oversees the issuance of the payroll, changes to dependents, adjustments to payments, and replacement checks. Other responsibilities include employee reinstatements, calculation of buybacks and refunds, disability retirements, and determination of survivor benefits.
The retirement specialists provide one-on-one counseling to prospective retirees. Specialists provide estimates of pension and beneficiary payments by verifying a member's creditable service, salaries, and personal information (i.e., date of birth, beneficiary date of birth, etc.).
Specialists and supervisory staff also conduct informational seminars which include individual counseling sessions and informational sessions for members of the three systems. For more information please see the Retirement Division Operations section of the Treasurer's Office Annual Report.
Newsletters are published twice a year and provide the latest retirement system announcements, as well as information and resources to assist you in making the decisions affecting your retirement.
State Teacher Municipal
Visit the Treasurer's Office web page on saving for retirement and learn about our general retirement planning workshop available to all Vermonters called "Keeping the Gold in Your Golden Years."