Retirement Systems
Message to Members of Vermont's State Level Retirement Plans
The vast majority of state employees, teachers, and municipal employees participate in a defined benefit pension plan. If you are in this group, while current events in the financial markets are certainly a cause for concern, you have a legal right to your benefits as they come due. A decline in the stock market, or failure of a large bank, does not affect the amount of your defined benefit plan retirement payments. - MORE-
Pension Plans
The State Treasurer's Office administers three statutory pension plans.
The membership as of June 30, 2008 is:
- 25,546 active
- 5,864 inactive
- 1,980 terminated vested
- 11,557 retired
The three pension plans are:
Administration
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
Funding
Vermont State Retirement System (VSRS) 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.
Fiduciary Oversight
Oversight and management of the three systems' assets are under the governance of the VPIC.
Retirement Office
The Retirement Operations Division comprises 12 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.
Retirement Specialists
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.).
Informational Seminars
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 see the Annual Report.
Quarterly Newsletters
Quarterly newsletters are published with the latest retirement system announcement and information, as well as information and resources to assist you in making the decisions affecting your retirement.
State
Teacher
Municipal
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