VSRS Group Comparison
| Group Comparison | Group A | Group C | Group D | Group F |
|---|---|---|---|---|
| Employee Contributions | 5.10% of gross salary | 6.98% of gross salary | 5.10% of gross salary | 5.1% of gross salary |
| Employer Contributions | 12.3% of gross salary | 12.3% of gross salary | 12.3% of gross salary | 12.3% of gross salary |
| Average Final Compensation (AFC) | Highest 3 consecutive years, including unused annual leave payoff | Highest 2 consecutive years, including unused annual leave payoff | Final salary at retirement | Highest 3 consecutive years, excluding unused annual leave payoff |
| Benefit Formula | 1.67% x creditable service | 2.5% x creditable service | 3.33% x creditable service (after 12 years in Group D) | 1.25% x service prior to 12/31/90 + 1.67% x service after 1/1/91 |
| Maximum Benefit Payable | 100% of AFC | 50% of AFC | 100% of Final Salary | 50% of AFC #1(see footnote at bottom of chart) |
| Normal Retirement (no reduction) | Age 65 or 62 with 20 years of service | Age 55 (mandatory) | Age 62 | Age 62 or with 30 years of service #2(see footnote at bottom of chart) |
| Post-Retirement COLA | Full CPI, from a minimum of 1% up to a maximum of 5%, after 12 months of retirement | Full CPI, from a minimum of 1% up to a maximum of 5%, after 12 months of retirement | Full CPI, from a minimum of 1% up to a maximum of 5%, after 12 months of retirement | 50% CPI until 1/1/2014; 100% of CPI thereafter, from a minimum of 1% up to a maximum of 5%, after reaching age 62, or (if retired after June 30, 1997) 30 years service |
| Early Retirement Eligibility | Age 55 with 5 years of service or 30 years of service (any age) | Age 50 with 20 years of service | Age 55 with 5 years of service | Age 55 with 5 years of service |
| Early Retirement Reduction | Actuarialy reduced benefit if under 30 years of service | No reduction | 3% per year from age 62 | 6% per year from age 62 #3(see footnote at bottom of chart) |
| Post-Retirement Survivorship Options | 100% and 50% (with or without pop-ups), all actuarially reduced based on age of beneficiary | 70% spousal survivorship with no reduction in retiree's benefit | 100% and 50% (with or without pop-ups), all actuarially reduced based on age of beneficiary | 100% and 50% (with or without pop-ups), all actuarially reduced based on age of beneficiary |
| Benefit Eligibility - Other (Vested Rights, Disability, Death-in-Service) | 5 years of service (vested and disability) 10 years of service, or age 55 with 5 years (death-in-service) | 5 years of service (vested and disability) 10 years of service (death-in-service) | 5 years of service (vested and disability) 12 years of service, or age 55 with 5 years (death-in-service) | 5 years of service (vested and disability) 10 years of service, or age 55 with 5 years (death-in-service) |
| Disability Benefit | Unreduced, accrued benefit with minimum of 25% of AFC | Unreduced, accrued benefit with minimum of 25% of AFC, with children's benefit of 10% of AFC to maximum of 3 concurrently | Unreduced, accrued benefit with minimum of 25% of AFC | Unreduced, accrued benefit with mimimum of 25% of AFC |
| Death-in-Service Benefit | Disability benefit or early retirement benefit, whichever is greater, with 100% survivorship factor applied plus children's benefits up to maximum of three concurrently | 70% of accrued benefit with no actuarial reduction applied, plus children's benefit | Disability benefit or early retirement benefit, whichever is greater, with 100% survivorship factor applied plus children's benefits up to maximum of three concurrently | Disability benefit or early retirement benefit, whichever is greater, with 100% survivorship factor applied plus children's benefits up to maximum of three concurrently |
| Medical Benefits |
80% of total premium | 80% of total premium | 80% of total premium | 80% of total premium #4(see the footnote at bottom of chart) |
| Plan Description |
Group A | Group C | Group D | Group F |
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If new to the membership of the Vermont State Retirement on or after July 1, 2008, the following provisions are applicable to the Group F plan: #1 60% of AFC #2 Age 65 or a combination of years and service equal to 87 #3 Sliding scale for early retirement penalty based on years of service at retirement #4 Pro-rated percentage of total premium based on years of service at retirement
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