Bill H.448 proposes amendments to the Vermont State Employees Retirement System, focusing on Group G membership, retirement allowances, and contribution rates. Key changes include allowing members to earn creditable service for temporary or seasonal state employment and expanding eligibility for creditable military service without requiring contributions. The bill also establishes a contractual right for members, ensuring that no amendments can diminish their rights or benefits once they have made their initial contributions to the retirement system.

Specific amendments include the exclusion of mandatory overtime from average final compensation calculations, the addition of various employee classifications to Group G, and adjustments to the contribution rates for Group G members, which will be set at 8.93% starting in fiscal year 2026. Furthermore, the bill outlines a study to assess the fiscal impacts of including certain military conflicts as creditable service and sets effective dates for the various provisions, with most taking effect on July 1, 2025, and the military service provisions on July 1, 2026.

Statutes affected:
As Introduced: 3-455, 3-458, 3-459, 3-473, 3-477a