Bill H.448 proposes amendments to the Vermont State Employees Retirement System, specifically targeting the membership, retirement allowances, and contribution rates for Group G members. Key changes include allowing members to earn creditable service for temporary or seasonal employment with the State and expanding the conditions under which prior military service can be credited without 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.

The bill includes several specific amendments to existing legal language. For instance, it modifies the definition of "average final compensation" to exclude certain compensable hours from calculations, adds new categories of employees eligible for Group G membership, and adjusts the contribution rates for Group G members starting in fiscal year 2026. Additionally, it introduces a study to assess the fiscal impacts of including military conflicts as creditable service and sets effective dates for the various provisions, with the act taking effect on July 1, 2025, and specific sections on military service elections starting on July 1, 2026.

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