Bill H.448 proposes amendments to the Vermont State Employees Retirement System, specifically targeting the membership, normal 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 regarding their retirement benefits, ensuring that no amendments can diminish or impair these rights after a member's initial contribution.

The bill includes several specific amendments to existing statutes, such as the exclusion of mandatory overtime from average final compensation calculations and the adjustment of contribution rates for Group G members, which will be set at 8.93% starting in fiscal year 2026. Additionally, it outlines the process for granting credit for military service during specified conflicts, with provisions that exempt certain members from making contributions for this credit. A study will also be conducted to assess the fiscal impacts of these changes, with findings due by January 15, 2026. The act is set to take effect on July 1, 2025, with the military service credit provisions starting on July 1, 2026.

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