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 contributions. The bill also establishes a contractual right for members, ensuring that amendments cannot diminish their rights or benefits once they have made their initial contributions.

Specific amendments include the exclusion of mandatory overtime from average final compensation calculations, the addition of new employee categories to Group G, and a revised contribution rate for Group G members starting in fiscal year 2026. The bill also outlines a study to assess the fiscal impacts of including certain military conflicts as creditable service. The act is set to take effect on July 1, 2025, with the exception of the elections section, which will take effect on July 1, 2026.

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