Bill S.156 proposes amendments to the Vermont State Employees Retirement System, specifically targeting Group G members. Key changes include allowing members to earn creditable service for temporary or seasonal state employment and expanding eligibility for creditable service for prior 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.

Additionally, the bill modifies the definitions and contribution rates for Group G members, including a new contribution rate of 8.93% starting in fiscal year 2026. It also introduces 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 specific provisions regarding elections taking effect a year later.

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