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 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 fixed contribution rate of 8.93% starting in fiscal year 2026, replacing the previous quartile-based system. It also outlines specific military conflicts that will count towards creditable service and mandates a study on the fiscal impacts of these changes. The act is set to take effect on July 1, 2025, with the provisions regarding military service elections commencing on July 1, 2026.

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