The bill amends the Vermont State Retirement System to establish a new Group G membership for certain employees, specifically targeting facility employees of the Department of Corrections, justice-involved youth facility employees, and municipal law enforcement officers. Key changes include the extension of eligibility for Group G membership to employees first hired on or after July 1, 2023, and the introduction of a one-time irrevocable election for municipal law enforcement officers to join Group G by December 1, 2026. The bill also specifies that members who were part of the system as of June 30, 2023, can make an irrevocable election to join Group G by that date.

Additionally, the bill modifies the definitions and retirement provisions for Group G members, including adjustments to the normal retirement date and retirement allowances. Notably, it replaces the previous cutoff date of June 30, 2022, with June 30, 2023, for certain eligibility criteria. The effective date for the new provisions is set for July 1, 2026. The bill aims to enhance retirement benefits for specific groups of employees while ensuring that the eligibility criteria are clearly defined and accessible.

Statutes affected:
As Passed By the House -- Official: 3-455, 3-459, 3-489
As Passed By the House -- Unofficial: 3-455, 3-459, 3-489
As Passed by Both House and Senate -- Official: 3-455, 3-459, 3-489
As Passed by Both House and Senate -- Unofficial: 3-455, 3-459, 3-489
As Enacted: 3-455, 3-459, 3-489