2005 Vermont Code - § 463. — Reinstatement

§ 463. Reinstatement

(a) Should a disability beneficiary be restored to service and should his annual earnable compensation then or at any time thereafter be equal to or greater than his average final compensation at retirement, or should any other beneficiary be restored to service, his retirement allowance shall cease, the beneficiary shall again become a member of the retirement system, and he shall contribute thereafter at the same rate he paid prior to his retirement. Anything in this subchapter to the contrary notwithstanding, upon his subsequent retirement he shall be credited with all the service creditable to him at the time of his former retirement. However, if such beneficiary is restored to membership after the attainment of the age of fifty-five years, his pension upon subsequent retirement shall not exceed the sum of the pension which he was receiving immediately prior to his last restoration to membership and the pension that may have accrued to him on account of membership service since his last restoration to membership, provided that the rate percent of his total pension on his subsequent retirement shall not exceed the rate he would have received had he remained in service during the period of his prior retirement.

(b) A member who has been reemployed is entitled to prior service credit upon depositing in the annuity savings fund the contributions which would have been deducted from his compensation had he remained a member with interest as set forth in section 473(c)(1) of this title. The member in order to qualify for the prior service credit must also deposit in the pension accumulation fund a sum equal to the contributions which would have been contributed by the state had he remained a member with interest as set forth in section 473(c)(1) of this title. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 1981, No. 41, § 11; 1989, No. 277 (Adj. Sess.), § 17n, eff. Jan. 1, 1991.)