2005 Vermont Code - § 474. — Predecessor systems

§ 474. Predecessor systems

Any beneficiary of a predecessor system who is in receipt of a benefit on the date of establishment shall become a beneficiary hereunder and shall continue to receive the benefit being paid from the appropriate fund of this system, under the conditions of the predecessor system as in effect at the time of his retirement, subject to such adjustment as provided for in section 470 of this title. Any former member of a predecessor system who, upon his termination of service, was eligible for a deferred benefit under the provisions of that system, the payment of which has not commenced as of the date of establishment, shall continue to be so eligible, and shall receive such benefit from the system subject to the conditions of the predecessor system as in effect at the time his service was terminated. The cash and securities to the credit of the predecessor systems on the date of establishment shall be transferred to this retirement system, the amount of each member's accumulated contributions included in such transfer shall be credited to his individual account in the annuity savings fund to become a part of his accumulated contributions, and the balance shall be credited to the pension accumulation fund. (Added 1971, No. 231 (Adj. Sess.), § 4.)