State Employees Retirement Systems:
The Vermont State Teachers Retirement System (VSTRS) is the public pension plan provided by the State of Vermont for State teachers. It was created in 1947 and is governed by Vermont Statute Title 16, Chapter 55. The State of Vermont Retirement Board of Trustees is responsible for the administration of the system. In order to be enrolled in VSTRS, you must meet the definition of a “teacher” according to VSTRS eligibility criteria.
VSTRS requires an employee contribution of 5% of annualized salary.
The FCSU and all member schools are active contributors to the VSTRS system, participation is mandatory. No action is necessary on the employee’s part as enrollment is automatic.
The Vermont Municipal Employee’s Retirement System(VMERS) :
Vermont Municipal Employees Retirement System (VMERS) is the public pension plan for participating municipal employees and is provided by the State of Vermont. It was created in 1975 and is governed by Vermont Statute Title 24, Chapter 125. The Vermont Municipal Board of Trustees is responsible for the administration and benefits of the system, and record keeping for the membership.
Enrolling in VMERS for eligible employees of SATEC, CO, and FFCS is conducted at the time of hiring with your Benefits Coordinator.
Once you are enrolled in either system, the State Retirement Office will contact you directly with periodic benefit updates, and information requests.
Learn more about VSTRS and VMERS at www.vermonttreasurer.gov, or by calling the State of Vermont Retirement Office 1-802-828-2305
Tax Deferred Retirement Options:
Please consult a tax advisor for information about what is right for you.
§403(b) Plan
Eligible employees of the FCSU and its member schools may elect to participate in a tax deferred income arrangement provided in § 403(b) of the Internal Revenue Code. The FCSU's 403(b) plan authorizes deferrals solely to the State of Vermont 403(b) program, currently through Great West.
§457(b) Plan
Employees of governmental entities in the state of Vermont are eligible to participate in a deferred compensation program as provided in §457 of the Internal Revenue Code. The FCSU's 457(b) plan authorizes deferrals solely to the State of Vermont 457(b) program, currently through Great West.
Interested employees should contact the:
- Often Asked Q & A's
- Forms
- 403(b) Enrollment
- 403(b) Personal Information Change
- 403(b) Salary Deferment Change Request
- 457(b) Salary Deferment Change Request
- FY11 Universal Availability - Must be completed by all regular staff every year at the beginning of the school year
A Written Plan Document describing the eligibility requirements, benefits, contribution and distribution limitations as well as the vendor(s) approved under the plan has been adopted by the FCSU for its members. The investment lineup offers something for all types of investors from participants who do not wish to actively select and monitor their investments, to an option with Charles Schwab (CS) for the more active investor. A state based committee monitors the funding vehicle(s). Please read the attached Q & A’s and all documentation you receive thoroughly.
2010-10-15 - Federal Update: Transparency
Great-West Retirement Services®
Great-West Retirement Services® (Great-West) Introduces Enhanced Retirement Education Services
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