The Defined Contribution Plan is governed by Vermont Statute Title 3, Chapter 16A.
What is Defined Contribution?
The Defined Contribution (DC) retirement plan is available to exempt state employees as an alternative to the Defined Benefit Plan.
Who Administers the Plan?
Vermont’s Defined Contribution plans have been administered by Empower since August 2022.
Contributing to the Plans
Employees who elect to participate in the DC Plan contribute 2.85% of their compensation each payroll period. The State in turn contributes 7.00% of the employee’s compensation for each payroll period. Employees may choose to make additional after-tax contributions to the plan, provided that the total annual contributions (by employee and employer) in any calendar year do not exceed the IRS maximum.
How Do I Access My Plan?
Visit vermont.empower-retirement.com to access information about Empower and the State’s Defined Contribution plan provisions, and to log in to your account. If you are a member of this plan and have not signed up for an online account through Empower, please visit participant.empower-retirement.com click on "REGISTER” on the right side, and follow the prompts to create an online account. For more information, please contact Empower at 1-877-RET-VERM (1-877-738-8376)
How Are Funds Invested?
Participants in the Defined Contribution Plan can choose how their funds are invested either independently or through support tools provided by Empower.
Retirement Plan Advisors
The Defined Contribution Plan offers retirement plan advisors at no additional cost to provide you with personalized service through group meetings and one-on-one consultations. These knowledgeable professionals provide you with convenient service and support. To schedule a personal consultation, Click here
Medical and Life Insurance
Exempt state employees in the Defined Contribution plan may continue their medical, dental, and life insurance policies into retirement under certain eligibility criteria, but only if they request the insurance before their retirement date (date of separation from state employment). If you are planning to retire in the near future, please call the Retirement Office at 802-828-2305 or toll-free from within Vermont at 1-800-642-3191 to learn more about these insurance benefits during retirement.
Choosing Your Beneficiary
Elect your beneficiary by logging in to your account at empower.com/Vermont or calling 877-RET-VERM (877-738-8376).
