(a) Any governing board of an employer which elected to have its eligible employees participate in the Vermont State Retirement System shall, by virtue of said election, have its eligible employees participate in the Vermont State Retirement System. Any members of the Vermont Employees' Retirement System, in the employ of such employer, shall have the shares credited on their account to the various funds of that Retirement System transferred to the Fund of the Vermont State Retirement System, in accordance with the provisions of section 473 of this title. Thereafter, all contributions on behalf of such members shall be made by such employer and member to the Vermont State Retirement System for deposit in the Fund.

(b) Membership of National Guard employees will commence effective the first day of the first pay period for which the federal government makes the required employer contribution, and will end on the failure of the federal government to make such contribution. Membership and benefits for this class of employee shall be a contributory money purchase type on such terms as are mutually agreed by the representatives of the federal government, national guard technicians of the State of Vermont and the trustees of the Vermont State Retirement System. The employee contribution shall be not less than the percentage contributed by the federal government.

(c) All National Guard employees who became members of the Vermont Employees' Retirement System pursuant to section 432 of this title and who, on the date of establishment, were members of that System shall become and continue to be members of the Vermont State Retirement System until the failure of the federal government to make contributions on their account. All shares credited to the Vermont Employees' Retirement System on account of such National Guard employees shall be transferred to the fund of the Vermont State Retirement System, in accordance with the provisions of section 473 of this title. Thereafter all contributions on behalf of such members shall be made by the federal government and the member to the Vermont State Retirement System for deposit in the Fund. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 1973, No. 251 (Adj. Sess.), § 2; 2007, No. 13, § 17.)