§ 488. Payment of contributions
(a) The contributions computed under section 487 of this title together with a pro rata share of the cost of the administration of the Vermont State Retirement System based upon the payroll of the employees of the employer who are members shall be certified by the Retirement Board to the Chief Fiscal Officer of the employer. The amounts so certified shall be a charge against the employer. The Chief Fiscal Officer shall pay to the State Treasurer the amount certified by the Retirement Board as payable under the provisions of this subchapter, and the State Treasurer shall credit such amounts to the Fund of the Vermont State Retirement System.
(b) Any payments due that are not received within 30 days after the installment due date set by the Board shall result in a penalty assessment against the employer at the rate of one percent of the amount due for each month calculated from the installment due date, provided that the Board may, in its discretion, waive part or all of said penalty assessment if good cause is shown. The delinquent payments and penalties thereon may be recovered by action in a court of competent jurisdiction against the employer liable therefor or may be deducted by or, at the request of the State Treasurer, from any other monies payable to such employer by the State or any department or agency thereof. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2007, No. 13, § 19; 2025, No. 131 (Adj. Sess.), § 6, eff. July 1, 2026.)