Roll Call: Senate chooses tentative approach on pension reform
The purpose of S.286 was to reduce the $3 billion deficit in the state’s public employee and teacher retirement funds, with that stated goal of making the pensions 90% funded.
Flemming: Vermont pensioners take their money elsewhere
The reality is that a substantial portion of pensioners have left our state for better climates, and it simply cannot be claimed that the pension checks they’re cashing somehow benefit the Vermont economy.
Flemming: Vermont’s unfunded liabilities aren’t just pensions
When we talk about Vermont’s nearly $6 billion unfunded liability, most of us think about the teachers’ and state employees’ pensions. But these two giant liabilities only account for half of the state’s total unfunded liabilities. Where’s the other half?
Campaign for Vermont: New legislative session setting a fast pace
In its Jan. 16 legislative update, Campaign for Vermont offers an in-depth look at what lawmakers and the governor have planned for state pensions, fiscal responsibility, workforce and economic development, housing, good government and education.
Flemming: Ditch ‘defined benefit’ approach, adopt ‘defined contribution’ or hybrid plans for pensions
To stop the bleeding and secure the future of its pension system, Vermont must follow the lead of its peer states that have already taken action to move to a defined contribution or hybrid system for new hires.
Vermont task force could make final recommendations on pension shortfall remedy Wednesday
In one scenario, the state would make a one-time $75 million contribution, in addition to a recurring, dedicated $15 million revenue source in the annual state budget. The other scenario calls for a one-time $50 million contribution and recurring $40 million revenue source.
Flemming: The consequences of doing nothing on pension crisis
If we do nothing now, it will mean even greater and harder benefit cuts down the road as the unfunded liabilities continue to mount. Today’s $5.6 plus billion unfunded liability will look like chump change if we continue to kick the can down the road.
Flemming: Two tax increases proposed to lessen Vermont’s pension crisis
When Vermont’s Legislature appointed the Pension Benefits, Design, and Funding Task Force, there was a good chance tax increases would be discussed at some point. Now, Vermonters have a little clearer idea of what those could look like.
Pat McDonald: Legislative Pension Task Force should ask tough questions about public compensation
CFV hopes that having this information will help the Legislative Pension Task Force to ask the tough questions about the total compensation of public employees that are necessary as they set about making the changes to address the $4.5 Billion pension liability situation.
Contrary to popular belief, study shows public school teachers make much more than their private counterparts
The notion that public school teachers are at a financial disadvantage relative to their private-sector counterparts has been debunked in a new study by Vermont-based think tank Campaign for Vermont.
As Vermont state pensions deficits grow, task force seeks solutions
The unfunded liabilities for the Vermont State Teacher’s Retirement fund increased last year by $379 million as compared to the 2019 valuation while the same liabilities increased by $225 million in the Vermont State Employees’ Retirement, according to numbers from State Treasurer Beth Pearce.
Flemming: Dem legislator explains why a mortgage is a bad analogy for Vermont pension crisis
“I’m challenged to agree with your assessment of this way of determining sustainability, because we may have thought we were buying a $200,000 house and may in fact be that we are buying an $800,000 house or a $1 million house,” Rep. Sarah Copeland Hanzas said.