“We are beginning to see the fruits of investments and critical retirement reforms,” Vermont Treasurer Beth Pearce said in a statement Friday.
Citing pension deal and pandemic-era migration, credit agency upgrades Vermont’s outlook
Tag: pensions
House overrides Scott's pension reform veto, enacting it into law
The vote was 148-0. The Senate voted to override the governor’s veto — also unanimously — on Wednesday. This is the first time a veto has been unanimously overridden in both chambers in state history, according to the House speaker’s office.
Senate unanimously votes to override Scott’s pension bill veto
Republicans joined Democrats and Progressives to advance the measure by a vote of 30-0 on Wednesday morning. The House is scheduling its override vote for Friday.
House advances pension deal, but a possible veto looms
The bill now returns to the Senate, which is expected to concur with the House’s changes and send the bill to Gov. Phil Scott. But it’s unknown whether the governor will let the bill pass into law without his signature, sign it or veto it.
Scott demands changes to lawmakers’ pension deal
Unions and Democratic leadership in the House and Senate say it’s far too late for Scott to start making demands after sitting out over a year’s worth of debate and discussion about Vermont’s multi-billion dollar pension shortfalls.
Senate unanimously advances pension deal brokered with unions
Both sides will pay in more, but the deal is ultimately expected to cut the state’s future debts by about $1.7 billion, according to the treasurer’s office.
Coates & Crow: State pension reform proposals don’t go far enough
We must create different plan structures for newly hired state employees and teachers. Otherwise, the unfunded liabilities will continue growing at an unsustainable rate.
Hank Kim: Vermont’s pension sky is not falling
We measured 30-year unfunded liabilities against 30-year personal income (the best measure for revenue capacity) for all 5,000 state and local pension plans. These liabilities equal about 0.6% of personal income. In Vermont this figure is 0.4%.
David Flemming: Vermont’s unfunded liabilities aren’t just pensions
It is long past time for policymakers to think outside the box with innovative solutions instead of repeating the same failed policies of the past that got us into this mess.
Final Reading: Do we have a deal?
Closing in on a pension deal, maybe. Who’s entering LG and Senate races, probably. Suit jackets on Zoom, definitely.
A pension reform proposal has been released. Labor leaders and top lawmakers are behind it.
Both sides are making concessions. Employees are agreeing to modest benefit reductions and to higher contributions, while lawmakers are offering $200 million in one-time money to pay down the system’s debts as well as 50% of any general fund surpluses going forward.
Lawmakers stare down Covid-19, housing shortage, pension crisis and more as legislative session approaches
While they may be conducting their legislative business remotely from home for the third consecutive year, lawmakers have a lot of work cut out for them in 2022’s legislative session.
Rob Roper: State spending is out of control, taxes to follow
Big pension liabilities are just one item on a long list of state spending proposals.
Vermont is swimming in cash. Public sector unions say their ailing pensions should benefit.
For public-sector labor unions, who are trying to stave off the prospect of deep pension cuts as lawmakers contemplate new ways to tackle the system’s growing debts, the timing could not be better.
