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Pension proposal passes easily in House despite representation concerns


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MONTPELIER — The process of addressing the state’s multi-billion dollar unfunded pension liability took a significant step Thursday, as the House gave preliminary approval to a bill changing the pension funds’ governance and convening a task force to find solutions to a $5.6 billion problem.
The bill, H. 449, expands the Vermont Pension Investment Committee to 10 members and makes it an independent commission. It also sets forth the membership and charge of a 15-member task force to study how to cut the state’s yearly payments and unfunded liability, looking at benefits, structure, risk-sharing and potential revenue sources as well as impact on employees. ....

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Pension governance and task force plan voted out of Government Operations Committee


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MONTPELIER — A proposal to expand the committee overseeing the state’s retirement investments and create a task force to address the pension system’s multi-billion dollar unfunded liability was voted out of the House Government Operations Committee on Wednesday.
The bill, which as a committee draft has yet to be assigned a number, proposes changes to the Vermont Pension Investment Committee, expanding its membership and changing its name.
It also establishes a Pensions, Funding and Design Task Force, which will study how the state will reduce its unfunded liabilities and annual payments. The proposed fiscal 2022 budget allocates $300 million in pension amortization payments, also known as ADEC (actuarially determined employer contribution). ....

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