Green Mountain Secure Retirement Plan
In 2014 the Public Retirement Study Committee was charged with completing an interim study of the feasibility of establishing a public retirement plan. Since then, reports were completed and filed with the Vermont General Assembly in 2015, 2016, and 2017.
Act 69, passed in 2017, is the current Act of jurisdiction. The section of Act 69 concerning the Green Mountain Secure Retirement Plan is linked here. In 2017 the Public Retirement Study Committee, Chaired by the Treasurer, recommended that the General Assembly direct the Office of the State Treasurer to work towards implementation of a “Voluntary open multiple employer plan (MEP)” with an overarching goal of increasing retirement security for all Vermonters. Act 69 of 2017 set forth this directive with an implementation date of January 15, 2019. Act 69 was signed into law by the Governor on June 9, 2017 as a part of the omnibus economic development bill (S.135, 2017). Highlights of the "Green Mountain Secure Retirement Plan" proposal as passed in Act 69 of the 2017 Legislation Session are linked here.
Green Mountain Secure Retirement Plan Implementation Public Meetings and Board Meetings:
The Treasurer's Office has held two separate meetings to solicit input from employers and employees regarding implementation of the Green Mountain Secure Retirement Plan. You can view video recording of the hearings by clicking on the links below.
- Green Mountain Secure Retirement Plan Board Meeting, May 23, 2018 (10:30 A.M.) Agenda
- Green Mountain Secure Retirement Plan Board Meeting, April 2, 2018 (10:00 A.M.) Agenda
- Burlington Public Hearing, April 2, 2018 (1:30 P.M.)
- Rutland Public Hearing, January 29, 2018
- Montpelier Public Hearing, January 22, 2018
Green Mountain Secure Retirement Plan Key Information and Essential Elements:
The plan shall be available on a voluntary basis to employers with 50 employees or fewer (intended to cover self-employed individuals) and employers that do not currently offer a retirement plan to their employees.
The plan shall be voluntary but will automatically enroll all employees of employers that choose to participate in the MEP.
The plan will allow employees the option of withdrawing their enrollment (opting-out) and ending their participation in the MEP.
The plan will be funded by employee contributions with an option for future voluntary employer contributions.
A successor board shall oversee the plan and assist the Treasurer’s Office with vendor selection, approval of plan documents and the adoption agreement.
Public Retirement Study Committee
For more information regarding the Public Retirement Study Committee, please click here.