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Green Mountain Secure Retirement Plan

Green Mountain Secure Retirement Plan

The Green Mountain Secure Retirement Act was established by the General Assembly through Act 69 of 2017, as amended by Act 72 of 2019. Specifically, the General Assembly provided that “[t]he State of Vermont shall, consistent with federal law and regulation, design and implement a voluntary ERISA-covered public retirement plan, employing a multiple employer plan or aggregated single employer plans, which shall remain in compliance with federal law and regulations once implemented, and shall be called the “Green Mountain Secure Retirement Plan.” The section of Act 69 concerning the Green Mountain Secure Retirement Plan is linked here, and the section of Act 72 is linked here.

The Green Mountain Secure Retirement Plan was initially intended to be launched in early 2019.  However, this schedule was delayed following conflicting guidance from the federal Department of Labor in 2018 and 2019. Following clarification of federal rules in 2019, the Green Mountain Secure Retirement Board has determined that the form of the Plan will be a Multiple Employer Plan (MEP) and has worked to secure a third-party administrator.  The Treasurer's Office is working with the third-party administrator to prepare launch to Plan in 2021.

The latest Green Mountain Secure Retirement Plan update is available here.

Green Mountain Secure Retirement Plan Public Meetings and Board Meetings:

The Green Mountain Secure Retirement Plan is overseen by a seven member Board. All meetings are open to the public. Meeting agendas and minutes are posted below.

Members of the Board

Mike Pieciak, Chair
Dan Boardman, Governor's appointee with investment experience
Dave Reville, Speaker of the House appointee who is an employee or consumer advocate
Paul Dame, Governor's appointee private sector retirement plan experience
Robert Hooper, Treasurer's appointee who is an employee or retiree
Sivan Cotel, Treasurer's appointtee with investment experience
Vacant, Committee on Committees appointee who is an employer with 50 employees or fewer and who does not offer a retirement plan to his or her employees
 

Green Mountain Secure Retirement Plan Key Information and Essential Elements:

  1. 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.

  2. The plan shall be voluntary but will automatically enroll all employees of employers that choose to participate in the MEP.

  3. The plan will allow employees the option of withdrawing their enrollment (opting-out) and ending their participation in the MEP.

  4. The plan will be funded by employee contributions with an option for future voluntary employer contributions.

  5. 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.