Retirement Commission Work Archive

Commission on the Design and Funding of Retirement and Retiree Health Benefit Plans for State Employees and Teachers

Agreement to Proposal to Close Teacher Retirement Shortfall

An agreement to fill the funding shortfall in the teacher retirement system was announced on Friday, January 29, 2010. State Treasurer Jeb Spaulding, leaders of the Vermont NEA, Speaker Shap Smith, and Senate President Pro-Tem Peter Shumlin announced a proposal to maintain the solvency of the pension fund, saving $15 million this year and substantial savings in the future. The savings would be achieved through a combination of pension and benefits plan modifications.

During the 2009 Vermont legislative session, the State Legislature directed the formation of the Commission on the Design and Funding of Retirement and Retiree Health Benefit Plans for State Employees and Teachers. The commission was charged with making recommendations to the Governor and legislature about plan design, benefit provisions, and appropriate funding sources, along with other areas they deemed appropriate. Following a six-month process of fact-finding and exploration, the commission completed its report and issued ten recommendations. This page provides access to the commission's final report, topical resource materials, and the agendas and minutes from each commission meeting. The State Legislature will consider the commission's recommendations during the 2010 legislative session. The commission was chaired by State Treasurer Jeb Spaulding. Questions regarding the work of the commission may be directed to the State Treasurer's Office at (802) 828-1452.

Final Recommendations Report from the Commission

The report below outlines in detail the final recommendations made by the commission to the Governor and General Assembly.

Resource Materials

Commission Background Materials

Initiatives in Other States

Reference Reports

Meeting Agendas and Minutes

 

Commission Background Materials

Pension Obligation Bonds Presentation
These slides, from a 2008 presentation by the Kentucky Office of Financial Management, explain what POBs are and examines the benefits of and concerns associated with this debt instrument.

Vermont Commission on Design and Funding of Retirement and Retiree Health Benefits - Legal Advisory Report
The purpose of this report is not to recommend or suggest any particular changes to the benefit structure, but rather to provide background on the legal issues associated with changes.

Appendix A - To Legal Advisory Report for Vermont Commission on Design and Funding of Retirement and Retiree Health Benefits

Vermont Pension Overview: Preliminary Cost Projections, the Economic Context and Sustainability Issues
View slides from a PowerPoint presentation made at the July 14, 2009 meeting.

 

Initiatives in Other States

Pension and Retirement Plan Enactments in 2009 by State Legislatures
This report is from the National Conference on Public Employee Retirement Systems.

Responses to 2008 Market Decline and Rising Pension Costs
This chart was compiled by the National Association of State Retirement Administrators.

State Pension Legislation in 2009 and 2010
This PowerPoint presentation is from the National Conference of State Legislatures' fiscal leaders seminar.

Summary of Public Pension Changes Under Consideration in Other States
This report draws from information from published news articles and reports from the National Council on State Legislatures.

Trends in Public Sector Post Retirement Health Care Benefits & Health Care Legislation in 2009
A summary of pension benefits and retirement issues in other states.

 

Reference Reports

2008 Comparative Study of Major Public Employee Retirement Systems
This Wisconsin Legislative Council report includes data from 85 public employee retirement systems.

Article: Compensation of State Workforce
Are compensation and benefit packages ready to address the occupational needs of the next decade? Read more in this article published in the Summer 2009 issue of The Public Manager.

At a Crossroads: The Financing and Future of Health Benefits for State and Local Government Retirees
The Center for State & Local Government Excellence issued this report in July 2009 that includes survey findings for all 50 states.

GRS Insight: Preserving Financially Sound Defined Benefit Pensions in Challenging Market Environments
This is an October 2009 publication of the Gabriel, Roeder, Smith & Company.

Pension Math is Hard to Solve
This article is from the May/June 2009 edition of the National Council on Teacher Retirement News.

Pensionomics: Measuring the Economic Impact of State and Local Pension Plans
This study analyzes data on state and local government pension plans. It is produced by the National Institute on Retirement Security.

Public Fund Survey Summary of Findings for FY 2008
This is an October 2009 report from the National Association of State Retirement Administrators.

 

Meeting Agendas and Minutes 
 Commission Agendas Commission Minutes
January 5, 2010 January 5, 2010
December 15, 2009 December 15, 2009
November 19, 2009 November 19, 2009
November 4, 2009 November 4, 2009
October 22, 2009 October 22, 2009
August 20, 2009 August 20, 2009
July 30, 2009 July 30, 2009
July 14, 2009 July 14, 2009