Commission on the Design and Funding of Retirement and Retiree Health Benefit Plans for State Employees and Teachers - Work Archive
- Jeb Spaulding, State Treasurer, Chair
- Terry Macaig, State Representative, Member
- Jeanette White, State Senate, Member
- Neale Lunderville, Secretary of Administration
- Bill Talbott, Commissioner of Education Designee
- Doug Wacek, Governor Appointee (pension & benefits experience)
- David Coates, House Speaker & Senate President Pro Tem Appointee (pension & benefits experience)
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.
- Treasurer's Office Outline of Agreement
- Vermont NEA Summary of Agreement
- Treasurer's Office Financial Analysis of Agreement
- H. 764- an act relating to the states teachers' retirement system of Vermont
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 considered the commission's recommendations during the 2010 legislative session. The commission was chaired by former State Treasurer Jeb Spaulding.
Final Recommendations Report from the Commission
The report below outlines in detail the final recommendations made by the commission to the Governor and State Legislature
- Commission Background Materials
- Initiatives in Other States
- Reference Reports
- Meeting Agendas and Minutes
Commission Background Materials
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
- 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.
This report is from the National Conference on Public Employee Retirement Systems
This chart was compiled by the National Association of State Retirement Administrators
This PowerPoint presentation is from the National Conference of State Legislatures' fiscal leaders seminar
This report draws from information from published news articles and reports from the National Council on State Legislatures
A summary of pension benefits and retirement issues in other states.
This Wisconsin Legislative Council report includes data from 85 public employees retirement systems.
Are compensation and benefit packages ready to address the occupational needs of the next decade? Read more in this article published in the Summer or 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.
This article is from the May/June 2009 edition of the National Council on Teacher Retirement News
This study analyzes data on state and local government pension plans. It is produced by the National Institute on Retirement Security.
This is an October 2009 report from the National Association of State Retirement Administrators.
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