Retirement Commission

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

Commission Members

• 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

• Full Report
• Executive Summary

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

• 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 employees 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 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.

• 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 FY2008

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