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Reports and Committees

Vermont's Financial Reporting Page
Visit the Treasurer's Office's financial transparency page for investors. This page organizes, in one location, the top ten items that the National Association of State Auditors, Comptrollers and Treasurers (NASACT) recommend that state government provide for interim disclosure.

Treasurer's Reports and Memos

Committee & Specialty Pages on this Site

ABLE Task Force

During the 2015 State legislative session, the Office of the State Treasurer worked with Vermont stakeholders, State agencies and departments, and legislators to draft and pass Vermont's enabling legislation of the federal ABLE Act. The Vermont Achieving a Better Life Experience (ABLE) Savings Program is intended to ease financial strains faced by individuals with disabilities by making available federal tax-free savings accounts.

Capital Debt Affordability Advisory Committee

The Capital Debt Affordability Advisory Committee (CDAAC) completes an annual review of the size and affordability of the State tax-supported general obligation debt, and submits to the Governor and to the General Assembly an estimate of the maximum amount of new long-term general obligation debt that prudently may be authorized for the next fiscal year.

Financial Transparency

This page organizes, in one location, ten items that the National Association of State Auditors, Comptrollers and Treasurers (NASACT) recommend that state government provide for interim disclosure.

GASB Web Resources

Accounting and financial administrators can learn more about changes in GASB standards.

Local Investment Advisory Committee

Act 199 of 2014, Sec 24 established a Local Investment Advisory Committee (LIAC). The six-member committee advises the State Treasurer on funding priorities and addresses other mechanisms to increase local investments.

Public Retirement Study Committee

The State Legislature directed the creation of the committee in the 2014 session. An Interim Study of the Feasibility of Establishing a Public Retirement Plan was due to the General Assembly this session. The committee has recommended to the legislature that their work be extended for another year to allow more time to study the issues.

Retirement Commission

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 deemed appropriate.

Vermont Financial Literacy Commission

The Vermont State Legislature established the commission at the conclusion of the 2015 session. The 11-member commission was created to measurably improve the financial literacy and financial capability of Vermont's citizens.

Vermont Pension Investment Commission

The mission of the Vermont Pension Investment Commission (VPIC) is to make and manage investments for the Vermont State Employees' Retirement System, Vermont State Teachers' Retirement System, Vermont Municipal Employees' Retirement Systems, and the other Public Retirement System, with integrity, prudence, and skill to meet or exceed the financial objectives of the beneficiaries of the funds.

Emergency Personnel Survivors Benefit Review Board

The board is responsible for standards, guidelines, and procedures for determining whether and how monetary benefits shall be paid to the survivors of a firefighter who dies while in the line of duty or from an occupation-related illness, what information must initially be filed with a claim, and administering the provisions.

Position Papers and Studies

Treasurer's Office reports and studies on issues affecting State finances and Retirement Systems.

Vermont Pension Investment Committee: Effectiveness and Governance Assessment - 01/15/09

The following recommendations include short, medium, and long-term reforms. In our opinion, all are important and worthy of consideration. However, the reader is asked to consider the feasibility of each point in relation to the long-run objectives of Vermont’s pension funds. In addition, it should be noted that the recommendations below are tailored to the VPIC.1 As a multi-billion dollar financial institution with a highly complex governance structure, the below recommendations were specifically chosen to achieve ‘good governance’ within the VPIC.

Retirement Savings Plan Proposal - 06/16/06 

The Vermont Voluntary Retirement Savings Program Proposal describes the voluntary retirement savings plan option for employers and employees, or self-employed Vermonters, sponsored by the State of Vermont at no cost to taxpayers. A very large percentage of Vermonters are not currently saving for retirement. Taxpayers will bear the ultimate responsibility for seniors with insufficient savings. People will save if simple retirement plans are available. By providing a simplified, inexpensive, high-quality and safe retirement plan option for small employers, employees, and self-employed Vermonters, we can increase critical savings for retirement.
Retirement Savings Plan Background Presentation

State of Vermont Government Accounting Standard No. 45 - 03/14/06 

Presentation given on March 14, 2006, by Buck Consultants, The State's Consulting Actuary.

Report of the Commission on Funding the Vermont State Teachers' Retirement System - 11/15/05 

The 2005 General Assembly created the Commission to make recommendations for funding an adequate, sustainable, and actuarially sound retirement benefit plan for Vermont teachers. The report and recommendations were submitted to the Governor and the Generally Assembly in November 2005.
See Press Release 5/19/06, "Funding for State Teachers' Retirement System is Back on Track."

Use of GARVEE Bonds to Meet Vermont's Transportation Funding Needs - 02/24/04 

For many years, states, municipalities, and authorities have raised funds by issuing grant anticipation notes (GANs), which allow governmental entities to fund projects based on anticipated future revenues. GARVEEs employ federal highway funds in the same way--to repay the debt for road and transit projects. A GARVEE is a debt-financing instrument that permits the pledge of future federal highway funds to repay investors. A state may use future obligations of federal-aid funds to reimburse the retirement of principal and payment of interest, issuance, insurance, and associated other costs for the sale of an eligible debt-financing instrument.
GARVEE Overview Presentation

A Survey of Economically Targeted Investments: Opportunities for Public Pension Funds. - 02/16/04 

This report was prepared for the State Treasurer in response to a request by the legislature. Specifically, the State Treasurer was asked to conduct a review of how, and to what degree, other states and governmental entities invest pension fund assets in in-state venture capital funds and other investment opportunities so as to promote economic growth and job creation.

Pension Funds Unitization Proposal - 12/10/03 

To invest the assets of the State Teachers' Retirement System, the Vermont State Retirement System, and the Vermont Municipal Employees' Retirement System in a manner that is more cost and resource-efficient than under current practice and that improves the oversight and management of the three systems' assets.

NAST Resolution on Enhancing Corporate Governance - 09/07/03 

Urging the U.S. Securities and Exchange Commission, the U.S. stock exchanges, and publicly-traded corporations to adopt and place into practice additional policies in order to enhance the shareholder value of U.S. corporations.