At VSEA’s 76th Annual Meeting, VSEA members participating were greeted by State Treasurer Beth Pearce, and she cautioned state employees to begin preparing (again) for a renewed attack soon on state employees’ defined benefit pension plan. Actually, Vermont’s own pension Chicken Little, David Coates, has never stopped his now decade-long campaign to convince lawmakers to implement a 401K plan for new hires to state government. Mind you, the last time VSEA checked, a majority of exempt state employees (read: not VSEA members), when given a choice, chose a defined benefit pension plan.
Pearce did stress that she is unsure right now what action(s) state employees could be asked to make to shore up the pension fund, but she warned it could include a call for employees to increase your contribution. Pearce promised to keep us informed, and she vowed to continue to fight alongside VSEA members to protect your pension.