This week, the House Committee on Government Operations is voting on a bill that would permit the taskforce being set up to make recommendations on your retirement to be dominated by your boss and other managers. As the bill is written now, the voice of your union and other labor unions would be completely drowned out by these bosses.
If we don’t push back right now, we will lose this fight to shape the debate about the future of your retirement.
That’s why we need you to call or e-mail your Vermont House representative today to tell them that:
The Pension Taskforce and VPIC should be equally balanced between Labor and non-Labor members.
Ask them to share this message with their colleagues on the Government Operations Committee, and with the Speaker of the House.
A vote in the Committee is scheduled for Wednesday morning. Your call could be the difference in the fight stop this terrible proposal before it’s too late!
Hundreds of state employees, teachers and troopers rallied against pension cuts last Saturday at the State House. Thanks to all who attended. More photos from Saturday.
This letter appeared this week in the Valley News. Thanks, Ashley!
No Way To Thank Vt. State Employees
Since the beginning of the pandemic, Vermont state employees have been working mornings, nights and weekends to make sure that vulnerable Vermonters are taken care of. It has not been easy.
In my division, Economic Services, we have been the backbone for providing emergency housing, food and fuel benefits and cash assistance for struggling Vermonters. On top of procedural changes, our caseloads have increased exponentially.
Department of Labor employees worked relentlessly for months processing benefits. Can you imagine being a teacher during the pandemic? I truly do not know how they did it. I am in awe. I could go on about all the state departments and divisions that worked very hard this last year.
Last year, Rep. Cynthia Browning introduced an amendment to eliminate a negotiated pay increase for state employees. Thankfully, our legislators voted no. Less than a year later, lawmakers want to thank state employees for their hard work by taking money from our pensions that was (again) already agreed upon in order to fix budgetary issues we have not caused.
Any final proposals put forth will not negatively impact current retirees or active employees who are within ten years of current normal retirement eligibility and inactive vested members;
Application of one-time monies towards UAAL, $225M;
Designate a revenue source with annual contribution, $50M;
Increase Employee Contribution .35% across all groups;
Creation of Group G: would move Corrections who supervise offenders or work in the facility, VVH, VPCH, MTCR or any successor psychiatric facilities into this plan that would offer full retirement at 55 or early retirement at 50. Contribution rate would be same Group C;
Group F: Incentivize current members eligible for retirement to continue working past 30 years with 1% increase to their AFC per year;
Group C: Incentivize current members eligible for early retirement at 50 to continue working with 1% increase to their AFC up to age 55;
Pass language codifying Burlington Firefighters decision into statute. (a move to make pensions seen as a contract.);
Further investigate/study prior investment performance to codify best practices;
Audit/Evaluation: Conduct an independent evaluation of the pension fund’s performance, using an expert analyst contracted through the auditor’s office. The evaluation will identify reasons for the fund’s performance and independently ascertain and certify the performance, valuation, and fees of alternative investment managers like private equity, real estate, hedge funds, and commodities going back to 2011. Identify alternate and potential investment strategies to improve/stabilize performance; and
Governance Best practices shall be defined as the recommendation of the study initiated by VPIC. Independence of members of the system on VPIC shall be a priority with no governor’s veto.
