Pension Task Force Meeting Summary – October 6

  • The meeting began with a walkthrough of the DRAFT Task Force report due by October 15 to the Joint Fiscal and Legislative Council Staff;
  • Technical issues interrupted the walkthrough and members were sent to read the DRAFT of the report;
  • There was a presentation by Ham Kim from the National Conference on Public Employee Retirement Systems. The testimony centered on the value of public pensions to the Vermont economy and on the sustainability of the pension, arguing that 100% funding isn’t the right goal, it is instead to measure the ability of the State of Vermont to make the payments based on the economic growth of the State, etc.  Basically, eliminating the unfunded liability is like telling someone they have to have the funds on hand to pay their mortgage all at one time, rather than measuring if you will have the ability to make the payments for the term of the mortgage;
  • The walkthrough of the DRAFT report continued and there was a continued discussion about the contents of that report; and
  • The next meeting is Wednesday, October 13, 2021.