Senate Committee To Hold Hearing On Bill Containing Language To Protect Employee’s AFC

Senate Committee to take up H. 778; part of which is language that protects a state employee’s average final compensation from being adversley impacted by the 3 percent pay cut.

Tomorrow, the Senate Government Operations Committee will discuss H. 778, an act relating to amending miscellaneous provisions in Vermont’s public retirement systems at 10:30am in Room 4.

 

A part of this bill includes Senator Vince Illuzzi’s language that will protect your average final compensation (AFC) from being negatively impacted by the 3% salary cut that state employees will take.  (Just as a refresher, the AFC is the amount you will receive annually in pension payments.)  At the urging of VSEA, Sen. Illuzzi quickly stepped up to the plate to make sure that your retirement is not impacted when you’ve already sacrificed for the state. The calculation is complicated, but in short, the AFC takes into account your highest 3 years of salary to factor your retirement benefits. The 2-year, 3% pay cut would negatively impact your retirement. This language seeks to rectify that.

 

We urge you to email the committee member of YOUR countyTODAY to urge them to pass the bill out of committee. To protect your AFC and that of your fellow co-workers who are close to retiring, we urge you to TAKE ACTION!

 

Sen. Jeanette K. White, Chair (D) – WindhamCounty

E-Mail: jwhite@leg.state.vt.us

 

Sen. Bill Doyle, Vice Chair (R) – WashingtonCounty

E-Mail: wdoyle@leg.state.vt.us

 

Sen. Randy Brock, Clerk – FranklinCounty

E-Mail: rbrock@leg.state.vt.us

 

Sen. Ed Flanagan (D) – ChittendenCounty

E-Mail: eflanagan@leg.state.vt.us

 

Sen. Claire Ayer (D)  – AddisonCounty

E-Mail: cayer@leg.state.vt.us