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Vermont treasurer urges careful design of long-term care trust fund, agrees to join study
Summary
State Treasurer Mike Pieciak told a legislative committee that a long-term care trust fund merits study but warned the state must design it to avoid creating an unfunded liability; Pieciak said his office would participate in a feasibility study.
State Treasurer Mike Pieciak told a legislative committee that studying a proposed long-term care trust fund is worthwhile but cautioned the state to design any program so it can remain fully funded and not create an unfunded liability.
Pieciak, a former commissioner at the Department of Financial Regulation, said the commercial long-term care insurance market serves only a small share of Vermonters, that the cost of care has risen well above inflation and that actuaries have repeatedly been surprised by rising liabilities. “I think everything you said is 100% true and rings true to me. Like this is a big challenge for us. We’re an older state,” Pieciak said. He added, “we’d be happy to be on the study committee…
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