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Treasurer asks Senate Appropriations for BAA language fixes, $220,000 for survivors fund and partial Climate Superfund funding
Summary
State Treasurer Peter Picek told the Senate Appropriations Committee he wants the Budget Adjustment Act amended to protect a pension "waterfall," small language fixes, a $220,000 one-time infusion for the Emergency Personnel Survivors Benefit Trust Fund and partial funding to advance Climate Superfund cost-assessment work.
State Treasurer Peter Picek told the Vermont Senate Appropriations Committee at a committee meeting that he is seeking language corrections in the Budget Adjustment Act (BAA), a one-time appropriation of $220,000 to the Emergency Personnel Survivors Benefit Trust Fund, and partial funding to begin the treasurer’s office work on the Climate Superfund cost assessment.
Picek said the BAA contains a "notwithstanding" language that could interfere with the pension-related funding waterfall established in 2022. “The teacher post retirement adjustment allowance account, that's the P‑triple‑A. The waterfall is the only funding source for that item,” Picek said, urging the committee to remove the notwithstanding language and address the item in the regular budget process when revenue and withholding details are firmer.
The pension-waterfall issue stems from the pension reform legislation enacted in 2022 and is intended to preserve the priority of…
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