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House restores existing auto‑escalation cap for Vermont Saves in appropriations amendment
Summary
The House accepted an amendment to H.493 that removed a proposed change to the Vermont Saves auto‑escalation cap, delaying a Treasurer’s office policy change for review by the Government Operations Committee; the appropriations bill passed after the amendment.
House members on March 31 approved an amendment to H.493 that removes language changing the Vermont Saves automatic escalation maximum from 8% to 10% and referred the policy change for further review.
Member from Northfield, who introduced the amendment, said the change to the auto‑escalator had been added to the appropriations bill without prior review by the Government Operations Committee and without clarity about how notices would be delivered to participants. The amendment restores the status quo (8% maximum automatic annual escalation) and asks that the policy be reviewed in the appropriate policy committee before any change is made.
The Appropriations Committee supported the amendment by straw vote (10–1–0) and the House adopted the amendment by voice vote. The House then read H.493 and passed the appropriations bill by voice vote later in the session.
The amendment does not alter appropriations amounts; rather, it removes a policy change that would have increased the auto escalation cap for default increases in employee contributions under the Vermont Saves program, a retirement‑savings payroll program administered by the Treasurer’s office.
The action leaves the existing 8% automatic escalation cap in place until the policy is considered further by the Government Operations Committee and any future legislative action.
