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Treasurer outlines pension gains, Vermont Saves metrics and seeks funding for outreach and staffing
Summary
The State Treasurer briefed the Appropriations Committee on pension funding improvements and OPEB pressures, said Vermont Saves has about 5,400 funded accounts with over $5 million saved and proposed a temporary funding bridge (~$700,000 over six years) and a $50,000 outreach ask for a pharmacy discount card (H.577). The Treasurer also requested two unclaimed-property staff positions and $75,000 for an actuarial task force on pension amortization.
State Treasurer Pichak presented an overview of the treasurer’s office budget to the House Appropriations Committee on Jan. 28, describing progress on pension funded ratios, health-care cost pressures for OPEB, and program initiatives including Vermont Saves and a proposed pharmacy discount card.
Pensions and OPEB: The Treasurer said pension funded ratios have improved since reforms and that the office lowered certain actuarial assumptions to more conservative levels. He described ongoing work to manage actuarial assumptions and noted that continuing to make up-front payments reduces long-term taxpayer costs. On OPEB, the Treasurer said costs are rising and described the retirement…
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