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House Appropriations reviews H.567: small‑dollar unclaimed property, VPIC oversight shift and a pension task force
Summary
The House Appropriations Committee heard testimony on H.567, a 36‑page bill that would raise small‑claim thresholds, allow limited diversion of certain small, long‑held unclaimed funds to the Vermont Saves administrative fund (capped at $300,000 annually and sunsetting in 2040), create a pension funding task force with a $75,000 appropriation, and transfer fiduciary oversight for OPEB funds to VPIC. The committee took no final vote.
The House Appropriations Committee on Feb. 25 heard extended testimony on H.567, a 36‑page bill that would change how the state handles unclaimed property, create a pension funding task force and shift fiduciary oversight of certain retiree health obligations to the Vermont Pension Investment Commission (VPIC).
Cameron Wood, attorney with the Office of Legislative Council, walked members through the bill section by section and said the early sections make technical amendments to unclaimed‑property statutes and would let the treasurer’s office request "an explanation of benefit numbers" when insurers or similar entities remit large amounts without detail. Wood said the bill also raises several thresholds to speed claims processing: it would raise the simplified "fast claims" threshold from $250 to $1,000 and increase a closed‑estate distribution threshold from $5,000 to $10,000 so the treasurer can distribute small estate sums without reopening probate.
A significant policy change in the Ways and Means amendment would redirect small‑dollar unclaimed…
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