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Appropriations committee backs $300,000 cap to direct unclaimed-property funds to Vermont Saves and advances treasurer's bill
Summary
The committee supported Ways and Means language capping combined transfers at $300,000 per year to the Vermont Retirement Security Fund (Vermont Saves administrative fund), approved amendments removing a $75,000 appropriation and section creating treasurer's positions, and advanced H.567 as amended by unanimous vote.
The House Appropriations Committee on March 20 supported changes to an unclaimed-property bill (H.567) that would raise the unclaimed-property threshold, temporarily direct limited funds to the Vermont Saves administration account, and move some OPEB fiduciary duties to the Vermont Pension Investment Commission (VPIC).
Cameron Wood, legislative counsel, told the committee the bill raises certain unclaimed-property thresholds to expedite returns to claimants and redirects a portion of transfers from the Vermont Higher Education Endowment Trust Fund to the Vermont Retirement Security Fund (the fund used to administer the…
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