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Appropriations committee backs $300,000 cap to direct unclaimed-property funds to Vermont Saves and advances treasurer's bill
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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 Vermont Saves program). Wood explained the committee's Ways and Means amendment would cap combined transfers to the two funds at $300,000 per year and allow the treasurer discretion in a given year to reduce that amount and divert excess to the higher-education trust fund.
"The statute makes the change effective until 2040," Wood said, noting the fiscal modeling in the fiscal note expects Vermont Saves to be self-sustaining by FY33 so the practical duration of diversions may be shorter than the statutory window.
Staff also outlined related administrative moves: striking a $75,000 general-fund appropriation for a pension-benefits funding task force from H.567 (the committee prefers appropriations reflected in the main appropriations bill), and moving administrative responsibility for OPEB fiduciary oversight from the treasurer's office to VPIC. Wood said implementing that transfer will involve budget adjustments in the bigger bill, including shifting roughly $105,000 per year in professional-services contracts and funding for an additional FTE into VPIC's budget (these are charged to retirement-system special funds, not the general fund).
Committee members debated staffing. One member noted the unclaimed-property unit processes about "3 and a half times" the workload compared with 20 years ago and defended adding positions funded from unclaimed-property receipts. Others argued the committee should avoid authorizing positions in standalone bills; the committee compromise was to remove section 24 (which would have created three treasurer's positions) from H.567 and to address any authorized positions in the larger appropriations bill later.
The committee voted to support the Ways and Means amendment and then voted to advance H.567 as amended. In committee proceedings the votes were recorded in the affirmative and the committee forwarded the amended bill to the clerk.
