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Committee hears H.567 changes to unclaimed property and Vermont Saves; deputy treasurer says Higher Education Trust Fund will not be diminished
Summary
The Senate Committee on Government Operations heard testimony April 17 on H.567, which would alter unclaimed property transfers and provide transitional funding to Vermont Saves; Deputy Treasurer David Shear told the committee the plan causes a temporary dip in trust‑fund principal but increases principal and long‑term resources overall, and no vote was taken.
The Senate Committee on Government Operations on April 17 considered H.567, a bill that would change how unclaimed property (UP) is transferred and provide transitional funding to the Vermont Saves retirement‑savings program. Chair opened the session and introduced Deputy Treasurer David Shear and Becky (Wasserman) from the Treasurer’s Office to explain fiscal and operational impacts.
David Shear, deputy treasurer, told the committee the proposal would give Vermont Saves roughly $706,000 over the proposal period to help the program reach self‑sufficiency while the Higher Education Trust Fund would receive more than $3 million under the same timeframe. "We don't believe that this is some nature of rating the higher interest,"…
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