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Committee backs Ways and Means amendment to H.567 to shore up Vermont Saves while protecting higher-education trust
Summary
The House Government Operations & Military Affairs committee voted to support a Ways and Means amendment to H.567 that raises the unclaimed-property threshold from $100 to $150, allows the treasurer to deposit up to $300,000 annually to the Vermont Saves administrative fund, and sunsets the diversion back to the higher-education endowment on Jan. 1, 2040.
The House Government Operations & Military Affairs committee on Wednesday took a favorable position on a Ways and Means amendment to H.567, a bill that shifts how small unclaimed property is allocated between the state’s higher-education endowment and a new retirement-security administrative fund.
Representative Bridget Burker (South Burlington), the amendment reporter, told the committee the bill raises the threshold for sweeping unclaimed property from $100 to $150 and would create a roughly $2.9 million increase in available funds in the first year. "The idea is that they think that the retirement security fund will be at self-sustainability in about two or three years," Burker said, describing the Treasurer’s plan to seed the Vermont Saves administrative fund and then gradually divert more revenue…
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