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Pension Benefits, Design, and Funding Task Force

Repealed on June 30, 2022 by 2021, Act 75, Sec. 10(h)(4).

The Pension Benefits, Design, and Funding Task Force was created by 2021, Act 75, Sec. 10 to review and report on the benefits, design, and funding of retirement and retiree health benefit plans for the Vermont State Employees’ Retirement System and the Vermont State Teachers’ Retirement System.

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Previous Meetings - Full Report

Summary Report

Friday, July 2, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome and Introductions

-

Review of Committee's Statutory Charge

  • Jennifer Carbee, Deputy Chief Counsel, Office of Legislative Counsel
  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office

Wednesday, July 7, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

Review of last meeting; overview of today's meeting

9:30 AM

OPEB Discussion

Overview by Chris Rupe; "Into the weeds" with treasurer's office and DHR.

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
12:00 PM

Lunch Break

1:00 PM

Review of the 2009 Pension Report Recommendations

Discuss impact of not implementing them; general discussion

3:30 PM

Discussion

VPIC

  • Thomas Golonka, Chair, Vermont Pension Investment Committee
4:00 PM

Adjourn


Thursday, July 22, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

Review of last meeting.

9:15 AM

RFPs

Review and approve

9:30 AM

Review

January 2021 report with Treasurer Beth Pearce.

  • Beth Pearce, State Treasurer, Office of the State Treasurer
12:00 PM

Lunch Break

1:00 PM

Review

State workforce demographics with Department of Human Resources.

  • Beth Fastiggi, Commissioner, Department of Human Resources
  • Doug Pine, Deputy Director, Department of Human Resources
  • Harold Schwartz, Director of Operations, Department of Human Resources
1:45 PM

Review

VEHI teacher workforce demographics

  • Mark Hage, Director of Member Benefits, VTNEA
2:30 PM

Break

2:45 PM

Task Force Discussion

Demographics: What more information does the task force need?

3:15 PM

Task Force Discussion

Discuss shared understanding of the problem, reactions to Treasurer’s presentation.

3:45 PM

Task Force Discussion

Discuss principles for public input timeline.

4:00 PM

Adjourn


Thursday, July 29, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

9:30 AM

Budget and Budgetary Pressures

  • Stephen Klein, Chief Fiscal Officer, Joint Fiscal Office
10:45 AM

15 Minute Break

11:00 AM

Revenue and Revenue Options

(wealth tax, online gambling tax and cannabis tax)

  • Graham Campbell, Fiscal Analyst, Tax and Revenue, Joint Fiscal Office
12:15 PM

Lunch Break

1:15 PM

One-Time Money

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
1:45 PM

Guiding Principles and a Statement of the Pension and OPEB Problems

  • David Hall, Legislative Counsel, Office of Legislative Counsel
2:15 PM

15 Minute Break

2:30 PM

Resume Discussion

Guiding principles and a statement of the pension and OPEB problems

  • David Hall, Legislative Counsel, Office of Legislative Counsel
4:00 PM

Adjourn


Wednesday, August 4, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

Review of last meeting; agenda planning

10:00 AM

Resume Discussion

Guiding principles and a statement of the pension and OPEB problems

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
10:45 AM

15 Minute Break

12:00 PM

Lunch Break

1:15 PM

Revenue Update

  • Stephen Klein, Chief Fiscal Officer, Joint Fiscal Office
2:00 PM

15 Minute Break

2:15 PM

Actuarial Impacts of Different Options and Possible Pension Options

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
4:00 PM

Adjourn


Wednesday, August 18, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

9:30 AM

Actuarial Impacts of Different Options and Possible Pension Options

Continue presentation from last task force meeting.

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
10:30 AM

15 Minute Break

10:45 AM

Guiding Principles and a Statement of the Pension and OPEB Problems

Resume discussion

12:00 PM

Lunch Break

1:00 PM

Brainstorm Options

2:15 PM

15 Minute Break

2:30 PM

Agenda Setting

3:00 PM

Unfinished Business

4:00 PM

Adjourn


Wednesday, August 25, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

9:30 AM

Comparison of Vermont Pensions to Other State Pensions Systems and Other State Reform Efforts

  • Keith Brainard, Research Director, National Association of State Retirement Administrators
  • Alex Brown, Research Manager, National Association of State Retirement Administrators
12:00 PM

Lunch Break

1:00 PM

Review and approve Legal Expert RFP recommendation

1:30 PM

Pension Funding Options

  • Doug Hoffer, State Auditor, State Auditor's Office
2:00 PM

Recruitment and Retention of State Employees

  • Anna Noonan, Former Commissioner , Vermont Department of Labor
2:30 PM

Brainstorming/ Actuary

3:30 PM

Agenda Setting

4:00 PM

Adjourn


Thursday, September 9, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Continued Discussion

Past underfunding

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
10:00 AM

15 Minute Break

10:15 AM

Discussion

X-Subsidization

10:45 AM

Brainstorming/ Actuary

12:00 PM

Lunch Break

1:00 PM

Economic Impacts of Pensions in Vermont

  • Dan Noonan, Executive Director, National Institute on Retirement Security
2:00 PM

Vermont-Specific Policy and Revenue Strategy

  • Paul Cillo, President & Executive Directior, Public Assets Institute
2:30 PM

15 Minute Break

2:45 PM

Actuary Report Analysis

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
3:30 PM

Agenda Planning

4:00 PM

Adjourn


Wednesday, September 15, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

Reflect on last meeting.

9:15 AM

Brainstorming/ Actuary

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
10:30 AM

15 Minute Break

10:45 AM

Brainstorming/ Actuary

Continue brainstorming scenarios for actuaries.

12:00 PM

Lunch Break

1:00 PM

TBD

1:45 PM

15 Minute Break

2:00 PM

Brainstorming/ Actuary

Continue brainstorming scenarios for actuary.

3:00 PM

Review Treasurer's Report

  • Beth Pearce, State Treasurer, Office of the State Treasurer
3:30 PM

Agenda Setting

Introduce Ice Miller attorneys.

  • Audra Ferguson, Partner, IceMiller LLP
  • Robert Gauss, Partner, IceMiller LLP
4:00 PM

Adjourn


Wednesday, September 22, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Breakout Groups

Teachers, troopers and state employees to discuss actuarial scenarios.

10:30 AM

15 Minute Break

10:45 AM

Task Force Discussion

Discussion of actuarial scenarios.

12:00 PM

Lunch Break

1:00 PM

Task Force Discussion

Public hearings

1:30 PM

Review Act 75 charges

2:00 PM

Teacher Pension Underfunding

  • Beth Pearce, State Treasurer, Office of the State Treasurer
2:45 PM

15 Minute Break

3:00 PM

Task Force Discussion

Employee Incentives Subcommittee

3:30 PM

Agenda Setting

4:00 PM

Adjourn


Wednesday, October 6, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

10:45 AM

15 Minute Break

11:00 AM

Public Employee Retirement Systems

  • Hank Kim, Executive Director & Counsel, National Conference on Public Employee Retirement Systems
12:00 PM

Lunch Break

2:45 PM

15 Minute Break

3:30 PM

Agenda Setting

4:00 PM

Adjourn


Wednesday, October 13, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

Review of last meeting.

9:30 AM

Interim Report

Review and finalize interim report.

10:00 AM

15 Minute Break

10:15 AM

Options

Discuss options discussed in breakouts on September 22.

11:30 AM

Task Force Discussion

Discuss logistics of November1 public hearing.

12:00 PM

Lunch Break

1:00 PM

OPEB

Discussion of OPEB with Treasurer Pearce.

  • Sen. Jane Kitchel, Chair, Senate Committee on Appropriations
  • Beth Pearce, State Treasurer, Office of the State Treasurer
2:00 PM

15 Minute Break

2:15 PM

Task Force Discussion

Continue discussion of public hearing logistics if needed.

3:30 PM

Agenda Setting

4:00 PM

Adjourn


Monday, November 1, 2021
Meeting Details
Hearing Type
Public Hearing
Meeting Record
5:30 PM

Welcome and Opening Remarks

5:40 PM

Public Comment

  • Doug Anton
  • David Bellini
  • Patricia Bennett
  • Al Bombardier
  • Peter Booth
  • Cynthia Browning
  • Paul Cherrier
  • Karen Denniston
  • Adrienne Dolimpio
  • Amy Galford
  • Kay Hopper
  • Eric Hutchins
  • Jon Kart
  • Michelle Mathias
  • Betsy Nolan
  • Julie Rollo
  • Nora Skolnick
  • Travis Valcourt
  • Josh Wronski
  • Jennifer Zoller
6:45 PM

Adjourn


Wednesday, November 10, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

9:15 AM

Revenue Options

  • Graham Campbell, Fiscal Analyst, Tax and Revenue, Joint Fiscal Office
10:15 AM

15 Minute Break

10:30 AM

Investment Performance

  • Thomas Golonka, Chair, Vermont Pension Investment Committee
11:30 AM

Cross-subsidization

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
12:00 PM

Lunch Break

1:30 PM

Review

Concrete solutions from public hearing and witness testimony

2:30 PM

Discussion

Second public hearing?

3:00 PM

15 Minute Break

3:15 PM

Agenda Planning

4:00 PM

Adjourn


Wednesday, December 1, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

Review of last meeting

9:15 AM

Discussion

Timeline for remaining meetings

9:30 AM

Campaign for Vermont Public Sector Wage Report

  • Ben Kinsley, Principal, Imperium Advisors
  • Pat McDonald, Board President, Campaign for Vermont
10:15 AM

15 Minute Break

10:30 AM

Actuary Report

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
12:00 PM

Lunch Break

1:15 PM

Actuary Report

Q & A on Actuary Report

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
2:00 PM

Design Next Scenarios

Breakout groups

3:00 PM

15 Minute Break

3:15 PM

Share Design Scenarios

3:45 PM

Agenda Planning

4:00 PM

Adjourn


Thursday, December 9, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

Housekeeping and review of last meeting

9:30 AM

Review Scenarios 2 & 3

11:00 AM

15 Minute Break

11:15 AM

Discussion

Actuarial reports

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
11:30 AM

Discussion

  • Adam Greshin, Commissioner, Department of Finance & Management
12:00 PM

Lunch Break

1:15 PM

Discussion

New hires; revenue sources; public hearing

3:00 PM

15 Minute Break

3:45 PM

Agenda Planning

4:00 PM

Adjourn


Wednesday, December 15, 2021
Meeting Details
Hearing Type
Standard
Meeting Record
9:00 AM

Welcome

9:15 AM

Presentation of Actuarial Results

Request 6

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
10:15 AM

15 Minute Break

12:00 PM

Lunch Break

11:45 AM

Review and Discussion of Actuarial Reports

12:15 PM

Adjourn


Monday, January 10, 2022
Meeting Details
Hearing Type
Standard
Meeting Record
3:00 PM

Welcome

3:15 PM

Group G Reports

  • Chris Rupe, Fiscal Analyst, Joint Fiscal Office
6:00 PM

Adjourn