2021-2022 Session
Change SessionPension Benefits, Design, and Funding Task Force
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.
Previous Meetings - Full Report
Summary ReportFriday, July 2, 2021
Meeting Details
- Hearing Type
- Standard
Meeting Record
- 9:00 AM
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Welcome and Introductions
- -
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Review of Committee's Statutory Charge
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Jennifer Carbee, Deputy Chief Counsel, Office of Legislative Counsel
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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.
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Chris Rupe, Fiscal Analyst, Joint Fiscal Office
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Chris Rupe, Fiscal Analyst, Joint Fiscal Office
- 12:00 PM
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Lunch Break
- 1:00 PM
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Review of the 2009 Pension Report Recommendations
Discuss impact of not implementing them; general discussion
- 3:30 PM
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Discussion
VPIC
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Thomas Golonka, Chair, Vermont Pension Investment Committee
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Thomas Golonka, Chair, Vermont Pension Investment Committee
- 4:00 PM
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Adjourn
Thursday, July 22, 2021
Meeting Details
- Hearing Type
- Standard
Meeting Record
- 9:00 AM
-
Welcome
Review of last meeting.
- 9:15 AM
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RFPs
Review and approve
- 9:30 AM
-
Review
January 2021 report with Treasurer Beth Pearce.
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Beth Pearce, State Treasurer, Office of the State Treasurer
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Beth Pearce, State Treasurer, Office of the State Treasurer
- 12:00 PM
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Lunch Break
- 1:00 PM
-
Review
State workforce demographics with Department of Human Resources.
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Beth Fastiggi, Commissioner, Department of Human Resources
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Doug Pine, Deputy Director, Department of Human Resources
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Harold Schwartz, Director of Operations, Department of Human Resources
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Beth Fastiggi, Commissioner, Department of Human Resources
- 1:45 PM
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Review
VEHI teacher workforce demographics
-
Mark Hage, Director of Member Benefits, VTNEA
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Mark Hage, Director of Member Benefits, VTNEA
- 2:30 PM
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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
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Stephen Klein, Chief Fiscal Officer, Joint Fiscal Office
- 10:45 AM
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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
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Graham Campbell, Fiscal Analyst, Tax and Revenue, Joint Fiscal Office
- 12:15 PM
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Lunch Break
- 1:15 PM
-
One-Time Money
-
Chris Rupe, Fiscal Analyst, Joint Fiscal Office
-
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
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David Hall, Legislative Counsel, Office of Legislative Counsel
- 2:15 PM
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15 Minute Break
- 2:30 PM
-
Resume Discussion
Guiding principles and a statement of the pension and OPEB problems
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David Hall, Legislative Counsel, Office of Legislative Counsel
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David Hall, Legislative Counsel, Office of Legislative Counsel
- 4:00 PM
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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
-
Chris Rupe, Fiscal Analyst, Joint Fiscal Office
- 10:45 AM
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15 Minute Break
- 12:00 PM
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Lunch Break
- 1:15 PM
-
Revenue Update
-
Stephen Klein, Chief Fiscal Officer, Joint Fiscal Office
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Stephen Klein, Chief Fiscal Officer, Joint Fiscal Office
- 2:00 PM
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15 Minute Break
- 2:15 PM
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Actuarial Impacts of Different Options and Possible Pension Options
-
Chris Rupe, Fiscal Analyst, Joint Fiscal Office
-
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
-
Chris Rupe, Fiscal Analyst, Joint Fiscal Office
- 10:30 AM
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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
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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
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Alex Brown, Research Manager, National Association of State Retirement Administrators
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Keith Brainard, Research Director, National Association of State Retirement Administrators
- 12:00 PM
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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
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Doug Hoffer, State Auditor, State Auditor's Office
- 2:00 PM
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Recruitment and Retention of State Employees
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Anna Noonan, Former Commissioner , Vermont Department of Labor
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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
-
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
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Dan Noonan, Executive Director, National Institute on Retirement Security
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Dan Noonan, Executive Director, National Institute on Retirement Security
- 2:00 PM
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Vermont-Specific Policy and Revenue Strategy
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Paul Cillo, President & Executive Directior, Public Assets Institute
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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
-
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
-
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
-
Beth Pearce, State Treasurer, Office of the State Treasurer
- 3:30 PM
-
Agenda Setting
Introduce Ice Miller attorneys.
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Audra Ferguson, Partner, IceMiller LLP
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Robert Gauss, Partner, IceMiller LLP
-
Audra Ferguson, 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
-
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
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Hank Kim, Executive Director & Counsel, National Conference on Public Employee Retirement Systems
- 12:00 PM
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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
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Beth Pearce, State Treasurer, Office of the State Treasurer
-
Sen. Jane Kitchel, Chair, Senate Committee on Appropriations
- 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
-
Doug Anton
- 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
-
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
-
Thomas Golonka, Chair, Vermont Pension Investment Committee
- 11:30 AM
-
Cross-subsidization
-
Chris Rupe, Fiscal Analyst, Joint Fiscal Office
-
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
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Pat McDonald, Board President, Campaign for Vermont
-
Ben Kinsley, Principal, Imperium Advisors
- 10:15 AM
-
15 Minute Break
- 10:30 AM
-
Actuary Report
-
Chris Rupe, Fiscal Analyst, Joint Fiscal Office
-
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
-
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
-
Chris Rupe, Fiscal Analyst, Joint Fiscal Office
- 11:30 AM
-
Discussion
-
Adam Greshin, Commissioner, Department of Finance & Management
-
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
-
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
-
Chris Rupe, Fiscal Analyst, Joint Fiscal Office
- 6:00 PM
-
Adjourn
