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Statement on Efforts to Stabilize Vermont's Teacher and State Employee Pension System

Submitted by CWesley@leg.st… on Fri, 04/02/2021 - 12:08

Vermont Coat of Arms State of Vermont President Pro Tem

For Immediate Release

April 2, 2021

SENATE PRESIDENT PRO TEMPORE BECCA BALINT STATEMENT ON EFFORTS TO STABILIZE VERMONT’S TEACHER AND STATE EMPLOYEE PENSION SYSTEM

Montpelier, VT – Senate President Pro Tempore Becca Balint made the following statement in response to the press conference held by House Speaker Jill Krowinski and other members of the House Democratic Caucus this morning:

“The Speaker and I have been in close conversation these past five days. Our shared goal for this session will be to make a significant one-time investment into the pension funds, making changes to the governance structure, and creating a task force to work on the benefits structure and other relevant issues over the summer and fall. We want to do all we can to maintain the defined benefit system, and we recognize that all options must be on the table for the Task Force, including an increase in revenue and benefit changes.

I think this is the right path forward and strikes a balance between taking steps to prevent a crisis and acknowledging how difficult this discussion is and how thoughtful our work must be. As Pro Tem, I will help make sure that the Senate is doing its part to support this sensible approach. I want public employees to know that we heard them and that we are committed to working together to save the pension system.”