Thu, 04/01/2021 - 11:17am meganj
By:
Emerson Lynn
The Legislature has before it at long last a proposal to address the solvency of the state’s pension system. There is nothing in the proposal for anyone to like. It’s full of pain and regret and expense. It’s the embodiment of what happens when a problem is recognized but its solution is deferred. For decades.
The proposal unveiled by the House Government Operations committee essentially follows the recommendation by state Treasurer Beth Pearce, who said in January there was little choice but to ask retirees to work longer, pay more, and to receive less in retirement. With $5.6 billion in unfunded liabilities, she said Vermont’s pensions are in a state of crisis.