Blog: Vermont lawmakers unanimously override pension reform veto – Pensions & Investments

Vermont legislators unanimously overrode Gov. Phil Scott’s veto of a bill to shore up the state’s pension funds for teachers and state employees.

The House on Friday voted 148-0 to override his veto, following the Senate’s override in a 30–0 vote on Wednesday.

Mr. Scott vetoed the bill on Monday, saying it didn’t go far enough to correct the state’s pension shortfalls. In a letter to lawmakers, he criticized the legislation as lacking “enough structural change to solve the enormous liability problems the state faces.”

The legislation, which passed unanimously in both the House and Senate in April, seeks to bolster the sustainability of the $2.5 billion Vermont State Teachers’ Retirement System and the $2.75 billion Vermont State Employees’ Retirement System, which had funded ratios of 52.9% and 67.6%, respectively, at the end of 2021.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s