MONTPELIER, Vt. (WCAX) – Sweeping reforms to Vermont's public retirement fund are starting to bear fruit.
Lawmakers passed a pension reform bill in 2022 to begin addressing the state's $3 billion unfunded liability for teacher and state employee retirement benefits.
Vermont Treasurer Mike Piesiak said Tuesday that these reforms are working and the state has been successful in diversifying where retirement funds are invested. They say Vermont's pensions will be fully paid by 2038.
But he also expressed concern that the state's aging population and ongoing workforce crisis could still impact its ability to meet those obligations.
“It makes sense because if Vermont doesn't have enough economic strength to bring in the revenue necessary to pay all of these costs (including annual contributions), we don't have a significant workforce.” Realistic “It's a big problem,” he said.
Officials say it's difficult to predict what the economy will look like in 10 years, but say they believe recent reforms will help Vermont keep its promises to workers. .
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