Bill > H0567

This bill makes several changes related to unclaimed property, state retirement systems, and capital debt. It modifies rules for reporting unclaimed property, including details about insurance policies and benefit numbers, and adjusts the threshold for when certain unclaimed property can be deducted by the Administrator and deposited into specific funds, such as the Vermont Retirement Security Fund or the Vermont Higher Education Endowment Trust Fund, with an annual limit. The bill also increases the value threshold for when the Administrator can directly pay or deliver unclaimed property to an apparent owner without a formal claim, and raises the value limits for distributing unclaimed property of deceased owners or jointly owned property. For state retirement systems, it introduces penalties for late payment of employer contributions, establishes a Pension and Benefits Funding Task Force to review and recommend changes to funding methodologies for state and teacher retirement systems, and transitions fiduciary responsibility for other postemployment benefits to the Vermont Pension Investment Commission. Additionally, it allows certain elected employee organization presidents to purchase service credits for their time in that role, and revises the reporting requirements for the Capital Debt Affordability Advisory Committee to align with recognized bond rating agency criteria for assessing state debt.

Budget and Finance, Government Affairs

https://legislature.vermont.gov/bill/status/2026/H.567