Tag: Bennington Banner

Don Turner: The Vt. legislature’s irresponsibility on pensions

Mary Pat Campbell

Link: https://www.benningtonbanner.com/opinion/columnists/don-turner-the-vt-legislatures-irresponsibility-on-pensions/article_2def298e-9d2d-11eb-8652-6349f8c9cf60.html

Excerpt:

The last thing you do in the middle of a crisis is kick the can down the road. Yet, that’s exactly what the legislature just did on Vermont’s mounting pension liabilities.

Earlier this year, State Treasurer Beth Pearce delivered a long overdue message to the legislature — calling for painful cuts in order to keep the state employees’ and state teachers’ pensions operation. This comes years after resisting calls for structural reform to the pension system.

However, the treasurer deserves recognition for having the courage to at least present a plan. The legislature did too — with leadership in the House Government Operations Committee unveiling its own similar plan.

Author(s): Don Turner

Publication Date: 14 April 2021

Publication Site: Bennington Banner

Don Turner: 5 steps to fix the pension mess

Mary Pat Campbell

Link: https://www.benningtonbanner.com/opinion/columnists/don-turner-5-steps-to-fix-the-pension-mess/article_40469846-6197-11eb-a065-17b12b65db5b.html

Excerpt:

2021 marks 25-years since then-Treasurer Jim Douglas recommended that the state change its trajectory from costly “defined benefit” retirement plans for state employees and teachers to “defined contribution” plans. Eleven years ago, in 2009, a special commission suggested a consideration of this same idea. I have previously written about our pressing need to consider a defined contribution option, as well as the “sleeping giant” of our unfunded liabilities.

Unfortunately, since the time I wrote my opeds in 2019, Vermont’s unfunded liabilities have ballooned from $4.5 billion to more than $5 billion.

Author: Don Turner

Publication Date: 28 January 2021

Publication Site: Bennington Banner