January 10, 2022
SPEAKER KROWINSKI ISSUES STATEMENT FOLLOWING AGREEMENT ON PENSION STABILIZATION PACKAGE WITH VERMONT STATE EMPLOYEES, TEACHERS UNION
Montpelier, Vt. – Today, House Speaker Jill Krowinski issued the following statement after the Pension Benefits, Design and Funding Task Force announced an agreement on a package of changes to stabilize the state employee and teacher pension funds:
“This has been a long and difficult process. Today’s conclusion would not have been possible without the dedication, collaboration, and creative thinking between the teachers, state employees, and legislative members on the Task Force. Whenever the topic of our pension system is in front of the legislature, and the retirement future of tens of thousands of hard-working public employees is at hand, you know it will be a tough conversation. For years, this discussion was largely avoided and we watched, even with the best of efforts in recent years, as the funding ratios continued to decline. I knew it would be an unpopular subject to take up, and one I wish we could have avoided as teachers and state employees shifted into new roles on the pandemic frontlines, but I knew this was our moment to make real change and secure retirement benefits for our public employees.
“There are a lot of lessons learned during this process and I think many of us would admit there are things that we would go back and change, but the fact of the matter is, we stuck through the difficulty and worked together to craft a package that will have a lasting impact. Problems that are solved with everyone rolling up their sleeves, identifying our common goals, and throwing ideas on the table are ones that we can all be proud of. The volunteer members from VT NEA and VSEA, and the appointed legislators, met throughout the summer and fall to find areas of agreement. We are so fortunate for their perseverance and positivity throughout this process. The teachers took on this extra responsibility all while doing the incredible work of educating and supporting Vermont school children in the midst of a pandemic. The state employee members came to the table while balancing new responsibilities during the COVID-19 public response and continuing to do all they can to serve Vermonters. Our legislative members, with a special thank you to Representative Sarah Copeland-Hanzas and Senator Jeanette White for leading the task force, spent countless hours researching and evaluating opportunities to get the public pension system on a course for success. I would also like to thank the staff in the Joint Fiscal Office and Legislative Counsel for their hard work in guiding and supporting the Task Force through this process. I know every member of the Task Force is exhausted and I hope you all have a moment to reflect on getting to this point and your incredible achievement.
“This is certainly not the final step and there is much work to do. I hope Vermonters, those in and outside of the system, know that there was no “winner” and instead this was accomplished through respectful dialogue and everyone giving a little to get to a greater good. We must still finalize and pass this legislation, and when we do, it will give teachers and state employees the peace of mind that their benefits are intact.
“I believe this is an historic moment and we must use the momentum and energy of the task force members to get this bill passed and into law. We will continue to show the rest of the country that difficult issues, like pension reform, are issues we can tackle in Vermont, and our history of collaborative spirit and our common goal to create a better future for generations to come.”
Documents outlining the package can be found on the Pension Benefits, Design, and Funding Task Force webpage.
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