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