Vermont's pension experiment
May 25, 2010 Filed in: Budget & Finance
| Unions
Stephen C. Fehr, Stateline.org Vermont officials have reached
agreement on a teacher pension plan that could become a model for
financially-strapped states seeking ways to reduce the rising cost
of employee retirement benefits. The
accord between
the Legislature, the state treasurer and Vermont’s largest public
employee union will result in most teachers working additional
years and making higher contributions to the pension fund but
receiving a larger pension check on retirement. The state will
initially save $15 million a year, or about 10 percent of Vermont’s
current budget shortfall…