The bill amends various sections of Vermont's unclaimed property and retirement system laws, introducing several key changes. It requires reports on unclaimed property to include additional details such as the name and last-known address of the insured or annuitant for life, medical, or endowment insurance policies, along with any explanation of benefit numbers. The threshold for property value that allows the Administrator to deduct funds for the Vermont Retirement Security Fund has been increased from $100.00 to $150.00, with a maximum annual total for such deposits set at $300,000.00. Additionally, the bill raises the limit for property that can be directly delivered to claimants without a formal claim process from $250.00 to $1,000.00. It also establishes a Pension and Benefits Funding Task Force to review funding methodologies for the Vermont State Retirement System and the State Teachers Retirement System.

Further amendments focus on the Vermont Pension Investment Commission and the management of pension funds, including the repeal of provisions that designated the State Treasurer as the custodian of retirement system assets, transferring that responsibility to the Vermont Pension Investment Commission. New standards of conduct for trustees and employees are introduced, prohibiting direct interests in investment profits and the acceptance of gifts from investment service vendors. The bill clarifies the administration of the State Employees Postemployment Benefits Trust Fund, ensuring compliance with tax-exempt requirements, and mandates irrevocable contributions. It also allows pension system members to elect creditable service years for time spent as presidents of employee organizations, with financial responsibilities placed on those organizations. The act is set to take effect on July 1, 2026, with certain sections becoming effective upon passage.

Statutes affected:
As Introduced: 27-1492, 27-1543, 27-1543(5), 27-1553, 27-1557, 3-488, 3-471, 3-472, 3-479a, 3-521, 3-522, 3-523, 3-524, 16-1931, 16-1942, 16-1943, 16-1944b, 24-5062, 24-5063, 16-1944, 24-5054a, 32-1001
As Passed By the House -- Official: 27-1492, 27-1543, 27-1543(5), 27-1553, 27-1557, 3-488, 3-471, 3-472, 3-479a, 3-521, 3-522, 3-523, 3-524, 16-1931, 16-1942, 16-1943, 16-1944b, 24-5062, 24-5063, 16-1944, 24-5054a, 32-1001
As Passed By the House -- Unofficial: 27-1492, 27-1543, 27-1543(5), 27-1553, 27-1557, 3-488, 3-471, 3-472, 3-479a, 3-521, 3-522, 3-523, 3-524, 16-1931, 16-1942, 16-1943, 16-1944b, 24-5062, 24-5063, 16-1944, 24-5054a, 32-1001
As Passed by Both House and Senate -- Official: 27-1492, 27-1543, 27-1543(5), 27-1553, 27-1557, 3-488, 3-471, 3-472, 3-479a, 3-521, 3-522, 3-523, 3-524, 16-1931, 16-1942, 16-1943, 16-1944b, 24-5062, 24-5063, 16-1944, 24-5054a, 32-1001
As Passed by Both House and Senate -- Unofficial: 27-1492, 27-1543, 27-1543(5), 27-1553, 27-1557, 3-488, 3-471, 3-472, 3-479a, 3-521, 3-522, 3-523, 3-524, 16-1931, 16-1942, 16-1943, 16-1944b, 24-5062, 24-5063, 16-1944, 24-5054a, 32-1001
As Enacted: 27-1492, 27-1543, 27-1543(5), 27-1553, 27-1557, 3-488, 3-471, 3-472, 3-479a, 3-521, 3-522, 3-523, 3-524, 16-1931, 16-1942, 16-1943, 16-1944b, 24-5062, 24-5063, 16-1944, 24-5054a, 32-1001