The bill H.567 introduces significant amendments to Vermont law concerning unclaimed property and the Vermont State Retirement Systems. It updates reporting requirements for unclaimed property, including the addition of medical insurance policy details, and raises the property value thresholds for administrative actions. Specifically, the threshold for property valued at $100.00 is increased to $150.00, and the limit for direct delivery to claimants is raised from $250.00 to $1,000.00. Additionally, the bill modifies the distribution process for unclaimed property belonging to deceased owners, increasing the direct distribution limit to surviving spouses or next of kin from $5,000.00 to $10,000.00.

Moreover, the bill establishes a Pension and Benefits Funding Task Force to evaluate the funding methodologies of the Vermont State Retirement System and the State Teachers Retirement System, focusing on sustainability and the state's credit rating. It also introduces new standards of conduct for trustees and employees of the Vermont Pension Investment Commission, repeals outdated provisions regarding the State Treasurer's custodial role, and creates a State Employees Postemployment Benefits Trust Fund. The bill mandates regular asset and liability studies by the Commission and updates definitions related to retirement plans, ensuring effective management and compliance with federal tax-exempt status. Overall, H.567 aims to enhance the governance and operational efficiency of Vermont's retirement systems while improving the management of unclaimed property.

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