Bill H.567 addresses the management of unclaimed property and the governance of Vermont's retirement systems. It amends existing laws to enhance reporting requirements for unclaimed property, mandating that reports include the name, last-known address, and Social Security or taxpayer identification number of the apparent owner for properties valued at $50 or more. The bill also raises the threshold for property valued at $100 or less to $150 and allows funds from unclaimed property to be deposited into the Vermont Retirement Security Fund or the Vermont Higher Education Endowment Trust Fund, capped at $300,000 annually. Additionally, it establishes a Pension and Benefits Funding Task Force to review funding methodologies for the Vermont State Retirement System and the State Teachers Retirement System, while introducing penalties for late contributions and outlining the responsibilities of the Retirement Board.

Moreover, the bill introduces new standards of conduct for trustees and employees of the Vermont Pension Investment Commission, emphasizing the importance of maintaining public confidence in the Board's integrity. It repeals certain provisions regarding the State Treasurer's custodial role and establishes the State Employees Postemployment Benefits Trust Fund, ensuring compliance with federal tax-exempt status. The bill also updates definitions related to retirement plans, mandates regular asset and liability studies, and allows for securities lending agreements to enhance investment management. Overall, H.567 aims to improve the operational efficiency and governance of Vermont's retirement systems while ensuring better management of unclaimed property. 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