Bill H.567, introduced by Representative Birong, proposes significant amendments to Vermont's laws concerning unclaimed property, state retirement systems, and capital debt. Key provisions include the introduction of penalties for late contributions to the Vermont State Retirement System, the establishment of a Pension and Benefits Funding Task Force, and the transfer of fiduciary responsibilities for postemployment benefits to the Vermont Pension Investment Commission. The bill also modifies reporting requirements for unclaimed property, increasing the threshold for certain claims and adjusting the handling of unclaimed property from deceased owners. Notably, it raises the value limit for claims from deceased owners and allows for direct payments to claimants under specific conditions.

Additionally, the bill introduces new standards of conduct for trustees and employees of the Vermont Pension Investment Commission, emphasizing the prohibition of receiving gifts from investment service vendors. It repeals certain provisions regarding the State Treasurer's role as custodian of retirement system assets, designating the Vermont Pension Investment Commission as the custodian. The bill also establishes a State Employees Postemployment Benefits Trust Fund to secure reserves for retiree benefits, clarifies definitions of retirement plans, and outlines the Commission's responsibilities, including conducting asset and liability studies. Furthermore, it creates new classified positions within the Office of the State Treasurer and sets effective dates for various provisions, with most taking effect on July 1, 2026. Overall, the bill aims to enhance the governance and operational efficiency of Vermont's pension system while ensuring compliance with regulatory standards.

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