VermontAct changes unclaimed property and state retirement rules
The act addresses unclaimed property, state retirement systems, and annual reporting on the state’s ability to take on capital debt.
What it does
The State Treasurer may accept unclaimed property from medical insurance policies and may ask for an explanation of benefits.
Retirement systems may penalize late payments, study funding, shift oversight, and credit certain employee-organization presidents with pension service when required deposits are made.
The Capital Debt Affordability Advisory Committee must include revised information in its annual report.
Argument forRetirement funding review and clearer oversight may help lawmakers and pension administrators identify funding problems and manage benefit funds.
Argument againstLate-payment penalties could increase costs for participating local governments that miss retirement system installment deadlines.
More detail
The State Treasurer may accept unclaimed property held under a medical insurance policy and may require an explanation of benefits. These provisions apply to unclaimed property submitted to the State Treasurer’s office, including property connected to medical insurance policies. The Treasurer may require an explanation of benefits when the property is submitted. The act has multiple effective dates beginning June 15, 2026; the supplied text does not identify separate effective dates for these provisions.
Participating political subdivisions may face penalties for late retirement system payments, and a task force must study retirement funding and report recommendations. The provisions cover political subdivisions participating in the State Retirement System, the State Employees’ and State Teachers’ Retirement Systems, and their funding and benefit administration. Penalties may apply when an installment payment is more than 30 days late. The Pension and Benefits Funding Task Force must review funding methods and make findings and recommendations for legislative action. Administrative and fiduciary oversight for two postemployment benefit funds moves to the Vermont Pension Investment Commission. An employee organization must deposit the required pension amount for an elected union president to receive creditable service for that presidency. The task force report is due by December 15, 2026. The supplied text gives multiple effective dates beginning June 15, 2026, but does not assign separate dates to the other retirement provisions.
The Capital Debt Affordability Advisory Committee must provide revised information in its annual report. This provision applies to the committee’s annual report about capital debt affordability. The supplied text gives multiple effective dates beginning June 15, 2026, but does not state a separate effective date for the reporting provision.
Where do you stand?
Choose your position
Tell your reps
Take a position to see your representatives and ways to contact them.
Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- May 29House message: Governor approved bill on June 15, 2026Latest
- May 29Signed by Governor Phil Scott on June 15, 2026Became Law
- May 29Delivered to Governor on June 9, 2026To Governor
- May 27Senate Message: Passed in concurrenceMajor
- May 27Rules suspended & messaged to House forthwith, on motion of Senator Baruth
- May 27Read 3rd time & passed in concurrencePassed 2nd Chamber
- May 27Rules suspended & bill placed on all remaining stages of passage, on motion of Senator Baruth
- May 273rd reading ordered
- May 27Senator Hardy requested & granted leave to withdraw Committee on Finance proposal of amendment
- May 27Reported favorably by Senator Perchlik for Committee on AppropriationsMinor
- May 27Reported favorably by Senator Hardy for Committee on Finance with proposal of amendmentMinor
- May 27Reported favorably by Senator White for Committee on Government OperationsMinor
- May 27Read 2nd timeMinor
- May 27Favorable report by Committee on AppropriationsMinor
- May 27Favorable report with proposal of amendment by Committee on FinanceMinor
- May 27Favorable report by Committee on Government OperationsMinor
- May 27New Business/Second ReadingMinor
- May 26Favorable report by Committee on AppropriationsMinor
- May 26Favorable report with proposal of amendment by Committee on FinanceMinor
- May 26Favorable report by Committee on Government OperationsMinor
- May 26Second ReadingMinor
- May 26Entered on Notice Calendar
- May 8Referred to Committee on Appropriations per Senate Rule 31
- May 8Favorable report with proposal of amendment by Committee on FinanceMinor
- May 8Favorable report by Committee on Government OperationsMinor
- May 8Second ReadingMinor
- May 8Entered on Notice Calendar
- Apr 23Referred to Committee on Finance per Senate Rule 31
- Apr 23Favorable report by Committee on Government OperationsMinor
- Apr 23Second ReadingMinor
- Apr 23Entered on Notice Calendar
- Apr 1Read 1st time & referred to Committee on Government OperationsMinor
- Mar 27Read third time and passedPassed 1st Chamber
- Mar 27Action Calendar: Action postponed until March 27, 2026
- Mar 26Rep. Birong of Vergennes moved to postpone action until March 27, 2026, which was agreed to
- Mar 26Action Calendar: Third ReadingMinor
- Mar 25Third Reading orderedMinor
- Mar 25Report of Committee on Appropriations agreed to
- Mar 25Report of Committee on Ways and Means agreed to
- Mar 25Rep. Dickinson of St. Albans Town recommended for the Committee on Appropriations
- Mar 25Rep. Burkhardt of South Burlington recommended for the Committee on Ways and Means
- Mar 25Rep. Birong of Vergennes reported for the Committee on Government Operations and Military Affairs
- Mar 25Read second timeMinor
- Mar 25Action Calendar: Favorable with Amendment
- Mar 24Notice Calendar: Favorable with Amendment
- Feb 19Referred to Committee on Appropriations per Rule 35(a)
- Feb 19Notice Calendar: Favorable with Amendment
- Feb 6Referred to Committee on Ways and Means per Rule 35(a)
- Feb 6Notice Calendar: Favorable
- Jan 6Read first time and referred to the Committee on Government Operations and Military AffairsIntroduced
Economy & JobsEducationTaxes & Budget