State Treasurer Details Pension Pressures
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VSEA has been alerting its members and retirees for months about State officials, lawmakers, and others coming to the State House in January looking for changes to the state employees' and teachers' pension systems, primarily meaning instituting new ways to increase funding. VSEA members and retirees continue to hear how the state employee and teachers' pension funds are financially strained, but what exactly are the pressures on the funds? To answer this question, VSEA asked State Treasurer Pearce to share her expertise on the pressures with the membership and retirees.
From Treasurer Pearce:
[I am] working with the VSEA to address the funding challenges faced by the Vermont State Employees Retirement System (VSERS). VSERS offers defined benefit pension plans to state employees.
- In FY2020, the pension plan was 66.4% funded, with an unfunded actuarially accrued liability of over $1 billion. The VSERS funded percentage has steadily declined since 2007, despite continued efforts by both the Treasurer's Office, Legislature, and state employees, and your union, to shore up the pensions;
- This year, VSERS underwent an Experience Study, which takes place every five years. The Experience Study resulted in changes to the demographic and economic assumptions used to make calculations for the plan. These changes further increased the unfunded liability.
- The VSERS Board of Trustees has directed the Treasurer to present recommendations to reduce both the unfunded liability and the annually required payment. These recommendations are due to the Governor and General Assembly on January 15, 2021.
Treasurer's actions taken to date:
- [I have] met several times in recent weeks with VSEA President Aimee Towne and Executive Director Steve Howard, to discuss options for the VSERS plan. [I have] also met with the VSEA Board of Trustees and the Council. [I] appreciates the opportunity to work with the VSEA; and
- [I am] committed to maintaining a defined benefit pension plan for state employees that offers dignity and financial security in retirement. [I am] incredibly grateful for the work that state employees do, and especially all that they have done for Vermont during the COVID-19 pandemic and emergency response. State employees are members of the retirement system and the Treasurer's Office will continue to work with their employee groups so that [your] voice is heard.
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2020 VSEA
Chapter Holiday Fundraising Challenge!
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VSEA's Board of Trustees is challenging every VSEA Chapter and its members to raise as much money as possible between now and December 31 to provide meals to a “virtual food drive” for the Vermont Foodbank. Which VSEA Chapter can raise the most money for this very worthwhile cause that is benefitting so many Vermonter families during this especially difficult time?
Want to get in on the challenge? Just visit the contest homepage and choose your VSEA Chapter from the list, and you will be taken to a designated Chapter donation page. Every dollar you donate, via this donation page, supports the Vermont Foodbank. The VSEA Chapter with the most money raised by New Years wins some well-deserved bragging rights!
Leading Chapters as of 2:45 PM, December 11:
- Chittenden Chapter: $193
- Barre Chapter: $174
- NEK/St. Johnsbury Chapter: $166
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Note: So far, more than $850 has been raised. Thanks to everyone for donating to this very special cause!
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VSEA 2021 Legislative Priorities Finalized
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The VSEA Board of Trustees and the VSEA Council have finished reviewing the VSEA Legislative Committee's recommendations for the union's 2021 legislative priorities, and both bodies have now finalized the union's priorities.
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2021 VSEA Legislative Priorities:
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- Securing a Budget that Maintains Vital Public Services
- Protecting and Enhancing Retirement Security
- Preventing the Privatization of State Services
- Enhancing Employee Health, Safety, and Security
- Protecting Our Health Care
- Defending Collective Bargaining Rights
- Collaborating on Solidarity Issues
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Nine Years After Irene, Roxbury Fish Hatchery Back Online
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VSEA is congratulating the dedicated staff at the Roxbury Fish Culture station in Roxbury for persevering for nine long years to bring the hatchery back online after it was wrecked by Tropical Storm Irene.
VTDigger posted a story this week about the hatchery now being fully operational, detailing the improvements made, as well as explaining the hatchery's economic benefit to Vermont.
From the story:
The Vermont Fish and Wildlife Department has said the state’s hatcheries in Roxbury, Bennington, Grand Isle, Newark and Salisbury are an important economic driver for the state, ensuring that the state’s waters are stocked with fish for anglers.
“What we’re specifically doing is we’re growing these fish to provide angling opportunities throughout the state,” says Jeremy Whalen, the Roxbury Fish Culture Station supervisor. “And we’re putting these fish in areas to create angling opportunities that might not otherwise be available.”
The federal government has estimated that the fully operational Roxbury hatchery will contribute about $2.5 million a year to the state’s economy, when expenses for fishing licenses, equipment and in-state travel are taken into account, Whalen says.
Note: VSEA published a story in the VSEA VOICE in August 2016, titled "Rebirth In Roxbury: Roxbury VSEA Fish Hatchery Workers Rebuild Following Irene." It's great hear this news. Great job to all involved with this project.
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VSEA President Welcomes New Chapter Presidents & Looks To Fill Vacancies
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VSEA President Aimee Towne sent an email to all Chapter Presidents this week, welcoming the following newly elected presidents:
Note: Peggy Bosley from the Springfield Chapter is the new Chair of the Presidents Committee.
Towne also alerted that the following Chapters are currently in need of officers:
If you know anyone in the Chapters without officers right now who might be interested in stepping up and into a leadership role, please reach out to President Towne directly at aimeetowne@gmail.com.
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Springfield Chapter Meeting Is December 16
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Guest Speaker Vermont Treasurer, Beth Pearce
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VSEA's Springfield Chapter announced an upcoming meeting with guest speaker Vermont Treasurer, Beth Pearce.
Wednesday, December 16
5:00 p.m. - 6:30 p.m.
Online via Zoom
Question? Please contact VSEA Springfield Chapter President Peggy Bosley by email: peggy.bosley@gmail.com
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State’s Attorneys’ Unit Conducting Elections
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An email we sent this week to all members of VSEA's newest bargaining unit, the State's Attorneys' Office (SAO) Unit. Nominations and self-nominations are now being accepted for the following positions:
SAO Executive Committee
- Chair
- Vice-Chair
- Secretary
- Deputy State’s Attorney member
- Victim’s Advocate member
- Admin/Secretary member
Bargaining Team
- Deputy State’s Attorney member
- Victim’s Advocate member
- Admin/Secretary member
- 3 At-Large positions
SAO member interested in nominating a colleague or nominating yourself for any of these positions should email a letter of interest to Amy Kinsell at akinsell@vsea.org.
The deadline for SAO members to nominate or self-nominate is Monday, December 21, 2020.
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Quote Of The Week!
"This is not a surprise. We’ve all known situation was heading in this direction and here we are, with less than 30 days left. That’s incredibly frustrating.”
Vermont Labor Commissioner Michael Harrington. commenting in a Brattleboro Reformer story this week about the federal government's failure, to date, to extend much-needed benefits to hundreds of thousands of Americans in need. A pair of federal programs that extended benefits during the pandemic are set to expire on or before December 26, absent action by Congress and agreement from the Administration. |
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Non-VSEA specific stories that may be of interest to VSEA members.
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Another Blow To Janus Supporters
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Ballotpedia News reports on November 30 that a three-judge panel of the U.S. Court of Appeals for the First Circuit has ruled that public-sector unions are not liable for refunding fees paid by non-members before Janus v. AFSCME.
The defendant in this case was the State Employee’s Association of New Hampshire (SEA).
As expected, right-to-work supporters say they will push for an appeal to the U.S. Supreme Court.
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Top 1%'s Wages Rise 160% Since 1979--Six Times The Increase Of The Bottom 90% Of Workers
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From a story published this week in USA Today:
The rich aren’t just getting richer. They’re getting there faster than the rest of America’s workers.
During the last economic expansion, from 2009 to 2019, average yearly wages for the bottom 90% of workers rose 8.7% after adjusting for inflation, according to an analysis of Social Security Administration data by the liberal Economic Policy Institute (EPI). Meanwhile, pay for most of the top 10% rose 13.2% – while earnings for the top 1% jumped 20.4%.
“It’s a clear story of disempowerment of workers,” said Lawrence Mishel, co-author of the study and a distinguished fellow at EPI.
&
"In 2019, salaries averaged $38,923 for the bottom 90%; $320,096 for the top 5%; $758,434 for the top 1%; and $2,858,981 for the top 0.1%."
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Thank you for reading Week In Action!
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The VSEA Board of Trustees meeting scheduled for Tuesday, March 2, is being moved to Monday, March 1, to allow members to attend their town meeting. As is practice now, this Board meeting will include a designated time for public comment or questions from members.
Please make a note of this date change.
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View Executive Branch Unit Contracts on VSEA.org
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A reminder that the current contracts for all VSEA Executive Branch Units are posted to the Department of Human Resources and VSEA's websites and VSEA.org.
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Told You're Being Investigated? Watch This Video!
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Please take a few minutes on a break to watch the video, and know that the information being relayed could very well save your job someday. Remember, as a VSEA member, you are entitled to no-cost representation in investigatory meetings that may lead to discipline. Non-members, however, must now pay a rate of $250 to $350 per-hour for the same level of representation!
More: Know Your Union Rights
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VSEA Retirement Security Fact Sheet
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Did you know? Defined benefit plans are safer and more reliable for Vermont's retirees & are cheaper for taxpayers than risky, Wall St 401(k)-style plans. Learn more about the differences between defined benefit pension plans and defined contribution pension plans (a.k.a. 401K) here.
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Getting Ready To Retire? Retired Already? Join The VSEA Retired Members’ Chapter!
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Long-time VSEA activist and leader Terry Lefebvre is asking VSEA members getting ready to retire to join the VSEA Retirees’ Chapter to continue to be an active and engaged union member, even in retirement. Lefebvre also appeals to VSEA members to talk up the co-workers they know who might be preparing to retire. If you already belong to the Retired Members’ Chapter, a big thanks to you.
Learn More Here About The VSEA Retired Members’ Chapter
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VSEA Advantage Discount Program
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Did you know the average VSEA member can save hundreds of dollars a year by taking advantage of some of the Member-Only benefits offered through your union?
Learn more about the VSEA Advantage Discount Program
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Need To Update Your Contact Information
With VSEA?
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