Vt. Senate passes pension reform bill

MONTPELIER, Vt. (WCAX) - The Vermont Senate will take final action Friday on a sweeping pension bill aimed at shoring up a $3 billion shortfall.

The bill, approved on an initial vote Thursday, was crafted after months of negotiations among state employees, teachers, and lawmakers after a reform plan was scrapped last year.

Future retirees will have to pay more into the state retirement system and it modifies the cost of living adjustment.

The proposal also funnels $200 million in one-time funds to the system.

“I’m sincerely hoping there will not be an 11th-hour complaint about the work that’s been done because this has been so many months of so much hard work and this is going to protect the pensions of our state workers,” said Senate President Becca Balint, D-Windham.

After Friday’s vote, the pension bill heads to the House.

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