UPDATED - This action is now targeting your personal State Rep, not just members of the House Government Operations Committee. It is critical that all members of the House hear from you and your colleagues.

On the morning of Wednesday March 24 the House Government Operations Committee unveiled a draft set of proposed benefits changes to the Vermont State Teachers’ Retirement System. They are horrible. In short, the proposal asks you to work longer, pay more and get less. Here are some toplines:

• Work Longer: Raise the age to receive full retirement benefits 67 and eliminate the rule of 90.
• Work Longer: Increase the years of service for being vested in the system from 5 years to 10 years.
• Pay More: Increase your contribution to 7.25% from either 5% or 6%.
• Pay More: Create a new “risk-sharing” structure, that would force additional contributions of between .25% and 1% depending on your salary.
• Get Less: Only apply a COLA to the first $24,000 of your pension.
• Get Less: Increase your pension calculation from the average for your final three years to your final seven years.

Click here to read the full proposal.

The committee is beginning testimony this week and through next week. After the House Government Operations Committee any proposal would go to the House Appropriations Committee, then the full House of Representatives and over to the Senate for a full process. But we must be clear this initial proposal in some ways is even worse than Treasurers Pearce’s proposal from January. It is not just wrong, it is cruel.

Please send a message to your State Representative(s) TODAY!