Vermont Statutes Title 2 Sec. 1001
Terms Used In Vermont Statutes Title 2 Sec. 1001
- Amortization: Paying off a loan by regular installments.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- biennially: shall mean the year in which a regular session of the General Assembly is held. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Oversight: Committee review of the activities of a Federal agency or program.
- President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
- Quorum: The number of legislators that must be present to do business.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 1001. Creation of Committee
(a) Creation. There is created the Joint Public Pension Oversight Committee for the purpose of working with and providing assistance to other legislative committees on matters related to the State‘s retirement system and other postemployment benefits.
(b) Members. The Committee shall be composed of the following members, who shall be appointed each biennial session of the General Assembly:
(1) three members of the House, who shall not be from the same party, appointed by the Speaker of the House; and
(2) three members of the Senate, who shall not be from the same party, appointed by the Committee on Committees.
(c) Powers and duties. The Committee shall evaluate and make recommendations on the following:
(1) issues of public policy related to the provision of retirement benefits to the State’s public sector workforce;
(2) changes to statutory provisions regarding the provision, design, and administration of retirement benefits and the retirement systems;
(3) issues of public policy relating to health benefit design innovations, State regulatory measures, and alternative methods of providing pooled health care benefits to both active and retired school employees to lower health care costs for employees, retirees, school boards, and the State; and
(4) the appropriate annual appropriation to fund the State’s retirement obligations in accordance with actuarial recommendations, statutory amortization schedules, and funding policies.
(d) Policies. The Committee shall elect a chair, vice chair, and clerk from among its members and shall adopt rules of procedure. The Chair shall rotate biennially between the House and Senate members. The Committee shall keep minutes of its meetings.
(e) Meetings.
(1) When the General Assembly is in session, the Committee shall meet at the call of the Chair.
(2) The Committee may meet six times during adjournment and may meet more often subject to approval of the Speaker of the House and the President Pro Tempore of the Senate.
(3) A quorum shall consist of four members.
(f) Assistance. The Committee shall have assistance from the Office of Legislative Counsel, the Office of Legislative Operations, and the Joint Fiscal Office.
(g) Compensation and reimbursement. For attendance at a meeting when the General Assembly is not in session, members of the Committee shall be entitled to compensations for services and reimbursement of expenses as provided under subsection 23(a) of this title.
(h) Reports. Annually, on or before December 1 each year, the Vermont Pension Investment Commission and the Boards of Trustees for the State Employees’ Retirement System, Teachers’ Retirement System, and Municipal Employees’ Retirement, shall report to the Committee. (Added 2021, No. 75, § 11, eff. Oct. 1, 2021.)