VT Digger Press Release: Sierra Club of Vermont endorses Beth Pearce

Sierra Club of Vermont Endorses Beth Pearce

SEP. 30, 2016, 1:33 PM
News Release — Sierra Club
Sept. 29, 2016

Robb Kidd, 802-505-1540, robb.kidd@sierraclub.org

Regards Her as an Environmentalist in the Treasurer’s Office

The Vermont Chapter of the Sierra Club today announced its endorsement of Beth Pearce for Vermont Treasurer in the 2016 election. “We are very pleased to announce that the Sierra Club officially endorses Treasurer Beth Pearce for (re-) election,” said Mark Nelson, Vermont Chapter Chair. “The Chapter’s unanimous decision demonstrates our strong faith that Treasurer Pearce understands that sound investments and a healthy environment go hand in hand.”

“We are confident that Beth Pearce will continue to make fiscally prudent decisions to help Vermont develop sustainable renewable energy projects, make strategic local investments, and establish innovative funding mechanisms to clean up Lake Champlain. Her leadership in advocating to the Securities and Exchange Commission that climate risks be disclosed in corporation offering sheets demonstrates Treasurer Pearce’s commitment to protecting Vermonters’ assets with climate change in mind. We also are grateful for Treasurer Pearce’s good faith effort to review divestment with an open mind, while preserving the respect of the public, and state workers and retirees whose money is at stake.” said David Ellenbogen, Vermont Chapter Political Chair.

“Beth Pearce is a rare environmental champion in the Treasurer’s office. She understands that sound economic policy includes protecting the environment, and the environmental community should proudly support her,” stated Robb Kidd, Vermont Chapter Conservation Program Manager. The Vermont Chapter of the Sierra Club encourages our nearly 10,000 members and supporters to re-elect Treasurer Beth Pearce.

Statement: The Case for Defined Benefit Plans

The Case for Defined Benefit Plans


The Vermont public employees, teachers, and municipal retirement systems provide essential public services for all citizens. The vast majority of these employees also live in Vermont and are Vermont taxpayers. They are concerned about their state, their local community, their families and our future. Employees have committed their professional lives to improve that future through public service.
My job as State Treasurer is to protect taxpayer dollars and strengthen our financial future. Retirement security is critical to that effort. All Vermont citizens are entitled to financial independence and dignity in retirement. Retirement should reward teachers, state, and municipal employees for their long careers in public service. It is absolutely necessary that our retirement systems be affordable to both the employee and to the taxpayer. However it is also important to recognize that retirement income is not merely an expense, but is an economic driver. Retirees with adequate and reliable income buy goods and services that, in turn, create jobs. A review done by my office indicates that 75.2 % of retirees in the teacher plan and 79.4% of retirees in the state employee plan continue to reside in Vermont, pay Vermont taxes and contribute to the local economy.
Despite their importance, public retirement plans are under attack across the nation. Arguments have been made to reduce benefits, eliminate benefits altogether, or convert to other types of plans that do not provide the same security as our defined benefit plans. I have a strong record of defending defined benefit plans. In repeated testimony to the Legislature and in public presentations, I have demonstrated that defined benefit plans provide needed retirement security and are cost-effective to the taxpayer. I will continue to advocate that position.
I have also implemented steps to put the retirement plans on an improved financial future. All pension plans across the nation took a big hit with the Great Recession. In Vermont, we have addressed this in a responsible and fair manner. I appreciate the efforts of state employees, teachers and municipal employees who stepped up to the plate in a collaborative manner to find solutions. We have saved hundreds of millions of dollars in the process, while also protecting benefits.
Over the last several years a number of initiatives have been taken to improve the financial condition of the plans.
Changes were implemented to preserve essential benefits while saving the taxpayers an estimated $20 million per year.

While significant underfunding of actuarially recommended funding took place in the past, especially in the teacher’s system, we have worked with the Administration and the Legislature to put Vermont on a track for full funding of our retirement systems.

Working with stakeholders in 2014, we fixed a historic funding shortfall in the teachers’ retirement health care system that will save taxpayers $480 million over 25 years.

This past year, we worked with Legislators to develop a new financing plan for the State’s pension liabilities that will save taxpayers over $165 million through 2038.

We have strengthened partnerships with public employees to ensure they have adequate and reliable income in their retirement years.

The Administration and the Legislature have a responsibility to fully fund its share of the pension contributions, even in difficult times. These contributions are an I.O.U for services rendered by employees and they have an obligation to fund them. I am proud that my efforts have contributed to the Legislature’s decision to fully fund the annual retirement contributions recommended by the state’s actuary. In fact, this year we were able to change the state’s pension statutes so that we can accelerate the contribution payment schedule in the future, saving millions of dollars of interest to the taxpayer, making improvements to the funded status of the plan over time, and providing additional security to retirees.
I will continue to advocate for cost-effective defined benefit pensions that are affordable for the taxpayer, while at the same time are fair to employees and protect their hard earned benefits.

Statement: Disability Rights for Vermont

Disability Rights for Vermont


As Treasurer, I have a responsibility to over 50,000 active, vested and retired members of public retirement systems to provide retirement plans that are affordable to the taxpayer and employee, while providing adequate and reliable income. Currently, 713 people with disabilities are receiving retirement benefits. I am committed to working with them to ensure they take full advantage of their retirement and health care benefit options.

The Treasurer’s Office currently offers financial literacy programs to provide citizens of all ages the knowledge and skills necessary to successfully manage their money. I have worked with the Legislature to enact consumer protection and unclaimed property laws for life insurance beneficiaries. Working with AARP and legislative leaders, Vermont became the first in the nation to enact a law protecting consumers from predatory practices in pension lending. I am working with stakeholders, advocates, and legislators to develop “Achieving a Better Life Experience” or ABLE accounts. This initiative will empower disabled individuals and their families to invest in tax-free savings accounts, for the purpose of maintaining health and independence.

As Treasurer, I am committed to ensuring that all citizens have an opportunity for a lifetime of financial well-being and I ask for your support.