State pension plan changes effective Tuesday
Tuesday July 1, 2008
MONTPELIER, Vt. (AP)
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The pension plan used by Vermont state employees is changing today.
Now many state employees will see more money from their paychecks going into their pensions.
New state employees will have to work for three more years to receive full retirement benefits. And the age of full retirement is increasing from 62 to 65.
And the new workers will also have to put in more time on the job if they want to keep state health insurance coverage in retirement.
The changes affect the bulk of the state labor pool, over 11,000 state employees and retirees.
State treasurer Jeb Spaulding says the changes will save $265,000 this year and $264 million over the next 30 years.
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