32 V.S.A. § 311 — Retirement funds integrity report

(a) The Governor shall include, as a part of the annual budget report required by section 306 of this title, a statement of the extent by which the recommended appropriations to the Teachers’
Retirement Funds and to the Vermont Employees’ Retirement Funds differ from the amounts
as recommended by the Vermont Employees’ Retirement System Retirement Board as provided
by 3 V.S.A. § 471(n) and by the Teachers’ Retirement System Board of trustees as provided by 16 V.S.A. § 1942(r) and Board estimates for current obligations for retiree health care costs. If the
Governor’s recommended appropriations are less than the amounts recommended by one
or both of the boards of the two retirement systems for retirement obligations and
retiree health care, the Governor shall set forth the long-term financial implications
to the State of such shortfall and present a plan to achieve and preserve the fiscal
integrity of the retirement funds of the retirement system or systems.
(b) At the request of the House or Senate Committee on Government Operations or on Appropriations,
the State Treasurer and the Commissioner of Finance and Management shall present to
the requesting committees the recommendations submitted under 3 V.S.A. § 471(n) and 16 V.S.A. § 1942(r). (