Friedman: VT’s state employee’s pension plan is “in good shape”

Gerald Friedman, professor of economics at the University of Massachusetts, has been consulting with the Vermont State Employees Association as to whether or not the Vermont Legislature should enact changes to the employees’ pension system.  These changes, recommended by a special commission headed by Treasurer Jeb Spaulding, would, according to Spaulding, save the state as much as $29 million next year.

Last week, Friedman made a presentation to the the House Government Operations Committee.  He argued that he didn’t see a crisis necessitating the changes Spaulding and the commission had recommended.  “I see a pension plan in good shape,” he said.  “My suggestion to you would be to punt for a while. You don’t have to do anything.”
 (BurlingtonFreePress.com, 1/16/2010)