Vermont State Employees Basics

  • Established 1944
  • Currently open to new hires
  • Plan covers state employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Vermont State Employees, 2001-2019

Fiscal Year Net Assets (billions)
2001 0.96
2002 0.89
2003 0.92
2004 1.04
2005 1.12
2006 1.22
2007 1.39
2008 1.28
2009 1.01
2010 1.17
2011 1.38
2012 1.38
2013 1.47
2014 1.66
2015 1.62
2016 1.61
2017 1.75
2018 1.84
2019 1.91

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2019

Fiscal Year Vermont State Employees US State and Local Pensions
2001 2.1 2.5
2002 2.1 2.4
2003 2.1 2.3
2004 2.1 2.2
2005 2.0 2.1
2006 2.0 2.1
2007 1.9 2.0
2008 1.9 2.0
2009 1.7 1.9
2010 1.5 1.8
2011 1.4 1.7
2012 1.4 1.6
2013 1.4 1.5
2014 1.4 1.5
2015 1.4 1.5
2016 1.3 1.4
2017 1.3 1.4
2018 1.2 1.3
2019 1.2 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Vermont State Employees, 2001-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 7.0 0.0 5.0 7.1
2002 7.9 0.1 4.8 8.0
2003 7.6 0.1 5.7 7.7
2004 7.9 0.7 7.3 8.6
2005 10.4 0.0 9.0 10.3
2006 10.0 0.4 9.3 10.3
2007 10.2 0.2 10.0 10.4
2008 9.7 0.8 10.4 10.5
2009 6.2 1.0 10.2 7.2
2010 8.0 1.5 10.5 9.5
2011 9.4 1.7 12.5 11.2
2012 10.5 0.0 12.9 7.5
2013 12.3 0.0 13.9 9.5
2014 12.9 0.0 14.5 9.8
2015 12.1 0.0 14.9 9.7
2016 11.5 0.0 14.8 9.8
2017 11.9 0.0 15.1 9.6
2018 12.4 0.0 18.1 10.0
2019 12.6 0.0 18.8 11.9

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Vermont State Employees, 2001-2019

Fiscal Year Vermont State Employees National Data
2001 93.0 106.5
2002 97.4 101.1
2003 97.5 94.2
2004 97.6 93.1
2005 97.8 91.1
2006 99.3 90.5
2007 100.8 91.2
2008 94.1 90.2
2009 78.9 83.2
2010 81.2 81.5
2011 79.6 80.4
2012 77.7 78.9
2013 76.8 78.7
2014 77.9 79.0
2015 75.1 78.2
2016 74.6 76.3
2017 71.4 76.4
2018 70.7 76.5
2019 70.7 76.1

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

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Investments

Asset Allocation for Vermont State Employees, 2019

Category Percent
Equities 48.2
Fixed Income 35.3
Private Equity 4.7
Real Estate 6.2
Cash 0.3
Other 0.0
Commodities 0.0
Hedge Fund 5.3
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.2
Fixed Income 22.9
Private Equity 9.0
Real Estate 9.0
Cash 1.8
Other 0.0
Commodities 1.9
Hedge Fund 6.7
Misc. Alternatives 1.5

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Vermont State Employees, 2011-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2011 36.6 37.2 0.1 3.8 0.0 0.0 2.2 20.1 0.0
2012 32.9 36.5 0.0 4.4 0.0 0.0 1.9 24.3 0.0
2013 35.6 31.5 0.3 4.6 0.0 0.0 3.7 24.2 0.0
2014 32.9 32.7 0.5 4.6 0.0 0.0 3.9 25.2 0.0
2015 34.1 35.4 0.9 5.7 0.0 0.0 3.0 20.7 0.0
2016 40.9 32.0 1.3 6.0 0.1 0.0 2.8 17.0 0.0
2017 46.0 33.4 1.5 6.1 0.1 0.0 0.0 12.9 0.0
2018 52.9 30.4 3.6 5.7 0.1 0.0 0.0 7.2 0.0
2019 48.2 35.3 4.7 6.2 0.3 0.0 0.0 5.3 0.0

Source: Public Plans Database

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Annual Return as of June 30 for Vermont State Employees, 2001-2019

Fiscal Year Vermont State Employees Assumed return
2001 10.99 8.50
2002 7.07 8.00
2003 4.60 8.00
2004 15.70 8.00
2005 8.90 8.00
2006 10.60 8.00
2007 16.50 8.25
2008 -5.90 8.25
2009 -18.70 8.25
2010 17.80 8.25
2011 21.20 8.50
2012 2.40 8.50
2013 8.60 8.50
2014 14.50 8.50
2015 2.33 7.95
2016 1.10 7.95
2017 10.60 7.50
2018 6.70 7.50
2019 5.90 7.50

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Vermont State Employees
2001-2019

Fiscal Year Cash Flow Assets
2001 -17.3 962.9
2002 -13.8 893.7
2003 -16.4 917.8
2004 -15.3 1,040.9
2005 -11.1 1,120.2
2006 -15.8 1,219.6
2007 -19.8 1,392.4
2008 -25.8 1,282.5
2009 -24.8 1,014.7
2010 -27.4 1,169.8
2011 -27.6 1,380.6
2012 -25.7 1,378.5
2013 -18.7 1,470.5
2014 -17.0 1,657.2
2015 -23.9 1,624.9
2016 -33.2 1,609.7
2017 -31.6 1,748.4
2018 -30.6 1,841.5
2019 -38.8 1,909.5

Source: Public Plans Database

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Cash Flow as a Percentage of Assets
Vermont State Employees
2001-2019

Fiscal Year Vermont State Employees National Average
2001 -1.8 -2.3
2002 -1.5 -2.3
2003 -1.8 -2.6
2004 -1.5 -1.7
2005 -1.0 -1.9
2006 -1.3 -1.9
2007 -1.4 -1.7
2008 -2.0 -1.9
2009 -2.4 -2.7
2010 -2.3 -2.9
2011 -2.0 -2.8
2012 -1.9 -3.1
2013 -1.3 -3.0
2014 -1.0 -2.7
2015 -1.5 -2.8
2016 -2.1 -3.0
2017 -1.8 -2.9
2018 -1.7 -2.4
2019 -2.0 -2.7

Source: Public Plans Database

National data averages are weighted by plan size.

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2019 Financial Reports

Benefits

Website for Vermont State Employees benefit descriptions.