Tom Golonka (Chair, Vermont Pension Investment Commission (VPIC)) thanked the House Government Operations Committee on Tuesday for listening to VPIC and the pension boards.  He noted that what they do is a tremendous obligation, and they take it very seriously, including the climate change problem. There is a 5-point plan that VPIC did which is on their website which he encouraged the Committee to read.

Golonka cautioned that the decisions of the Legislature do have an impact on the underfunding of the pension funds.  As an example, in 1970 the Legislature underfunded the pensions by $1M which today would be valued at $150M.  He reiterated that seemingly little changes matter and impact the funding status of the pension plans.

The House Government Operations Committee heard from several presenters Thursday morning speaking on S.42, which would seek to divest public pension funds of fossil fuel investments.

The House Government Operations Committee returned to S.42 on Thursday. Katie Green (Deputy Chief Investment Officer, Vermont Pension Investment Commission). She shared that the Vermont Pension Investment Commission (VPIC) established an Environmental, Social, and Governmental (ESG) committee. Green noted that climate change is a "significant threat," adding that it's "not just fossil fuel" but also automobile industry, land use, and water quality. She was adamant that VPIC was accountable and transparent, which is why they created the ESG committee to report up to the commission. 

Bill McKibben from Third Act joined the House Government Operations Committee on Wednesday to discuss S.42. He noted divestment started here in Vermont years ago. Third Act was founded by McKibben, who wrote the "original book" about global warming. In LA Times and companies knew, all the way back in the 1980s, about the impact of fossil fuels and "lied about what fossil fuels can do to the environment," he claimed.

Senator Clarkson presented S.42 to the House Government Operations Committee on Friday. She introduced the bill by saying that, "many of us wanted to have happen a long time ago" and that it was a "win for everyone." The bill was the result of negotiations between Third Act, the Treasurer's Office, the Vermont Pension Investment Committee (VPIC), the Senate Government Operations Committee, and other experts.

Senator Clarkson presented S.42 to the Senate on Tuesday, positioning the bill as a "win-win." She listed a number of individuals that were involved for the bills development, including the Treasurer, the Vermont Pension Investment Committee (VPIC), and several other experts. She cast the bill as the result of "productive negotiations" lead by the Senate Government Operations Committee with with the intent of divesting fossil fuel investments while simultaneously protecting the state's pension funds and Actuarial-Defined Employer Contribution.

Tuesday

The Senate Government Operations Committee took testimony on Tuesday regarding S.42, which proposes to divest fossil fuel investments from the state's pension funds. In their previous meeting, the Committee still had not come to a consensus on several issues. Some stakeholders agreed to meet Friday and Saturday to hopefully come up with a compromise so bill could be voted out of Committee.