Vermont online W 8 From Revform 2025

Vermont online W 8 From Revform: What You Should Know

Vermont's new payment reform model: Payment Reform Model State Pension and Annuities System (SPAS) The State Pension and Annuities System (SPAS) is the largest single employer and payer of the pension benefits of Vermont residents. The SPAS system has 7 million members, including both government and private pension plans and annuities. The SPAS pension and annuities fund is managed by State Employees' Retirement System of Vermont (SEES), a wholly owned subsidiary of the State of Vermont and has 7 million members. Vermont has 26 billion in unfunded obligations and is considered one of the most financially vulnerable states in the United States. Social Security Fund The Social Security Fund, administered by the Office of the Commissioner of Vermont, is a state trust fund managed by a board of four appointed trustees representing the public and private interests that provide funding for program benefits and expenses of the program. In 2013, approximately 10 billion of the Social Security Fund's unfunded obligations were funded by earnings on the Fund's assets. The Fund's obligations as of December 31, 2013, are 11.7 billion. Over the past four years, most of the Fund's unfunded obligations have been funded from revenues generated by the Program's benefits, and the Fund's unfunded obligations as of December 31, 2013, were 4.9 billion. The Fund's unfunded pension liability as of February 2025 was 2.8 billion, including interest. The Social Security Fund consists of the State Pension Fund (SPF) and the Government Retired State and Federal Agency (GRS); State Employees' Retirement System of Vermont (SERFS); Vermont Teachers' Retirement System (VOTERS); and Veterans' Retirement System (VERY); and includes a portfolio of trust and non-recourse assets. In June 2013, the Board of Trustees approved plans for the Fund to fund approximately 35 percent of its unfunded pension liability. Employment and Earnings Vermont's economy remains fragile and Vermont has one of the nation's lowest rates of annual growth in employment and payroll. The annual change in total employees, from January 2025 to December 2014, was 0.9 percent, the smallest average annual change since 2008. According to the most recent data, the unemployment rate for October 2025 was 4.7 percent, down 0.5 percentage points from October 2012.

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