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Vermont Close to Passing Mandatory State Auto-IRA Program

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Vermont Close to Passing Mandatory State Auto-IRA Program


Vermont is the newest state to push for a compulsory auto-IRA for uncovered employees and is near getting its want.

The Inexperienced Mountain State’s Senate swiftly and unanimously handed the VTSaves public retirement initiative on Thursday, which was launched with the help of AARP in March.   

The invoice, S.135, will now transfer to the Home for debate.

Most Individuals, together with Vermonters, have insufficient private retirement financial savings, State Treasurer Mike Pieciak and supporters mentioned when introducing the invoice, noting that 40% of Vermont private-sector staff work for a enterprise that doesn’t provide a office plan.

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“Accessing payroll deduction makes folks 15 occasions extra prone to save, but over 88,000 Vermont employees can’t save for retirement out of their common paycheck,” Greg Marchildon, State Director for AARP Vermont, added.

VTSaves is an auto-IRA program that gives staff not at present lined by a office retirement plan entry to 1 “without charge to their employers.”

Employers who don’t have already got a office retirement plan are required to enroll, and their staff robotically enroll in a Roth IRA with computerized payroll deductions. Staff can choose out of this system and all the time have entry to any principal they put into their IRA with out tax or penalties.                                                                                                   

“We consider that the VTSaves program will probably be transformational for Vermonters’ long-term monetary well-being, offering them with the dignity and safety they envisioned in retirement and should assist them keep away from having to depend on state and federal public advantages to get by,” State Treasurer Mike Pieciak mentioned.

Twelve different states have enacted comparable auto-IRA packages and report that 70% to 75% of eligible staff take part in this system with common annual contributions of roughly $2,000. Savers in these packages have already amassed over $735 million in belongings, Pieciak mentioned.

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“I’m thrilled to work with legislators and advocates and the enterprise neighborhood to supply that chance to Vermonters as nicely,” he concluded. “And it’s not a second too quickly to get a program like this up and operating.”

In 2027, the federal authorities will enact a revised “Savers Match” underneath SECURE 2.0 that can permit a federal match of as much as $2,000 for lower-wage earners who’re saving for retirement. Supporters say VTSaves would make tens of hundreds of Vermonters eligible for this essential federal retirement incentive.

 



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Vermont

Vermont man charged in the murder of missing Bradford man – VTDigger

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Vermont man charged in the murder of missing Bradford man – VTDigger


A Vermont State Police cruiser seen in Burlington on Thursday, Jan. 23. Photo by Glenn Russell/VTDigger

A Bradford man in Vermont State Police custody is accused of killing Corey Crooker, who was first reported missing in January, according to state police.

James D. Nickles Jr., 42, is facing charges of second-degree murder, unauthorized burial or removal of a dead body and providing false information to police, according to state police spokesperson Adam Silverman. A judge found probable cause for the charges Friday, and the Vermont State Police obtained an arrest warrant for Nickles.

Crooker was last seen by family members on Jan. 9 and last heard from five days later.

Vermont State Police initially deemed Crooker’s disappearance “not suspicious” but later obtained evidence that the circumstances of the case were “criminal in nature.”

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Nickles had been in federal custody on firearms charges arising from the investigation into Crooker’s disappearance when he was charged with his killing, according to state police.

According to reporting by NBC5, Nickles, while in custody, allegedly confessed to shooting Crooker on Jan. 14 during an argument over drugs.

Nickles later disposed of the body by burning it in a fire pit, NBC5 reported. Police found evidence at the scene but could not positively identify the remains at that time, the outlet reported.

The agency this week also arrested Lisa Akey of Bradford in connection with Crooker’s death. Akey has been charged with being an accessory after the fact, obstruction of justice and providing false information to a police officer, according to state police.

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‘We have to be realistic’: Scott pauses Vermont’s electric vehicle rules

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‘We have to be realistic’: Scott pauses Vermont’s electric vehicle rules


Gov. Phil Scott issued an executive order this week pausing penalties for manufacturers who fail to hit certain electric vehicle sales quotas set to kick in later this year.

Three years ago, Vermont agreed to require “an increasing percentage” of passenger cars, trucks and medium- and heavy-duty vehicles sold in the state to be electric starting late this year, with the end goal being to stop selling gas-powered vehicles completely by 2035.

On Tuesday, however, Scott said in his executive order that the plan’s original timeline is no longer feasible due to lack of supportive infrastructure, lagging interest in electric vehicles and “federal disruptions” like tariffs, which are raising costs and “causing supply chain uncertainty.”

“I continue to believe we should be incentivizing Vermonters to transition to cleaner energy options like electric vehicles,” said Scott in a press release announcing his executive order. “However, we have to be realistic about a pace that’s achievable. It’s clear we don’t have anywhere near enough charging infrastructure and insufficient technological advances in heavy-duty vehicles to meet current goals.”

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Vermont may have the most electric vehicle chargers per capita in the nation, but even the fastest charging stations in the state take hours to fully charge a vehicle, Scott said during a press conference on Wednesday. He added that the oldest charging stations take 12-16 hours, requiring people to prepare well in advance if they want to travel.

“You can’t rely on that if you’re going to be traveling in Vermont, especially on a cold winter day,” Scott said. “Your range might be 200 miles. If you’ve got to go to Brattleboro and back, you’re challenged.”

Scott has experienced the inconvenience of charging EVs

As an example, Scott recounted his experiences with the electric Ford F-150 his administration purchased back in August 2022, admitting that he’s had to delay travel plans or make other travel arrangements in the past because of how inconvenient charging the vehicle can be.

“We have much more work to do in order to make it more convenient, faster, and more affordable to buy, maintain and charge EV’s,” Scott said in his press release. “When we do, it’s more likely every day Vermonters will make the switch.”

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Where consumer interest in electric vehicles stands now, manufacturers and local dealers are struggling to meet Vermont’s zero emission vehicle sales goals, Scott said during his Wednesday press conference. To hit sales targets, some manufacturers are “forcing” dealers to receive and sell a certain number of electric vehicles before they supply dealers with more gas-powered cars and trucks, which are still in much higher demand, Scott said.

“And dealers aren’t able to sell them,” Scott said, hurting them financially.

To avoid penalties for failing to meet electric vehicle sales totals, manufacturers can no longer impose the aforementioned zero emission vehicle “ratios” on dealerships, must deliver vehicles in a “timely manner” and must provide reports demonstrating they are continuing to “promote and market” electric vehicles, such as building more charging infrastructure and including electric vehicles in “ride and drive” events.

“The enforcement discretion is only available to them if they are continuing to provide the services Vermonters are requesting,” said Secretary Julie Moore of the Agency of Natural Resources during Scott’s press conference.

The executive order was effective immediately and will continue until Dec. 31, 2026 or until Scott, upon consulting with Moore, amends or rescinds the order.

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Megan Stewart is a government accountability reporter for the Burlington Free Press. Contact her at mstewartyounger@gannett.com.



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Bob’s Discount Furniture to open 20 new stores this year, including one in VT. Here’s where

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Bob’s Discount Furniture to open 20 new stores this year, including one in VT. Here’s where


Want to save money on new furniture? Try these 3 super strategies

Buying new furniture can cost upwards of hundreds, if not thousands, of dollars.
So how can the frugal-minded save money, without trawling thrift shops and Craigslist?

Bob’s Discount Furniture is set to open their first location in Vermont this year.

The opening is one of 20 stores Bob’s plans to open in 2025 as part of an ongoing growth strategy, with six stores opening across the country so far this year. Now, the New England-based furniture chain has its sights set on Williston, with plans for the location to open in the summer or fall.

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“Bob’s has built a loyal customer base throughout New England, and opening a store in Vermont allows us to strengthen our connection with a region that has supported our brand for years,” said Ramesh Murthy, Chief Operating Officer at Bob’s Discount Furniture, in a press release. “We’re excited to bring our on-trend assortment of furniture, mattresses, and home accents at everyday low prices to new customers and markets.”

Bob’s Discount Furniture new stores

Here are the six locations opened by Bob’s Discount Furniture this year:

  • Burnsville, Michigan
  • Winchester, Virginia
  • Reno, Nevada
  • Davenport, Iowa
  • Roseville, Michigan
  • Bohemia, New York

Here is a full list of the remaining 14 Bob’s stores that will open in 2025:

  • Montgomery, Pennsylvania
  • Long Island City, New York
  • Eatontown, New Jersey
  • Easton, Pennsylvania
  • Williston, Vermont
  • Troy, Michigan
  • Dorchester, Massachusetts
  • Sacramento, California
  • Durham, North Carolina
  • Fayetteville, North Carolina
  • Wilmington, North Carolina
  • Jacksonville, North Carolina
  • Winston-Salem, North Carolina
  • Cary, North Carolina



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