Vermont’s state treasurer has decided not to run for re-election. Democrat Beth Pearce has won re-election every two years since then-Governor Peter Shumlin appointed her in late 2010 to fill then departing treasurer Jeb Spaulding’s term beginning in 2011. Pearce planned to run for re-election this year but tells WAMC North Country Bureau Chief Pat Bradley she decided not to seek another term after being diagnosed with cancer.
I’ve had some health issues for the last three or four years and I was frankly proud of the fact that I didn’t let them overwhelm me. I could get the job done. Part of that is because I have the best staff in the state. They really work hard and they do a great job. But I was diagnosed in April. So just a few weeks ago, three weeks ago. And I don’t think that I can do the job, the treatment and a campaign at the same time. So I’ve elected to not seek re-election so that I can concentrate on both the work and my treatment.
You’ve been a very active state treasurer. How difficult was the decision to retire?
It’s very difficult. I think I’m going to have withdrawal symptoms come next January, this January. I work hard. I love my job. I’ve been doing government finance for 45 years, all in the public sector. I believe in public good and believe in doing what I can to address folk’s needs of the individuals that live in this state and other places that I’ve worked. So I’m going to miss it and at the same time I need to do this. I’m leaving this office in good shape with really terrific staff. Real professionals. Dream of a lifetime this job. It’s just a great place to work. It’s something that obviously I’m going to miss.
Beth Pearce, what do you feel you need to finish before you leave. I know you’ve mentioned that you have a great staff and everything, but are there certain issues or certain items that you really feel must be completed before you leave office?
Well we’ve been working on a number of issues over the years and making incremental changes in the pension system. I support the recent legislative bill, it’s called S.286 pension reform. That has a big portion of what we’ve been advocating for years which is a change in the way to pre-fund health care. And that in itself is going to lower the liabilities in the state by about $1.7 billion. And that’s something that we’ve been working on since 2018. I’m pleased that the legislature incorporated that into their reports and their recommendations. But we want to continue to work on pensions. I think that that’s important. I’m a big advocate of Defined Benefit Plans. I think that that’s the way that you provide retirement security, dignity in retirement and the most cost efficient way for the taxpayer. I’m doing some work on some bonding issues and how to structure some of the procedures around bonding so that we can again lower the cost and lower our appetite for borrowing down the road. So I’m hoping to complete that. Natural resources we did a clean water report a few years back. I’ve continued to work on those issues, the Global Warming Solutions Act, so I want to do some work there. And we did a housing report a few years ago and I want to follow up on that. For me one of the issues in this state is housing as it impacts the economy and impacts people’s work decisions. And on the other end of that as well I’m taking a look at folks that are marginalized in the housing market and to address the issues for individuals that are experiencing homelessness. So there’s a lot to do in the next eight months and I plan to keep working on that and working hard and working with the staff to have some meaningful results on those issues.
You were appointed in 2011 if I recall correctly.
Yes
And a lot of these issues have been on deck, basically, since you took the position. Are some of these issues just things that the Treasurer’s office will always be addressing no matter who is the state treasurer?
Well I think some of these things you build on. Over the years the changes that we’ve made incrementally since 2011 in the pension system for instance have resulted in savings of $1.5 billion. That’s pretty significant. We want to continue that work. Again the pre-funding that we advocated that a $1.7 billion reduction in our liability. But you keep working on these things. You keep moving forward and building on the successes that you had and the successes that the Legislature has had in working with us. So those are things that you’re not going to put aside. You’re going to continue to find ways to maximize the impact in terms of helping folks having retirement security and at the same time lowering the cost for the taxpayer. Natural resources is the same thing. We continue to advocate for issues there and help with funding and financing. And that’s a long term thing. So you build on successes and I have no doubt that the next treasurer, whoever that may be, will do the same thing.
Beth Pearce, now that you’re stepping back from the campaign for treasurer what’s your expectations for the campaign to replace you in the treasurer’s seat?
Well I’m not going to comment on that. For me I’m going to keep an eye on what’s happening. I’m not in a position to comment any further than that.
Do you think a lot of people will be at least interested?
I don’t know. But bottom line for me is I want somebody that defends Defined Benefit Plans, defends the pensions and does that in a way that is a win-win-win: Vermont, the taxpayers and the public employees.
Vermont State Treasurer Beth Pearce said surgery and treatment is planned but has not disclosed the type of cancer. It is not yet clear who will run to succeed her.
Vermont Republican Governor Phil Scott issued a statement Wednesday on Treasurer Pearce’s announcement that she will not seek another term:
“Treasurer Pearce has been a steadfast public servant, deeply committed to Vermont. For the past twelve years, serving together as statewide officials, I have enjoyed our collaborate relationship. Regardless of our differences, we have worked together well on several issues.
I know Beth will continue to serve Vermonters well for the remainder of her term, and I wish her a speedy recovery.”
