What Vermont State Treasurer does

The Office of the Vermont State Treasurer is a constitutional office of the Executive Branch of the State of Vermont, established in 1777 and currently led by Mike Pieciak, the state's 31st Treasurer since January 2023. The office functions as the state's banker and chief investment officer: it manages the receipt and disbursement of public funds, short- and long-term debt issuance, investment of state funds and three public retirement systems (covering roughly 45,000 state employees, K-12 teachers, and municipal employees), processing approximately 1.5 million payments per year on annual receipts and disbursements exceeding $5 billion. It also collects and returns unclaimed financial property and advises state policymakers on fiscal matters. Operations are organized into five divisions: Treasury Operations, Retirement Operations, Investment and Debt Management Services, Unclaimed Property, and Technology Services.

The office has expanded into a portfolio of consumer-facing economic empowerment programs delivered at no direct cost to Vermont residents. These include Vermont Saves, an auto-enrollment Roth IRA program administered by Vestwell for workers without employer retirement plans (now mandated for employers with two or more employees and surpassing $8.02 million in accumulated savings by June 2026); ArrayRx, a multi-state pharmacy discount card accepted at over 65,000 pharmacies; a Medical Debt Relief Program, enacted as Act 21 in May 2025, leveraging a $1 million state investment with Undue Medical Debt to eliminate up to $100 million in debt for approximately 60,000 Vermonters; the Vermont ABLE program (with the ABLE Age Adjustment expanding eligibility in January 2026); and the First Steps Forward Baby Bonds pilot launching at the end of 2026 in three Northeast Kingdom counties. The office also runs the 10% in VT housing investment program, which has deployed over $130 million into 1,700-plus housing units and 140-plus permanent jobs, with a $25 million expansion enacted in June 2025.

Funding flows from state legislative appropriations rather than commercial revenue; programs are delivered through employer mandates (Vermont Saves), financial institution partnerships (Bank of Bennington, EastRise Credit Union, M&T Bank), and multi-state collaborations (ArrayRx, Undue Medical Debt). Third-party administrators include Fidelity Investments for the state defined contribution plan and Vestwell for Vermont Saves. The customer base is structurally diffuse across Vermont residents and employers, with no concentration in individual accounts; concentration risk instead resides in operational dependencies on a small set of administrator and intermediary partners.

Name

Vermont State Treasurer

Legal name

Office of the State Treasurer

Website

https://vermonttreasurer.gov

Company type

Private

Founded year

1777

Operating status

Operating

Short description

Vermont State Treasurer is a constitutional office of the State of Vermont serving as the state's banker and chief investment officer, administering three pension systems covering approximately 45,000 members, processing $5 billion-plus in annual cash flows, and operating consumer economic empowerment programs including Vermont Saves, ArrayRx prescription discounts, Medical Debt Relief, and the Baby Bonds pilot.

Ownership category

akta.pro rank

Headquarters

HQ city

Montpelier

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. State Budget Appropriations: The office operates primarily through state budget appropriations to fund its operations and service delivery to Vermont residents.
2. Investment Returns: The office serves as the chief investment officer for the State of Vermont, managing state funds, three pension systems, and various trust funds including the Higher Education Fund, Tobacco Trust Fund, and State OPEB Trust Fund. Investment returns contribute to funding pension obligations and state operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

The Vermont State Treasurer's Office is a constitutionally established state government entity (in continuous operation since 1777) that manages Vermont's cash, debt, and public pension systems, processing more than $5 billion in annual cash flows and serving approximately 45,000 pension members. Through its Economic Empowerment Division, the office operates Vermont-specific resident-facing programs including ArrayRx prescription drug discounts, Vermont Saves workplace retirement savings, Vermont ABLE disability savings accounts, the First Steps Forward baby bonds pilot, a Medical Debt Relief Program, and statewide financial literacy outreach.

Differentiator

Problem solved

Functional benefit

Products and services

• Vermont State Retirement Systems Administration Centralized administration of pension and retirement benefits for Vermont public employees, teachers, and municipal employees, serving approximately 45,000 members and processing more than $5 billion in annual cash flows.
• State Cash and Debt Management Management of the State of Vermont's cash, investments, and debt portfolio, including processing more than $5 billion in annual cash flows.
• Vermont Unclaimed Property Program

Quantifiable outcome

• 45,000 pension members served across state employees, teachers, and municipal employees
• +5 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• Bank of BenningtoncoreChannel Partner/ Reseller/ Distributor · 16 March 2026The 'Building Up Bennington County' program is a new $2.5 million partnership between State Treasurer Mike Pieciak and the Bank of Bennington to provide low-cost loans to homebuilders in Bennington County. The program aims to address a housing shortage, with the county estimated to need over 1,000 new housing units over the next six years, offering borrowers up to $200,000 each with priority for new housing construction or revitalization of offline units.
• EastRise Credit UnioncoreChannel Partner/ Reseller/ Distributor · 12 March 2026EastRise Credit Union serves as the financial intermediary for Phase 1 of The Village at Winston Prouty in Brattleboro, Vermont. The $4 million investment from the 10% in VT program supports the development of 28 new workforce housing units targeting 80-120% of area median income on the Winston Prouty Center campus.
• ArrayRxcoreStrategic or Co-development PartnerArrayRx is a partnership of states pooling their buying power to negotiate lower prescription drug prices for residents. By joining this multi-state collaborative, Vermont can offer prescription drug discounts to all residents regardless of age, income, or insurance status. The program can save Vermonters up to 80% on generic drugs and 15-20% on brand-name medications, accepted at over 65,000 pharmacies nationwide.
• Undue Medical DebtcoreStrategic or Co-development PartnerUndue Medical Debt (formerly RIP Medical Debt) is a national nonprofit that works with charities and local governments to forgive medical debt. The partnership with Vermont allows the Treasurer's Office to invest $1 million to eliminate up to $100 million in medical debt for working- and middle-class Vermonters. Undue negotiates purchase of Vermonters' medical debt from hospitals and health care providers, then forgives it and removes negative credit impacts.
• Northeast Kingdom Community Action (NEKCA)coreImplementation/ SI/ Consulting PartnerNEKCA serves as the local implementation partner for the Baby Bonds First Steps Forward pilot program in the Northeast Kingdom. As a trusted community-based organization, NEKCA works directly with families to administer services and ensure the program reflects local needs and realities.
• MOMS Partnership (Yale)minorStrategic or Co-development PartnerPartnership with the MOMS Partnership at Yale School of Medicine for the Baby Bonds pilot program. The nationally recognized, evidence-based program focuses on supporting mothers' mental health and economic mobility, integrating maternal mental health into the Baby Bonds pilot.
• National Diaper Bank NetworkminorStrategic or Co-development PartnerPartnership with the National Diaper Bank Network to provide direct cash and diaper assistance during early childhood for families participating in the Baby Bonds pilot. Diaper need is one of the most common financial stressors facing families with infants, with nearly half of U.S. families struggling to afford diapers.
• VestwellcoreChannel Partner/ Reseller/ DistributorVestwell serves as the program administrator for Vermont Saves, managing auto-enrollment, Roth IRA accounts, and investment options for Vermont workers without employer retirement plans. Communications come from [email protected] as official Vermont Saves notifications.
• Fidelity InvestmentscoreChannel Partner/ Reseller/ DistributorFidelity Investments serves as the third party administrator for the State employee defined contribution plan, providing an array of investment options. The Treasurer is the sole trustee for the fund.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CalPERS: The California Public Employees' Retirement System is the largest U.S. public pension fund, administering retirement and health benefits for California public employees. Directly comparable to Vermont's combined three-system pension administration at smaller scale.
• Massachusetts State Treasurer: Massachusetts runs a similar portfolio: unclaimed property (MassCash), ABLE-style disability savings, college-savings (529), and economic empowerment initiatives. Closely comparable in New England context, program mix (especially ABLE and retirement savings), and recipient base.
• Oregon State Treasury: Oregon State Treasury administers OregonSaves, the pioneering state-facilitated auto-IRA retirement savings program and the direct model for Vermont Saves. Highly comparable across retirement-program administration, public investment management, and economic-empowerment mandate.
• Pennsylvania Treasury: Pennsylvania Treasury runs PA 529 college savings, ABLE savings, and unclaimed property programs — directly paralleling Vermont's ABLE, Higher Education Fund, and unclaimed property functions. Comparable constitutional structure and retail-facing program mix.
• Texas Comptroller of Public Accounts: Texas's chief financial officer performs the same constitutional treasury and revenue-management functions at large scale, including statewide cash management, investment of state funds, and economic development finance. Directly comparable in mandate and operational scope.
• California State Treasurer's Office: California's constitutional state treasurer performs the same set of core functions — statewide cash and debt management, bond issuance, and administration of state investment and economic programs. Comparability is direct across mandate, scale, and constitutional status, with California representing the largest comparable office.
• Connecticut State Treasurer: Connecticut launched the most prominent state-level Baby Bonds program (CT Baby Bonds/CHET), making it the most direct functional peer to Vermont's First Steps Forward pilot. Comparable constitutional office with overlapping innovation agenda in wealth-building for low-income children.
• New York State Comptroller: Administers the New York State Common Retirement Fund, one of the largest public pension pools in the U.S., alongside statewide treasury and accountability functions. Direct peer for pension fund administration, public investment management, and economic development oversight.

Others

• National Association of State Treasurers (NAST): The national bipartisan association of state treasurers, providing policy coordination, best-practice sharing, and convening. Not a direct competitor but a directly relevant ecosystem body that shapes the policy environment for Vermont's programs and partnerships.

Emerging players

• CalSavers (California Secure Choice Retirement Savings Program): California's auto-IRA retirement savings program for private-sector workers without employer plans — the largest in the U.S. and the most direct functional peer to Vermont Saves. Highly comparable in program design, employer mandate mechanics, and target population.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/profile.php?id=61566918653096
• Instagraminstagram.com/vermontsaves

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vermont State Treasurer