ANNAPOLIS, Md. (AP) — Maryland lawmakers agreed Monday to state pension and retiree health benefit reforms needed to start addressing huge unfunded liabilities that would pose future financial problems if left unaddressed.
A panel of House and Senate lawmakers compromised on a plan that aims to increase Maryland's funding of its pension system from 64 percent to 80 percent by 2023, while softening the burden on retired state employees on a fixed income.
"That was our primary focus," said House Speaker Michael Busch, D-Anne Arundel, referring to easing some changes for retirees that had been considered initially. "I think all in all, it was a very, very good compromise."
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