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MONTPELIER, Vt. (AP) — A panel of lawmakers and union representatives has voted to endorse a plan to make up some of the short fall in pension funding for state employees.

Under the proposal approved unanimously Monday, the state would allocate $300 million to unfunded pension liabilities this year, Vermont Public Radio reported.

There would be no change to benefits for current retirees and other beneficiaries of the Vermont State Employees’ Retirement and Vermont State Teacher’s Retirement Systems, the broadcaster reported. But current state workers and teachers will increase their contributions and agree to a reduction of benefits for future retirees.

The proposal from the Pension Benefits, Design, and Funding Task Force would have to be approved by the state Legislature before going into effect.

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