The House of Delegates and Maryland Senate this past week have both voted to cut pension benefits for state teachers and employees as the legislators raised contribution rates and retirement ages, ostensibly to cure a massive $18 billion underfunding of the pension system.
But millions of the savings from the reduced benefits are not going to shore up the pension plans at all, but will instead funnel money into the operating budget. This prospect has drawn fire from liberal and conservative lawmakers and the teachers union, as well as strong objections from the head of the retirement system.
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