Vermont State Teachers’ Retirement System trustees approved a recommendation to implement an employer group waiver plan for retirees on Medicare, state treasurer Beth Pearce announced Tuesday.

According to Pearce, Vermont expects to save as much as $2.3 million annually in Medicare retiree prescription drug costs and reduce its unfunded liability related to long-term health costs by about $150 million, or 18% of the liabilities from the last actuarial valuation.

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