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MONTPELIER â Vermontâs multibillion-dollar unfunded pension liability for teachers and state employees will grow by another $604 million in the coming year, and the state will face an increase of $96 million in its annual contributions to those retirement systems, unless action is taken to reduce costs, State Treasurer Beth Pearce said in a report issued Friday.
But the solution Pearce suggested to address the growing gap between the stateâs funding and its liability â reducing or eliminating cost of living adjustments (COLAs) for current employees who have yet to retire â has already been rejected by the state teachersâ union.