Lawmakers in the Michigan Legislature have approved a retirement incentive plan for state employees.

The bill passed 60-45 in the Democrat-run House and 20-14 in the Republican-led Senate on Thursday.

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It’s a significant step toward finishing up the state’s next spending plan before the budget year begins Oct. 1.

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The retirement plan could save around $80 million for the state in the fiscal year that starts Oct. 1.

Eligible state workers who retire would be given slightly sweetened pension benefits. Those who stay on the job would be required to pay 3 percent of their salaries into retiree health care plans for three years.

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