By Phil Kabler New legislation cutting retirement benefits for public school and state employees hired on or after July 1 ultimately will save the state more than $53 million a year in pension costs, Consolidated Public Retirement Board executive director Jeff Fleck said Wednesday.Signed into law April 3, the legislation (SB529) makes numerous cuts in pension benefits for new hires, including increasing the pension contribution for individuals in the Public Employees Retirement System from 4½ percent to 6 percent of salary.