Another unfunded government union, another agreement that leaves the retirees whole, while screwing the younger workers.

From the NyTimes today:

This agreement is a huge win for New York’s taxpayers and will lead to the most significant reform of our public pension system in decades,” the governor said in a statement Friday afternoon. “This is real reform to the pension system, which will substantially reduce costs to the taxpayers of New York State.

For future employees, the retirement age will rise to 62 from 55, and they will have to contribute 3 percent of their own salaries to their pensions for their entire careers, instead of the current requirement that they contribute for their first decade of service.

New workers will not vest in the pension plan until they reach 10 years of service, instead of the current five. The deal will also limit the amount of overtime that employees can use in their last years of work to increase their pension benefits.

The money quote, laying out the main theme of the plan:

But Edmund J. McMahon, director of the Empire Center for New York State Policy, a conservative-leaning research group, said the governor had not gone nearly far enough. The deal, he said, “allows you to pay more money to union members who are already ready to retire.”