Gov. Andrew Cuomo will soon announce a proposal for a new, less generous pension system for future state, local and school employees that is designed to save taxpayers $93 billion over 30 years, according to two officials briefed on the plan.

The idea was branded “political grandstanding” by a union leader and too weak by a financial analyst.

If approved by the Legislature, Cuomo’s proposal would increase the retirement age to 65 for all public employees hired after the law was passed. It would also end early retirement, force employees to pay twice as much toward their pension, and end the “padding” of pensions through overtime pay, sick time and other means.

Current employees and retirees wouldn’t be affected. New York City has a separate pension fund.

The two officials spoke to The Associated Press on the condition of anonymity because Cuomo hadn’t yet announced the legislative proposal.

A Cuomo spokesman declined to comment.

E.J. McMahon, of the fiscally conservative Manhattan Institute, said the proposal appears to be a small step to improve on reforms approved over a year ago, but McMahon believes fundamental, structural change is needed.

“They shouldn’t have bothered,” McMahon said. “It’s yet another lost opportunity on the pension reform front in New York.”….

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