ALBANY - Gov. Andrew Cuomo (D-N.Y.) signed a historic pension reform bill into law today, raising the retirement age and slashing benefits.

Cuomo was joined by Mayor Michael Bloomberg and other leaders in Albany to approve the bill, which is expected to save state and local governments more than $80 billion over the next three decades.

The bill will increase the age of retirement from 62 to 63 and cut pension benefits for future public employees, with the exception of firefighters and police officers.

Political leaders say without this reform, New Yorkers would have seen significant tax increases and layoffs of teachers, firefighters and police.