Insiders leaked some important details about the state budget agreement that was reached yesterday after a record-setting 100-day delay.

The budget compromise between California's legislative leaders and the governor includes a two-tier pension system that would change the pension for public safety new hires from the current three percent of salary for every year worked at age 50 to three percent at age 55, still incredibly generous by private-sector standards.

The “reforms” would also average the salary of the last three years of employment instead of just the last year as it exists today. The compromise also includes a so-called “rainy day” fund that would supposedly keep the legislature from over spending in unusually good tax years.

The compromise fixes the $19 million deficit by about $7 billion in spending cuts and $12-billion in smoke and mirrors budget tricks like delaying payments and borrowing from special use funds.

The budget compromise is expected to be voted in tomorrow after legislators have had just 24 hours to study the inches-thick budget.