Moody's Investors Service is calling California's pension reform plan a positive development for the state and local governments.

The bulk of the projected savings in the public pension reform deal announced by Calif. Gov. Jerry Brown won't be felt for decades because most of the proposed changes will affect government workers who have yet to be hired.

Jerry Browns plan to limit benefits and raise the retirement age angers union critics, and infuriates reformers who said the changes don't go far enough.

California's largest pension plans are being asked to put a priority on home-grown investments, part of a bill sent to the governor this week.