During contract negotiations with teachers, union officials show no concern for district taxpayers. The union focuses on maximizing the contract’s financial details for teachers, with little regard for taxpayers.

Why then, would the Pennsylvania State Education Association (PSEA) express concerns for taxpayers when urging state lawmakers to pass a bill labeled as pension reform?

With few people understanding the implications, the state House passed the bill 165-31 on Monday and it will go to Gov. Ed Rendell for his signature.

The Commonwealth Foundation, a conservative think tank, called the so-called pension reform a “generational theft” — a deal that steals from today’s kids and grandchildren for the benefit of current teachers.

But the PSEA and other public sector unions said they wanted lawmakers to pass House Bill 2497 to protect property owners from major tax increases necessary to fully fund the state’s two giant pension funds for teachers and public employees, including state lawmakers.

In 2001, when the General Assembly struck a backroom deal with then-Gov. Tom Ridge, there were no statements from the public employee unions expressing worry about the impact on taxpayers. At that time, state lawmakers took the surplus in the state pension funds and gave themselves a 50 percent pension boost by increasing the multiplier used to calculate pension benefits.

When teachers and other public employees objected and asked why they didn’t get such a sweet deal, lawmakers boosted those pensions by 25 percent.

There were no concerns about taxpayers. In fact, because the dot.com stock market bubble was still fully inflated, and lawmakers assumed stock prices would continue to rise forever, there were assurances that the deal would “not cost taxpayers a dime.”

Clearly, that didn’t happen. The deal will cost taxpayers billions of dollars.

Since the 2001 pension grab, there have been no statements from union officials concerned about taxpayers. There have been no union-endorsed proposals for lawmakers to reverse the unwarranted and unaffordable pension increases of 2001.

Yet, in the past few days, the unions urged quick action on HB 2497 during a lame-duck legislative session in Harrisburg when many lawmakers are not accountable to voters, by either having lost in the Nov. 2 election or by having announced earlier that they were not seeking re-election.

Why the rush?

One theory is that, come January, a Republican-controlled House and a Republican governor will be inclined to roll back the entire 2001 pension grab. Another theory is that Republicans in Harrisburg would be more likely to convert the pensions to 401(k)-style programs known as defined-contribution plans.

Such plans are subject to stock market movements, and cover most Americans participating in employer-sponsored retirement programs.

Following the 2001 pension grab, the current defined-benefit pension plan for state employees and public school teachers became a one-sided affair, with beneficiaries enjoying the gains caused by stock market appreciation — but taxpayers having to foot the bill when the stock markets slumped.

For public-sector workers, it’s “Heads we win, tails you lose.” The current system is unfair to taxpayers and should end.

The passage of HB 2497 did some good things, like rolling back the multiplier and increasing the number of years for vesting. But the so-called pension reform did not go far enough. Those benefiting from the 2001 pension grab have gotten away with it — and see passage of HB 2497 as a way to keep their bounty, while sacrificing all future hires, to make the deal.

Over the next two years, the General Assembly should revisit the public pension issue and pass real reform — meaning conversion to 401(k)-style plans.