PERS

A bill seeking to change Nevada’s public employees retirement system for future hires by switching to a mostly defined-contribution plan has a hefty price tag in the neighborhood of $800 million a year, according to a fiscal note submitted for the measure....

Assemblyman Randy Kirner, R-Reno, told the Assembly Government Affairs Committee that Nevada’s Public Employee Retirement System has upward of $12 billion in unfunded liability and has been on a downward spiral for ye...

An Assembly bill seeking to change the public employees retirement system in Nevada for future hires by switching to a mostly defined-contribution plan generated a lengthy debate Tuesday with government employee groups opposed and some business groups supportive....

Legislation to add members of the general public to the PERS oversight board rejected by lawmakers....

Assemblyman Randy Kirner, R-Reno, on Monday introduced legislation that would dramatically alter the Public Employees Retirement System’s benefits for employees hired after July 1, 2016.He said the plan wou...

Assemblyman Randy Kirner, R-Reno, on Monday introduced legislation that would dramatically alter the Public Employees Retirement System’s benefits for employees hired after July 1, 2016.He said the plan wou...

A bill seeking to change the public employees retirement system for future hires by switching to a mostly defined-contribution plan was introduced Monday in the Assembly....

A bill seeking to change the makeup of the public employees retirement system board to include three public members with areas of expertise in pension plans ran into resistance Monday from some lawmakers and participants in the plan....

The Public Employees Retirement System presented on Thursday its budget before the Senate Finance Committee.However, not a single question was raised about the 2.25 percent premium increase approved by the PERS Board....

The Public Employees Retirement System presented its budget before the Senate Finance Committee Thursday.However, not a single question was raised about the 2.25 percent premium increase approved by the PERS Board.The increase ...

I recently received an overly large mailer from PK O'Neill, a candidate for Assembly District 40. What he says is disturbing. He pontificates without solutions. He seems more concerned with cliches than real issues.

PK is not alone when making political claims. For another example, see Maizie Harris Jesse's letter “Candidates need to research lt.gov.job duties” in 17 October Nevada Appeal.

PK on the Public Employees' Retirement System (PERS)

Nevada lawmakers hosted a town hall style meeting to discuss how to use the Silver State's tax dollars in the best way possible.

Three major topics were discussed at the town hall forum, the PERS Preservation Act, Public Works and Opportunity Scholarships for low income students.

Now here is a story that SHOULD make your blood boil, especially because for some reason the story “hit” on Christmas Eve.

Pension Politics: California system plays hard ball in court – Opinion – ReviewJournal.com
http://www.reviewjournal.com/opinion/pension-politics-california-system-...

CARSON CITY – The long-term unfunded liability of Nevada’s public employee retirement plan improved slightly in fiscal year 2012, up to 71 percent fully funded from 70.2 percent in the previous year, a state official said today.

The plan saw the modest improvement even though the return on investment for the fiscal year was only 2.9 percent. The small gain came after a record 21 percent investment gain in 2011.

Most of the 100,000 active public employees in Nevada will have to pay 2 percentage points more in retirement premiums starting July 1.
The PERS board, basing its decision on a study by an actuary, voted Wednesday to increase retirement rates to 25.75 percent of each regular employee's wages, with half of that paid by the employee and half by the employer.

CARSON CITY – Nevada’s Public Employees’ Retirement System earned an estimated 2.9 percent return on its investments in the fiscal year ending June 30, and is now valued at $25.8 billion, an official with the plan said today.

The 2012 return is below the 8 percent anticipated annual return for the system’s investments over the long term.

CARSON CITY – The Governmental Accounting Standards Board (GASB) has voted to approve two new standards that the group says will substantially improve the accounting and financial reporting of public employee pensions by state and local governments.

A reader wrote in today asking about the property tax hike the Carson City Board of Supervisors approved unanimously last week. What follows is a breakdown:

The property tax rate will go from $3.1872 to $3.66. If you do the math, that works out to a 13 percent increase. However, state law limits the amount of increase that homeowners have to pay to 3 percent per year, 6.4 percent on commercial properties. They estimate that taxes on average will increase 3 percent next year under this new rate, and account for about $3 million more than they would under the old rate.

CARSON CITY – A little-known benefit of Nevada’s public employee pension plan is the right to purchase up to five years of service towards retirement.

Referred to by some as “air time,” or the ability to add years of retirement without actually putting in the time in a public sector job, the benefit can allow state and local government workers to retire early, collecting annual pensions years before they would be eligible otherwise.

CARSON CITY – A national nonprofit organization seeking fundamental reforms to state budgeting today sent a letter to the nation’s governors urging them to follow General Motors’ lead and freeze defined benefit pensions for all public employees.

CARSON CITY – The state of Nevada’s tough financial situation is holding up two separate interim studies approved by the Legislature because of the requirement for alternative funding sources to assist in conducting the reviews.

The Nevada Policy Research Institute has issued a report charging that Nevada's public employee retirement system has four times as much unfunded liability as system officials claim.The difference,...

CARSON CITY – Scott Beaulier is no fan of states borrowing money, but in his new working paper on transitioning public pensions to 401(k) style plans to reduce taxpayer liabilities to pay retirement benefits, the Troy University professor says it is an option worth considering.

CARSON CITY – As Nevada policy makers get set to examine the state’s public employee pension plan in advance of the 2013 legislative session, a new report from the Center for State and Local Government Excellence offers some timely advice on how other government agencies have accomplished the difficult task.

School just started and every Republican state lawmaker has already received a failing grade from Nevada’s teachers’ union.
The Nevada State Education Association (NSEA) has released its 2011 legislative session report card and the 16 Assembly and 11 Senate Republicans all earned an F, according to the statewide association.

The stock market may be fluctuating like a yo-yo, but the man in charge of investing billions of dollars on behalf of thousands of Nevada public employees and retirees takes it in stride. "Buy low,...

CARSON CITY – Nevada’s public employee retirement system saw a whopping 21 percent return on its investments in the fiscal year ending June 30, the executive officer of the agency said today.
“I believe this is the best performance we’ve had in at least 25 years with the fund,” said Dana Bilyeu, executive officer of the Public Employees’ Retirement System (PERS).

CARSON CITY – Nevada has the 18th lowest taxpayer burden to cover unfunded public employee pension and health care costs among the states, but policy makers are still failing to adequately address the shortfall, a national organization reported in a new comprehensive analysis.

The Carson City School Board will discuss and take action on the final 2010-2011 amended budget on Tuesday, June 28 at 7 p.m. in the Sierra Room of the Carson City Community Center.

Also up for discussion and possible action is a memorandum of understanding between the district and its employee groups concerning the 1.125 percent increase in the required contribution to the Public Employees Retirement System (PERS) in lieu of any salary increase.

CARSON CITY – While some critics may never be convinced that Gov. Brian Sandoval should have agreed to support new tax revenue to balance the budget, the collection of reforms approved as part of the deal finalized this morning cannot be ignored.
From changes to Nevada’s collective bargain law allowing the reopening of labor agreements in emergencies to limiting teacher tenure to eliminating health insurance for newly hired state employees upon retirement – the changes approved in the 120-day legislative session by Democrats and Republicans could have far reaching impacts.