I encourage you to read the following post from Desert Beacon, ALEC assault on Nevada PERS: AB 190. Here is part of what it says:
“Translation, if I were to total up the liability for every public employee, working and retired, and treat it as if it were all going to be paid out tomorrow morning, the number would be really big – and really misleading and inaccurate.
What we need to focus on is how well the program deals with liabilities over time. So, when AonHewitt did an independent review of the NV PERS system what did it find?
“AonHewitt found that NV PERS “funding levels and the discount rates were not uncommon, where NV PERS differs from others is in its Funding Policy and contribution rules which provide much better than average protection, when compared to similar systems. Continued review and comparisons of costs and benefits with other large plans, actuarial audits, and consistent updating of the Funding Policy facilitates NVPERS ability to remain among the best run large public systems.” [AonHewitt pdf]
Changing the current PERS system is unnecessary. NV PERS is well run and properly financed. Changing NV PERS to a hybrid system is simply an attempt to transfer the billions of dollars to private investment companies at the public’s expense. A dual system will be more expensive and less transparent. This is not what we want.
ALEC, American Legislative Exchange Council
LEGISLATIVE CALL TO ACTION-FEBRUARY 16, 2015
AB3-PERS Board Composition Bill
It’s GO Time!!!
On Monday, February 16, 2015 at 9:00 a.m., there will be a hearing on AB3 https://www.leg.state.nv.us/Session/78th2015/Reports/history.cfm?ID=13 in the Assembly Government Affairs Committee in Rm. 3143 of the Legislative Building in Carson City, Nevada; videoconference in Las Vegas at the Grant Sawyer Building, 555 E. Washington Ave.
AB3 will change existing law to allow the Governor put private persons (think Wall Street-types) on YOUR PERS Board- You know, the “One-Percent-ers”!
Please join us in fighting this bill-the first of several to come attacking your PERS rights this session. Gather for coffee, donuts and instructions at 8:15 a.m. in the AFSCME 4041 Office at 504 E. Musser St., upstairs, in suite. 400 on Monday morning, then we’ll head over to the legislature for the hearing! Let’s have a good turnout to show our position that PERS is sound, well funded and well run. “If it ain’t broke, don’t mess with it”!!
Questions? Call Patrick Burke (202)210-7989 or Priscilla Maloney (775) 544-7338
Another Excellent Article” found on the Desert Beacon called:
It talks about an imminent attack on NVPERS.
Today, Jim Wells, the head of NV PEBP told the an interim budget meeting that his health insurance cost projections two years ago have resulted in a $100 million surplus reserve funds.
If you remember, there were surplus reserves four years ago under Wells who at that time told the legislature that public employees were causing fiscal problems because we weren’t paying enough.
He was wrong then and now.
His miscalculations mean state employees and other public employees are paying much too much for their high deductible health insurance.
When will it stop? When Jim Wells is removed as executive director. Maybe then, there will be fiscal decency. It would also be the “conservative” thing to do.
NOTE: Articles I have found all say “40,000 active and retired state employees.” It should be “40,000 active and retired public employees.” The health insurance covers active state and local employees and retired public employees.
If interested, there will be a NV PEBP Board meeting on January 30th at 9 am. Here is the agenda.
REMEMBER the 78th Legislative session starts, Monday, February 2,2015. As of today there were only 952 BDRs (Bill Draft Requests) which is amazing. There are usually 1,500 by the start of each session!
Sandoval, in his state of the state address said he wanted to end state employee furloughs This is a nice first step, the second one would be to give back the pay cuts he demanded a few years ago. Remember he is not a friend to state employees.
A great step forward for Nevada would be to give state employees collective bargaining rights like the ones county and city employees have.
A “New Nevada” sounds great but expect more of the same from the legislature. More budget shuffling to avoid the real problems … economic diversity and tax fairness.
Beware, Wall Street is still tying to loot public pensions such as NV PERS because there is a lot of money to be had if they are successful. At stake… about $3.5 Trillion dollars.
“It doesn’t matter how cleverly one sets the table, what Moody’s served up was toxic, and the fact that its report has been on that table since last September doesn’t make the meal any more palatable.”
The article makes sense and fits with what I have been saying for years…that Congress and Wall Street have worked together to make public pensions seem under funded and poorly managed to serve their greed.
In 2006, the Republican Congress set the stage by changing how public pension liabilities and expected market returns are calculated and included new reserve requirements to “insure pension stability”. Right after the bill was signed by Dubya, almost all public pensions became “insolvent” and worthy of attack. There ya’ see those damned public employees have done it again!
Since that time, conservative think tanks have repeatedly mischaracterized (lied about) the financial stability of public pensions and they convinced many politicians to go along. They knew very well that they were lying but their hatred of public employees outweighed common sense and decency.
This proves there is no “thinking” in think tanks especially conservative ones.
Though NV PERS is well run and financially very stable, there are too many in the legislature and the governor’s office who will bitterly cry out “there must be something done” about the financial parasite that is NVPERS!
Well, I will cry out and say,”Stop whining, find out why you believe what you believe. Study NVPERS in an objective manner.”
Certainly, NVPERS must be audited regularly and studied in other ways to make sure it is solvent. This is required due diligence and is something NVPERS does for themselves, but if you want an independent and rational entity to do that, then go ahead. You will find NV PERS is financially solvent and very capable.
To the Nevada legislature and the governor, quit parroting the bullshit the “think” tanks give you. I know this is hard, but think for yourselves.
Always remember that Nevada state employees do not have collective bargaining rights so they pay their full share of their pension contribution (14 percent in July 2015) and they must rely on NV PERS when retired because they do not have Social Security.
Some related past posts:
- 1.18.14 Even More Bad News for Sandoval – PERS is doing Great!
- 5.16.13 Excellent Article: ALEC Inspired Assault on Public Employee Retirement in the Nevada Legislature
- 11.15.13 I Have Confidence in PERS
- 11.12.13 PERS.. still well run.
- 8.16.13 PERS Still Doing Well
- 8.26.12 PERS Website …. Worth a Look
- 7.1.12 Excellent Article: “Views Mixed On Effect Of New National Public Pension Reporting Rules On Nevada PERS”
- 6.19.12 Another Illogical Attack on NV PERS
- 3.5.12 Excellent Article: “ALEC’s Plan for the 2013 Legislature: Part 2 The Assault on Public Employees”
- 1.27.11 NV PERS Explains
- 9.28.11 PERS Summer 2011 Newsletter – More Bad News for Sandoval
- 9.13.11 PERS – “Facts You Should Know”
- 7.28.11 PERS Doing Great and This Makes Sandoval Sad
I found this on the LCB website.
Eliminates furlough days for state employees.
Is it possible the legislature will eliminate state employee furloughs? I certainly hope so. Unfortunately there is no text for the BDR on the LCB website.
It is a long shot the BDR will become a bill, assigned to a committee, voted on by that committee then by the legislature and finally signed by the governor. At least this is a start.