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April 12, 2009 / jimnv

Retired Public Employees are Important to Nevada’s Economy

Most are aware that retired public employees have an important and positive effect on our economy. Now, PERS has published a document called “Just the Facts-Economic Impact” to show how much retirees contribute to Nevada’s economy.  Here are some facts that caught my eye:

“The Economic Impact of Nevada PERS finds that the retirement system does more than provide fiscally responsible retirement benefits to some 220,000 Nevada workers and retirees. The pension payments create an economic “multiplier effect” that stimulates Nevada’s economy and supports job creation.

More specifically, the report finds that:

• More than 5,700 jobs statewide can be attributed to Nevada PERS.

• Nevada PERS retirement checks supported more than $1 billion in total economic output in the state.

• Payments made to Nevada PERS retirees supported more than $196 million in federal, state, and local tax revenue.

• Each dollar in taxpayer contributions to Nevada PERS supported $6.21 in total economic output in Nevada.

• Each dollar paid out in pension benefits to Nevada PERS retirees residing in the state supports $1.28 in total economic output in Nevada.

• Expenditures from Nevada PERS pension payments supported more than $390 million in income for state residents other than PERS retirees.”

“Economic Stimulus Facts:

      $1.017 Billion in overall economic output was supported by Nevada PERS.

      Clark County accounted for the largest impact among counties, with $513 million in total output attributable to PERS benefit payments. 

      Retail trade realized the largest impact among industries, with some $93.5 million of total output supported by PERS.”

For more information go to this PERS webpage.

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