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February 15, 2010 / jimnv

NV Public Employees Retirement System

I read a good article today in the Reno Gazette Journal  about the NV PERS. It is the only retirement most state employees have since they do not pay into social security. State employees pay 11.25 percent of their income into the system contrasted to those in social security who pay only 6.2 percent. Here are some highlights:

“NVPERS generated $1.28 in economic activity for Nevada. The fund is also tied to more than 5,700 jobs statewide, including 1,341 in Washoe and 449 in Carson City.”

“As the stock market started to rebound, so did the state pension funds assets. By mid-2009, NVPERS’ assets were back up to $20.9 billion. The fund currently stands at about $21.5 billion, almost a billion below its annual high.”

“According to an analysis of Standard & Poors 2008 data by the Southern Legislative Conference and Council of State Governments, Nevada’s state pension fund ranked 33rd among 50 states for funding ratio at 74.8 percent. The ratio measures how much a program’s assets are worth compared to the anticipated costs and benefits it has to pay for in the future. The accepted industry ratio is 80 percent.”

“Nevada’s state pension fund is doing fine. NVPERS is doing especially well with its annual required contributions, which is putting money into the plan at a “much better” rate than the typical pension plan, Munnell said.”

Also from the webpage:

DETAILS

The Nevada Public Employees’ Retirement System is a state-run pension fund that covers all local and state public employees, including teachers, firefighters, police officers and public servants.

NVPERS currently has 220,000 total members, including retirees and both active and nonactive workers. As of January 2009, the program is providing income for more than 39,000 retired Nevadans.

NVPERS is funded through contributions made with every paycheck an employee receives. As of early February, the fund has $21.5 billion in assets. The fund has a 25-year annual average rate of return of 9 percent.

For more information, visit http://www.nvpers.org or call 775-687-4200.

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One Comment

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  1. kelly / Feb 17 2010 10:15 pm

    For a state that ranks dead last in every important category, it is good to see some one is doing their job

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