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January 28, 2011 / jimnv

PERS Fares Well in a Study – So There!

Nevada’s public employees pensions fares better than most according to Moody’s Investors Service. A summary:

The fund is 70.5 percent fully funded as of June 30, 2010 which is a drop of about 2 percent due to the economy. NOTE:  Contribution rates for employees will rise next fiscal year to ensure a sound system and in 2009, the legislature imposed some pension reforms such as raising the retirement age.

Nevada is 40th lowest when the unfunded liability is factored into the state’s debt as a share of its gross domestic product.

As debt per capita, Nevada is ranked 40th lowest at $1,547.

Nevada still has a double A rating from three major credit agencies even when the pension liability is factored in.

This shows again, that PERS is doing well and is properly managed so let’s stop the chicken little dance about it. You know who you chickens are… the Las Vegas and Reno-Sparks Chambers of commerce, casinos, mainly in Las Vegas, the hyper partisan “think tank” call the NPRI and the Las Vegas Review Journal which routinely and shamelessly publishes lies and distortions about PERS and state employees in general.

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Reference: “Nevada Fares Well Among States In Moody’s Report On Public Employee Pension Debt“, Sean Whaley, Nevada News Bureau, January 28, 2011

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