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January 18, 2014 / jimnv

Even More Bad News for Sandoval – PERS is doing Great!

Last week, PERS representatives told the Legislative Interim Retirement and Benefits Committee that their  assets increased by over $3 billion dollars for this fiscal year. (which started July 1, 2013).  They went on to say that PERS’ total assets were $31.8 billion and the rate of return for the last fiscal year which ended June 30, 2013 was 12.4 percent. The average rate of return over the past 29 years is 9.4 percent.  Incredible!

These earnings are despite the Great Recession which decimated the financial viability of millions of Americans.

Also, their management costs are just one tenth of one percent of plan assets. This is an incredibly low figure. Management costs are so low, that this alone saves about $110 million a year when compared with an “average” pension fund.

Of course this is very bad news for Sandoval and his cronies. Your know them … the ones who continually spout the same time-worn narrative that PERS is doomed and Nevadans will have to pick up the pieces. I recently read an article about a right-wing “think” tank in Las Vegas. Their analyst stated that PERS was about to collapse and take Nevada with it. Expect more of the same as we get closer to the 2015 legislative session which starts early next year.

When will the bull stop? Never, unfortunately. But at least we have some great news and know that Sandoval won’t be pleased about it.

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