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October 20, 2016 / jimnv

PERS Fund Management Is Indexed and Doing Very Well

There are many legislators who would like to eliminate PERS.Their positions are based on ignorance and deep animosity toward public employees, especially state employees.

It is not surprising PERS foes are mostly Republicans who are unduly influenced by ALEC a conservative group hell-bent on destroying public sector jobs. Since many Nevada legislator can’t think clearly themselves, they get someone else to do it for them.

Recently, there was an article in the Wall Street Journal that described how PERS funds are managed. It turns out there is now only a single guy doing the managing and he does very little except invest in index funds. He eliminated 10 positions in his quest to keep things simple and profitable. consequently, the costs to manage about $35 billion is quite low, about $18 million a year versus about a $100 million more elsewhere.

Here is the link to the article:

“What Does Nevada’s $35 Billion Fund Manager Do All Day? Nothing”

October 19,2016 (A subscription is required.)

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