Bad News for Nevada Republicans: PERS is Still Doing Well
PERS (Public Employee Retirement System) is still one of the best retirement plans in the nation. It is conservative, well run and gets great investment returns. This news will not be good for those politicians and conservatives who want to destroy the system. Watch for their posturing and proposals at the next Legislative session which begins February 6, 2017. NV Legislature.
The contribution rate for regular state employees will remain at 14 percent for the next Biennium. It will be 20% for police/fire employees. Social Security participants pay just 6.2 percent.
NOTE: Many counties pay the entire contribution for their employees such as teachers. State employees do not have that benefit because they do not have the right to collective bargain.
Further, the unfunded liability has is now 25.9 percent and the revenue for the past year increased to $35.9 billion year which is a 7.7 percent return on investment.
PERS has not only state employees contributing but also 190 government entities employing just over 105,000 employees. There are about 14,000 state employees.