Nevada PERS begins pension study
Nevada’s public employee retirement board is commissioning a study about the differences between “defined benefit” and “defined contribution” pension plans.
Public Employees Retirement System executive Dana Bilyeu says she expects questions from legislators next year about how Nevada PERS should operate.
Board members did not say whether they want to change the state’s current defined benefit system to a defined contribution plan. The study results are due in October.
The Pew Center for the States found recently that only five states have fully funded retirement plans.
In Nevada, PERS has about 75 percent of the funds needed to cover all future payments.
To reach 100 percent, contribution rates from current employees and their employers have been increasing under a long-term plan for PERS to become fully funded in 26 years.