Report: Pension costs need improvement
(AP) – A new report by the Pew Center on the States says there are “serious concerns” with Nevada’s public sector pension program, a finding disputed by the executive director of the Nevada Public Employees Retirement System.
The report released Thursday said Nevada’s pension responsibilities grew by 127 percent to more than $30 billion between 1999 and 2008, outpacing asset growth by $7.3 billion.
But PERS executive director Dana Bilyeu says the report doesn’t take into account that public employees in Nevada pay half the monthly contribution, which is matched by the public entity they work for.
She adds that the program uses a 30-year span to pay off funding obligations, which provides stability when investment markets are volatile.
Nevada PERS has an investment portfolio of roughly $22 billion.
For more go online to http://www.pewcenteronthe