Report shows underfunded PERS to cost Nevadans $6 billion

Kelley, Kara
September 2008
Las Vegas Business Press (10712186);9/15/2008, Vol. 25 Issue 37, pP29
The author reflects on the report released by the Las Vegas Chamber of Commerce on the Public Employees' Retirement System (PERS). The report revealed that PERS is only 77% funded which left a total of $6.3 billion unfunded liability. In addition, the report found that PERS is one of the most generous public employee retirement systems in the U.S. as a result of the combination of annual retirement benefit factors, policies on when a public employee can retire and the low amount that employees are required to contribute to their retirement.


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