The Public Employees Benefits Program
The PEBP Board meets again Monday, December 7 at the Richard Bryan Building in Carson City, 901 South Stewart Street in the PEBP Board Room #1002 at 10:00 a.m.. The meeting will be video-conferenced in Las Vegas at The Nevada System of Higher Education, 4300 South Maryland Parkway in Room #105. To view the agenda please click on the link provided below. A packet is not yet available.
For additional information about PEBP, please visit their web-site by clicking on the link below.
Public Employees Retirement System of Nevada
The Nevada Public Employees' Retirement System Board of Directors met Thursday, November 19, where it was announced that the pension fund covering about 103,000 active state and local government employees saw its financial health improve in 2015 over the previous year. The fund now stands at 73.2% fully funded.
The Segas Consulting group, PERS' independent actuary also announced that the funded rate for the combined plans for regular workers, police and firefighters was 71.5% in fiscal year 2014, a 1.7 percentage point improvement.
A 70% funding ratio is considered the threshold for fiscally sound public pension plans by the investment and research firm Morningstar Inc. The goal of the plan, as with other public pension plans, is to get to 100% fully funded over time.
The report also found that for regular retired employees as of June 30, there were 45,508 retired members and 5,369 beneficiaries and survivors receiving total monthly benefits of nearly $135 million.
The status of the $34 billion pension fund was reviewed and accepted by the board. The plan's assets are invested primarily in stocks and bonds but PERS has other investments including real estate. The plan saw a 12.4% gain in 2013 and grew by 2.9% in 2012 with a record 21% in 2011.
The Nevada PERS Board's next regular meeting is December 17 in Carson City. The agenda will be posted here when it is available.
For more information about Nevada PERS please visit their web-site by clicking on the link below.
**2015 LEGISLATIVE UPDATE**
The 78th session of the Nevada State Legislature ended on time June 1. RPEN was represented at the session that began February 2 by our Executive Director Marty Bibb and Legislative Advocate Marlene Lockard as well as Office Manager Kerry Armanasco and Director of Membership/Chapter Service Terri Laird with special assistance from our State President Jack Harris as well as hundreds of dedicated and concerned RPEN members in the north and the south who turned out for several hearings into critical bills that proposed major changes to the Nevada Public Employees' Retirement System and the Retirement Board. The first bill heard in Carson City that got the attention of thousands of retirees and actives in PERS was Assembly Bill 3. Proposed by Reno Assemblyman Randy Kirner this bill was rejected by the Government Affairs Committee, but not before a hearing where there were several overflow rooms needed to accomodate those that turned out against the bill. AB 3 called for changing the PERS Retirement Board to grow from the current 7 members to 9 members, allowing the two newest members to be from the private sector. RPEN went on record AGAINST AB 3, as did all public employee groups, including the PERS Board. Another bill from Assemblyman Kirner was AB 190, that as originally presented would change PERS to include a new, hybrid pension plan similar to a 401K for only new hires. Once again, RPEN was on record AGAINST AB 190, as were thousands of retirees and actives who voiced their objections loud and clear through the "Share Your Opinion" page on the legislative website. Over four thousand public employees were against AB 190 while less than 70 were in favor of it. As with AB 3, there were overflow crowds that gathered when hearings on AB 190 were held, both in the north and the south. In the end, AB 190 and its' hefty fiscal note from PERS, was rejected by the Assembly and it never got out of the Ways and Means Committee. One bill that went through, and only impacts NEW hires as of July 1, 2015, was Senate Bill 406 from Senate Majority Leader Michael Roberson. SB 406 and its prospective changes were minimal, and again, did NOT impact existing employees and retirees. It was signed by the Governor June 9 after being sent to his office May 30.
Now that the session is over, RPEN would like to thank all of our members who supported us in our fight against those bills that we were very concerned about. We need to continue to be committed to keeping our membership strong, because the "strength in numbers" definitely served us well this year in Carson City! Toward that end we also need to continue educating the public that public employees are "taxpayers" too! And the study commissioned by the Governor two years ago proves that Nevada PERS is "best in class" meaning if it isn't broke...don't fix it!
Northern Tri-County Chapter Keeps the Public in Their Area Informed During the Legislature and Beyond!!
Chapter President Mike Bumgartner began authoring a regular article in the local newspapers in his area earlier this year. To read the monthly columns, please click on the link below:
Retired Public Employees of Nevada (RPEN)
The next meeting for RPEN's Executive Committee has been scheduled for January 20 - 21 in Carson City and will be held at our new office location, 777 East William Street, Suite 200, 89701. For more information about this meeting please contact the State Office at 775-882-7832.
* Legislative meetings can also be seen/heard live over the Internet at: www.leg.state.nv.us Just go to that Web site and click on Listen to Meetings Live on the Internet