A 30 million dollar improvement project for the Nevada Public Employees’ Retirement System was awarded during the February 20 meeting of the PERS Board in Carson City.
Patience and discipline were two words used by NV PERS’ Chief Investment Officer Steve Edmundson as he gave the board his 2nd Quarter Fiscal Year 2020 Performance Update. Edmundson said that as of February 20 (prior to the start of the meeting) the PERS Fund Assets stood at $48.2 Billion. He said they’re in a great position for the moment but that it was hard to predict where the fund will stand at the end of the current fiscal year on June 30. He credited growth in the fund for the first half of the year to growth in U.S. Equities. And he told to the board PERS experienced a decade of slow and steady growth since 2010.
This was a short meeting, by normal PERS meeting standards, lasting about 3 hours. The board also awarded a contract to a Michigan firm, Tegrit, to complete a much anticipated replacement of the agency’s Pension Administration System. Tegrit has worked with the Idaho Retirement System, Arkansas Police and Fire Retirement System and the Missouri State Employees Retirement System just to name a few. During the 2019 Legislative Session, PERS requested up to $30 million to replace their aging existing system that has been taxed in recent years by many different tiers of pensions due to changes stemming from several recent legislative sessions. Contract negotiations with Tegrit will begin at the board’s April meeting, which was moved from April 16 to April 23, and that meeting will be held in Las Vegas.
The next regular meeting for the PERS Board in Carson City will be March 19.