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Thursday, Nov. 11, 2010 | 2:05 a.m.
CARSON CITY — The 103,000 state and local government workers and school teachers who are members of the state’s pension fund will be hit with higher monthly premiums starting next July.
On Wednesday, the board of directors of the Nevada Public Employees’ Retirement System approved a 2.25 percent increase in premiums to be shared by governments and their employees.
About 16.4 percent of the 103,000 members are state workers. They face a 1.125 percent increase to bring their contribution rate to 11.87 percent, based on the estimates of the retirement system, says Dana Bilyeu, its executive officer.
The state and its employees share the cost of the retirement system. Bilyeu said the higher premiums will mean the state will have to chip in an additional $8.7 million in each of the next two fiscal years. The higher premium charged state workers will yield a similar additional amount.
Local government employees and school teachers will either have to forego a cost of living increase or take a reduction in salary to achieve the total 2.25 percent increase, Bilyeu said.
The cost will also be shared by the local governments, which negotiate their contracts, an advantage not enjoyed by state workers.
Police officers and firefighters have a separate system, and their rates will be raised by 2.75 percent from its present 37 percent.
The Nevada Policy Research Institute, a non-profit advocacy organization, calls the $10 billion unfunded liability a “ticking time-bomb” that threatens taxpayers.
The system, according to the institute, promises benefits to its members but the money may not be there in the future.
There are presently about 40,000 people drawing pensions.
The institute suggests the goal of an 8 percent return on investment is unrealistic, and it complains the unfunded liability keeps growing.
Bilyeu said, however, that the market value of the assets is $23.7 billion compared to the $10 billion unfunded liability. The system is 70 percent funded. “The change in the unfunded liability doesn’t mean anything in itself,” Bilyeu said.
She also said there was a $372 million gain in the system because the salaries of the public employees were either reduced or did not grow as fast as expected. That means the benefits will be adjusted.
Bilyeu said the system has averaged a 9.3 percent return for 25 years. Last fiscal year, it realized an 11 percent return. For the first quarter of this fiscal year, the system has already exceeded the 8 percent return objective, she said.
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Public Pensions are in trouble and they will need the AMERICAN TAXPAYER to pay for it.
But there are two Democrats trying to raid private pension plans to pay for it.
What cost of living increase for teachers is Bilyeu talking about???? Please!
It reads: "Local government employees and school teachers will either have to forego a cost of living increase or take a reduction in salary to achieve the total 2.25 percent increase, Bilyeu said."
Teachers never get A COST OF LIVING INCREASE!!!!!!!
And the last few years all we get for our dedication and hard work is a REDUCTION IN SALARY!!!!!!!!!!! Someone please help us!
Many of us are working another job to make up the difference. Who cares?
We do more than our part: volunteering our (unpaid time) to man school community events, pay out of our pockets for school supplies and student motivation incentives, spend the time with parents on our time to help them with their child's academic needs, and even take the time to teach parents on subjects they need a little brush up on so they can help their child with schoolwork.
Who cares? Keep on cutting teacher's salaries to the point they need to move out of Nevada and uproot their families. Thank them that way. Show your appreciation that way.
Teachers CAN NOT STRIKE in Nevada, so they are rarely noticed by the public. But if they could, the massive crowds would bear pickets signs with messages of what teachers in Nevada now endure silently.
Who cares? If YOU DO, please contact your lawmaker/representative and communicate to them that there are other avenues they can take to get the revenue they need to balance and sustain a balanced budget. Thank YOU, from a teacher WHO CARES.
One revenue resource NO ONE in Nevada wants to talk about, publish, or have on the news, is the sustainable potential tax revenue that the Nevada BROTHEL INDUSTRY offered (to the amazing tune of $1 billion dollars a year) last February's Nevada's State Legislature Meeting!!!! What???
All these budget cuts could have been avoided! What?
One BILLION DOLLARS A YEAR sustainable tax revenue.
Does it really matter to you WHERE lawmakers get the money??? Be honest!
All of the sudden, several lawmakers zipped their pants, a few more got religion,some more grew morals, and well, the rest just couldn't bear to tell anyone that it was even offered for their consideration, because, well, it is about S-E-X. The one thing no one talks about.
Why are millions of people and families suffering today in Nevada?
Because lawmakers just could not bring themselves to the point of OPENLY doing any kind of negoitating with the legal/legitimate brothel/sexual industry.
Have YOU suffered enough? Was it worth it? Do you want our lawmakers/representatives to revisit this offer and address giving Nevada a sustainable, legal revenue? Then contact them and tell them.
You may not condone, practice, or have anything to do with such an industry, but, you as a taxpayer and citizen of Nevada have a right to be heard and expect your representative to listen and act on your and others like you behalves. Money is green.