Pensions in Nevada are often better than paychecks, new analysis shows
Many of Nevada’s public employees are retiring in the lap of luxury, according to a new analysis by the Nevada Policy Research Institute.
The analysis, written by NPRI executive vice president Victor Joecks and transparency manager Robert Fellner, finds that public employees in Nevada often receive a pension larger than their final base pay. Using new data uploaded on Thursday toTransparentNevada.com, the researchers compared the full-year equivalent 2013 retirement payouts of 2011-2013 full-career retirees in 10 of Nevada’s largest government agencies with their final-year base pay.
In the seven municipal governments analyzed, Clark County, Washoe County, Las Vegas, North Las Vegas, Las Vegas Metro, Henderson, Reno, retirees with 30-plus years of service credit average pensions worth more than their final year of base pay — 100.59 percent of their base pay. Clark and Washoe County School District retirees receive over 89 percent of their final year’s base pay as retirement, while State of Nevada retirees receive pensions equal to 83.71 percent of their final year base pay.
Police and fire retirees receive the highest pensions, receiving 114 percent of their base pay.
Fellner noted that the study demonstrates part of the reason the Nevada Public Employee Retirement System has an unfunded liability of over $40 billion.
Retirees receiving not only their final year’s base pay, but more, for decades-long retirements should concern every taxpaying Nevadan, including public retirees. PERS has an unsustainable unfunded liability that has, in the past decade, ballooned to over $40 billion — over $40,000 worth of debt per household in Nevada. Taxpayers have been forced to significantly increase the amount they are paying toward public employees’ retirements as a result.
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