Craig, there are certainly some advantages to a defined benefit plan guaranteed by a state, but current active employees on NV PERS are overpaying for the retirement benefits they will receive--paying now for past underpayments toward benefits for current retirees.

NRS 286.410(2)(b) says that a reduction in #NVPERS contribution rates occurs only if the reduction is more than 1.0%/1.0% (Employer/Employee) and then only to the extent the reduction would exceed 1.0%/1.0%. For example, an actuarial reduction of 1.5%/1.5% results reduces contributions by 0.5%/0.5%.

The #NVPERS rate of return on investments was 10.9% in FY2025, well above the actuarial assumed rate of return of 7.25%. The 5-year return was 10.4% and the 10-year return was 9.0%.

The real value of assets at #NVPERS has continued to increase, while the unfunded liability remains relatively stable.

If these favorable conditions including market performance persist in FY2026 for #NVPERS, statutory contribution rates could decrease to the extent they drop more than 2.0% (Employer-Pay) or 1.0%/1.0% (Employee/Employer Pay) as of 7/1/2027--but there are many variables before that will be known.

The actuarially required future #NVPERS contribution rates decreased by 1.4% (Employer-Pay plan) for both Regular and Police/Fire funds. However, this is not a rate-setting year and anyway the decrease is below the 2.0% statutory threshold for a reduction in contribution rates.

The #NVPERS total unfunded actuarial liability decreased slightly from $20.13 billion to $19.95 billion, the first year-over-year decrease since FY2015.

The market value of #NVPERS assets increased from $64.5 billion on 6/30/2024 to $70.8 billion on 6/30/2025.

#NVPERS' funded ratio increased from 75.6% to 77.3%, the highest since FY2004 (78.7%) and a recovery from the post-financial-crisis low in FY2013 (69.3%). It’s more improved than these numbers indicate because the assumptions are now more conservative (larger total liability in the denominator).

And a Republican for many of h8s 100 years, but not now.

That's nearly 1% of the town population!