CARSON CITY, Nev. (AP) — A money committee is set to review a bill that would dramatically change the Nevada Public Employees' Retirement System.
The Assembly Ways and Means Committee is holding a meeting Wednesday to discuss AB190, which raised many questions and concerns at a hearing in a separate committee last month.
The measure is sponsored by Reno Republican Assemblyman Randy Kirner and would add a defined contribution option that would limit pension payouts based on how much money public employees contribute. The existing plan promises employees a specific payout upon retirement.
The bill aims to tackle a multibillion-dollar unfunded liability in the system.
PERS chief Tina Leiss raised a laundry list of concerns about the bill. The system estimates it would cost $800 million each year to implement, although Kirner disputes that number.
