Nevada lawmakers want to hide public pension information
The unfairness of the outrageous pensions provided by our state system is an insult to the hardworking citizens of Nevada. Yes, public servants are entitled to a secure, dignified retirement. However, basic math tells us the system is too rich in favor of the participants and will eventually fail, leaving taxpayers holding the bag.
Private citizens are forced to cobble together a retirement made up of Social Security and their own savings from 40 to 45 years of work. PERs beneficiaries are automatically rewarded with crazy, unrealistic, lifetime pensions while working much shorter time frames — not to mention the cost-of-living increases and health benefits.
Profession financial advisers used to project investment returns of 6 percent to 8 percent. That number is now closer to 4 percent. The reality is that the world has changed. It’s time our state changed the formulas used to calculate these overpaid benefits and put the recipients on an even playing field with the honest citizens who are footing the bill.
Now Nevada lawmakers are considering a bill to hide a participant’s annual pension amounts. Perhaps even they are embarrassed by the unfairness of the situation.
