On March 3, 2015, I spoke before the Government Affairs Committee of the Nevada State Assembly on AB 190. This legislation seeks to cut the state's healthy public pension system by decreasing its defined benefit (DB) program and introducing a defined contribution (DC) plan for future workers.
In my testimony, I focus on failed experiments with the same formula in other states, including Alaska, Michigan and West Virginia. In each case, the changes increased the state’s pension debt beyond what it would have been if their DBs plan had been kept intact.
The Las Vegas Review-Journal covered the hearing in their article, "Bill to Change Nevada PERS Sparks Debate in Assembly Panel."