After testifying before the Nevada State Assembly on March 3, 2015, the Las Vegas Review-Journal ran my op-ed, "Nevada PERS a Model for Nation; Don't Change It." In the article, I expand on my argument against AB 190, legislation that proposes to convert the state's public pension system from a successful defined benefit (DB) plan to a historically unsuccessful hybrid that decreases DB benefits to add on a defined contribution (DC) plan.
"Imagine that your bank advised you to refinance your mortgage. Except that instead of enjoying lower monthly payments and reducing the debt on your home, your mortgage payments will increase and your overall debt will skyrocket.
That’s a bit like the conversation that lawmakers in Carson City are having over the future of the Nevada Public Employees Retirement System, the mechanism by which the Silver State’s teachers, firefighters, police officers and other employees earn a modest, but secure retirement benefit."