McGinness proposes public retirement reforms
By Christopher Bedford
CARSON CITY, Nevada: New Nevada State Senate Minority Leader Mike McGinness (R-Fallon) has begun outlining plans to tackle Nevada's deficit, proposing reforms to the Public Employees Retirement System (PERS) Thursday.
The reforms, meant to tackle the system's increasing burden on state and local governments, would switch new employees to a "defined contribution" system, not unlike its private counterpart, the 401(k) retirement plan.
The proposal, which has not yet been formally submitted as a bill, precedes a Dec. 15th meeting of the PERS board to discuss internal reforms after a study was commissioned to investigate other ways of paying retirement benefits.
McGinness took control of the Republican Senate Minority from long-time leader Sen. Bill Raggio (R-Reno) following his endorsement of US Senate Majority Leader Harry Reid (D-Nev) in his recent campaign against Tea Party-favorite, Republican Sharron Angle.