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McGinness proposes public retirement reforms

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November 19, 2010

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.[1]

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.[1]

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.[1]

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.[2]