Opponents of pension reform in Nevada seem unwilling to admit that the system is broken and that its significant unfunded liabilities will impair state and local governments’ ability to provide basic programs and essential services for citizens. Rather than engage in constructive dialogue about the appropriate reform steps to take, they would rather deflect discussion and hope for some economic miracle or tax increase that will put billions of dollars more into a system that is critically ill. Here are some responses to a sampling of statements made by Teresa Ghilarducci, a national advocate of defined benefit pensions, in a recent Las Vegas Review-Journal op-ed.
In the end, both the taxpayers and those who have served Nevada in local and state government jobs deserve to understand the full context of the debate before them so that they are better informed about the needs and pathways to pension reform. Reform proposals before the legislature keep the promises made to those already in the system without increasing the debt on future generations. Further, policymakers acknowledge that Nevada needs a retirement system that is transparent, affordable, sustainable and secure for a changing workforce and future generations.
To read the full commentary, go here.