Search the News Archive

Businesses in Las Vegas Handcuffed by Healthcare Costs

Excerpt: Sprint executive [Ned Holland] complained about a 'medical arms race' where hospitals compete for the best doctors by purchasing the latest equipment or 'toys' ... Holland believes the result is overbuilding by hospitals that then charge higher fees to recover higher costs.

Bill to Change Nevada Public Retirement System to 401(k) Type Retirement Plan for Newly Hired Employees Being Drafted

Excerpt: [Public Employees Retirement System] benefits average $27,692 per year. Both state Sens. Bill Raggio, R-Reno, and Bob Coffin, D-Las Vegas, told Bilyeu that Nevada faces severe budget problems and steps must be taken to reduce state contributions. They questioned whether the system would save on benefit costs by increasing the retirement age to 65. That might well save money, Bilyeu said, but state and federal laws prevent any reductions in benefits -- including increasing the retirement age -- to existing participants in PERS.

Millions in the Red, Nevada Obamacare Insurer Has Failed

"Nevada Health CO-OP, which launched in 2012 with two federal loans totaling $65.9 million, will shutter its operation and will not offer coverage for 2016. Coverage for all current plans will remain good until Dec. 31, and members will be able to sign up with other carriers for Jan. 1 coverage when open enrollment begins in November."

Is a Fully Insured Defined Benefit Plan Right for Your Company?

"Employers find 412(e)(3) Plans so attractive because they avoid the complications commonly associated with traditional defined benefit plans. For example, no enrolled actuary's certification is needed; there are no required quarterly contributions; there is no full funding limitation applied that might limit contributions; and administrative costs are generally lower."

Some Nevadans May See Higher Premiums Under Obamacare

"The benchmark doesn't mean every Nevadan must buy point-of-service coverage through Health Plan of Nevada, but it does mean every insurance carrier's individual plan must meet those coverage levels. So, whether they need it or not, Nevadans buying individual policies will be covered for maternity care, mental health services, infertility treatments, home health, bariatric surgery, chiropractic care and hearing aids."

Pension Politics: CalPERS Plays Hardball in Court

"[I]f the city can't pay CalPERS, the fund's attorneys argue, the pension fund can use state police powers to collect its money through asset or property seizure.... Credit rating agencies report that states and local governments nationwide have more than $2 trillion in unfunded pension liabilities. In Nevada, depending on how you measure risk, that figure is between $10 billion and $40 billion. Elected officials everywhere, at every level, have promised far more in employee retirement benefits than taxpayers can afford. And those funds -- and their unionized beneficiaries -- want these promises kept at all cost."

New Nevada State Senate Minority Leader Urges Funding Changes to Public Pension System

Excerpt: Largely because of a stock market crash in 2007 and other declines over the past decade, PERS' investment earnings have fallen short of expectations. The agency faces an unfunded liability estimated at $10 billion as of June 30. To cover all current and future pensions, PERS eventually needs to increase its investment income or have employees and state and local governments contribute additional revenue.

Nevada State Employees Oppose Effort to Trim or Eliminate Pension

Excerpt: The so-called SAGE Commission unanimously recommended: That the retirement age for most government workers be raised to 60, and 35 years of service be required to qualify for early retirement with a lower pension; that pensions be calculated from base pay only; that the calculation formula itself be changed to reduce costs; and that the new provisions apply only to employees hired after January 2010.

IRS Puts Off Implementation of Retirement Age Regulation for Public Plans

Excerpt: The IRS has delayed the implementation of regulations that soon could have affected the early retirement plans of thousands of Nevada state and local government employees. The federal agency issued a bulletin on Friday delaying the 'normal retirement age' regulations for government pensions until fiscal year 2011-12. The IRS initially planned to adopt the rules for public pension plans in 2009-10.

IRS Plan Could Eliminate Public Employee Early Retirement Options

Excerpt: A major change proposed by the IRS for public pension plans, including Nevada's public employee retirement system, could eliminate early retirement pay for government employees in less than two years. A new regulation the agency is pursuing would prohibit most public pension plans from allowing participants to retire and collect benefits earlier than age 55, with a preferred retirement age of 62. This would cover everyone from teachers to police to city and state workers in Nevada and across the country.