NV PERS: A Very Leaky Boat


A recent editorial in Las Vegas’ RJ was headlined, “PERS still $9 billion in hole.” The piece was spot on. Except its authors inadvertently omitted the second half of the headline: “And . . . THE OPTIONS FOR FIXING IT ARE LIMITED.” Nevada PERS is a very leaky ship.

As the editorial points out, CIO Steve Edmundson turned in a stellar performance in FY2021: a 27.3% return on AUM (assets under management). AUM increased to $58.5 billion, up $11.7 billion from the previous year. During my first year (2015) as State Treasurer, total AUM was $34.6 billion. Wow.

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