KTNV Channel 13 Action News | Report: Nevada's lavish pensions are unsustainable
Taxpayers United of America says Nevada’s generous pensions have the potential to bankrupt the state if they continue.
While exact pension payouts are not made public, the group says their own math estimates thousands of public workers stand to earn hundreds of thousands of dollars each year in retirement.
“They are excessive amounts. They are excessively high and the word staggering keeps coming to mind,” says Rae Ann McNeilly of Taxpayers United of America. “This is an unsustainable system and would be ultimately crushing taxpayers and city and state budgets.”
The group says Nevada has the most generous pension program of the 14 states they have looked at so far.
They advocate phasing out pensions and moving towards a more sustainable 401-k system like many private companies have already done.
For more on the report including estimated pensions for the top 100 public workers, visit Taxpayers United of America’s website.