In this context, its worth making a point that is rarely mentioned and not very widely known: that higher education faculty in many states, including the vast majority of NSHE faculty in Nevada, are not in the state's Public Employees Retirement System (PERS) and instead have a "Retirement Plan Alternative" .
That is over 90% of NSHE faculty and professional staff (including all new hires) have a defined-contribution (ie, "401K-style") retirement plan. These plans are
- self-managed (faculty choose to invest among several approved institutions)
- funded equally by employees and employer
- fully vested immediately and thus portable
- supervised within NSHE and so without administrative cost for the state
- without post-retirement liability for the state