PUBLIC EMPLOYEES' RETIREMENT SYSTEM
of NEVADA
A Component Unit of the State of Nevada

POPULAR ANNUAL FINANCIAL REPORTFor the Fiscal Year Ended
June 30, 2023

2023- POPULAR ANNUAL FINANCIAL REPORT
Table of ContentsAward for Outstanding Achievement in Popular Annual Financial Reporting...............................................................................................................................................................................................................................
1...............................................................................................................................................................................................................................
Administrative Personnel
2...............................................................................................................................................................................................................................
Mission Statement
3...............................................................................................................................................................................................................................
Message from Executive Officer3...............................................................................................................................................................................................................................
Financial Summary
4
Financial Highlights...............................................................................................................................................................................................................................
6...............................................................................................................................................................................................................................
Investments
7...............................................................................................................................................................................................................................
Actuarial
9...............................................................................................................................................................................................................................
Membership10...............................................................................................................................................................................................................................
Statistics
11
Participating Employers...............................................................................................................................................................................................................................
13...............................................................................................................................................................................................................................
Reporting Standards
14...............................................................................................................................................................................................................................
Contact Information
14

2023 - PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA 1

POPULAR ANNUAL FINANCIAL REPORT- 2023

ADMINISTRATIVE PERSONNEL
As of June 30, 2023
PUBLIC EMPLOYEES’ RETIREMENT BOARD
Mark Stevens
Brian A. Wallace
Jessica Colvin
Dawn E. Huckaby
Todd H. Ingalsbee
Norma Santoyo
Cameron Wagner

Chair
Vice Chair
MemberMemberMemberMemberMember

2027
2025
2025
2026
2027
2025
2026

Terms expire on June 30 of year noted
RETIREMENT STAFF
Tina Leiss
Steve Edmundson
Lauren Larson
Kabrina Feser
John Van Horn
Ian Carr
Teresa Chalmers

Executive Officer
Chief Investment Officer
Deputy Investment Officer
Operations Officer
Chief Financial Officer
General Counsel
Administrative Analyst

DIVISION SUPERVISORS
Ramon Chavez
Charyl Lacombe
Charlie Park
Julie Spaletta*
Felicia King
Walter Zeron

Accounting
Employers, Production & Pension Services
Information Technology
Internal Audit
Member & Retiree Services
Support Services
MEDICAL ADVISORS

G. Bruce Nickles, M.D., Carson City, Nevada
Terry Long, RN, Carson City, Nevada
POLICE AND FIREFIGHTERS’ RETIREMENT FUND ADVISORY COMMITTEE
Scott Vivier
Scott Nicholas
Jennifer Wyatt*Troyce Krumme
Bill Gardner
VacantChair
Vice Chair
MemberMemberMemberMember

2027
2024
2023
2026
2024

Terms expire on June 30 of year noted
THE SYSTEM’S ADVISORS
Consulting Actuary – Segal, San Francisco, California
Independent Auditors – Plante & Moran, PLLC, Cleveland, Ohio
Investment Consultants – Callan Associates, San Francisco, California
Jobs Peak Advisors, Minden, Nevada* These people have since terminated their employment or contract with PERS.

2 PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA - 2023

2023- POPULAR ANNUAL FINANCIAL REPORTMISSION STATEMENT
It is the mission of the Public Employees’ Retirement System to: Provide public workers and their dependents with a retirement program that provides a reasonable base income for
retirement or for periods where a disability has removed a worker’s earning capacity.
 E ncourage those workers to enter into and remain in government service for such periods of time to give public
employers and the people of the State of Nevada the full benefit of their training and experience.
 Provide an orderly method of promoting and maintaining a high level of service to the public through an equitable
separation procedure available to employees at retirement or upon becoming disabled.

MESSAGE FROM TINA LEISS, EXECUTIVE OFFICER
It is a pleasure to present the Popular Annual Financial
Report (PAFR) of the Public Employees’ Retirement
System of Nevada (System or PERS), a component unit ofthe State of Nevada, for the fiscal year ended June 30,2023.
The financial statements included in this report are theresponsibility of the System’s management and have been
preparedin accordance with generally accepted
accounting principles as promulgated or adopted by theGovernmental Accounting Standards Board (GASB). Inmanagement’s opinion, the financial statements presentfairly the fiduciary net position of the System at June 30,2023,
and changes in fiduciary net position for the year thenended.
PERS administers a cost-sharing, multiple-employer
defined benefit public employees’ retirement system. The
System was established by the Nevada Legislature in
1947. At the end of fiscal year 2023, the System had 227
participating employers, 112,019 active members, and
81,861 benefit recipients. The System is comprised oftwo
sub-funds, Regular and Police/Fire.
One of the principal goals of the Public Employees’Retirement Board (Board) has been to stabilize
contribution rates during volatile investment market
cycles and demographic changes and to ensure cost
predictability to employers and members. The 2023
actuarial valuation shows that the tools the Board has put inplace to meet these objectives are working, while
maintaining the retirement security of all public
employees.

The System is funded by contributions calculated as a
percentage of employee salary. Although the System
receives an actuarial valuation annually, the Public
Employees’ Retirement Act requires an adjustment in thestatutory contribution rates on July 1 of each oddnumbered year, based on the actuarially determined rates
indicated in the actuarial valuation report for theimmediately preceding year.
As of June 30, 2023, the System’s net position was $58.3
billion, an increase of $3.8 billion from 2022. The fiscalyear2023 time-weighted return (gross of fees) was 9.3%, which
added $7.9 billion in investment income. Investment
performance was primarily driven by strong returns from
U.S. stocks and international stocks. The funded ratio
calculated as smoothed actuarial value of assets as apercentage of total actuarial accrued liability increased to75.4% from 74.7% in 2022.
Detailed information on the financial position of theSystem and other financial information can be found intheJune 30, 2023 Annual Comprehensive Financial Report(ACFR) at www.nvpers.org/publications/reports.

Respectfully submitted,

Tina Leiss
Executive Officer

2023 - PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA 3POPULAR ANNUAL FINANCIAL REPORT- 2023
FINANCIAL SUMMARYThe System undergoes a financial audit by an independent auditor each fiscal year. Plante Moran, PLLC was the independent
auditor for fiscal year 2023.

Condensed Statement of Fiduciary Net Position
The Condensed Statement of Fiduciary Net Position includes all of the System’s pension trust fund assets, liabilities, and the net
position at the end of the fiscal year.
As ofJune 30, 2023
Cash and cash equivalents
Contributions receivable
Accrued investment income
Pending trades receivable
Investments, at fair value
Collateral on loaned securities, at fair value
Property and equipment, net
Other assets$

Total assets
Accounts payable and accrued expenses
Pending trades payable
Obligations under securities lending activities
Total liabilities
Net position restricted for pension benefits$

761,924,201
208,013,711
223,716,471
68,032,701
57,187,487,744
12,956,878
3,962,814

As ofJune 30, 2022$

510,980,898
213,753,422
171,044,397
45,076,880
53,701,215,314
248,941,553
8,081,697
5,107,408

Increase/(Decrease)from 2022 to 2023$

250,943,303(5,739,711)
52,672,074
22,955,821
3,486,272,430(248,941,553)
4,875,181(1,144,594)

58,466,094,520

54,904,201,569

3,561,892,951

10,033,522
140,954,221-

33,742,762
107,505,246
248,941,553(23,709,240)
33,448,975(248,941,553)

150,987,743

390,189,561(239,201,818)

58,315,106,777$54,514,012,008$

3,801,094,769

Significant Changes from 2022 to 2023
Cash and cash equivalents increased by 49.1%, accrued investment income increased by 30.8%, and pending trades receivableand payable increased 50.9% and 31.1%, respectively, between 2022 and 2023. These categories fluctuate from year to year
and are unpredictable.
Investments at fair value increased $3.5 billion from 2022 to 2023 primarily due to the 9.3% (time-weighted, gross of fees) total
return generated by the System’s investments in 2023. The investment performance was primarily driven by strong returns fromboth U.S. and international stocks.
Collateral on loaned securities, at fair value, and obligations under securities lending activities both decreased 100% due to thetermination of the securities lending program in May 2023.
Property and equipment, net, increased by $4.9 million from 2022 to 2023 primarily due to costs incurred and capitalized forthe new pension administrative system, PERIS.
Accounts payable and accrued expenses decreased by $23.7 million between 2022 and 2023 primarily due to a reclassificationof the contribution overpayments to contributions.

4 PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF NEVADA - 2023

2023- POPULAR ANNUAL FINANCIAL REPORTFINANCIAL SUMMARY (CONTINUED)
Condensed Statement of Changes in Fiduciary Net Position
The Condensed Statement of Changes in Fiduciary Net Position shows additions to and deductions from the pension trust fundduring the fiscal year presented. Over time the increase or decrease in net position serves as a useful indicator of the health of
the System’s financial position.

2023
Contributions
Net investment income (loss)
Net securities lending income
Other income

$

2022

Increase/(Decrease)from 2022 to 2023

2,390,600,366
4,951,276,088
2,122,178
1,470,742$ 2,290,391,496(2,944,139,128)
6,193,380
3,703,489

7,345,469,374(643,850,763)

7,989,320,137

3,477,751,067
51,102,915
1,407,857
14,093,101
19,6653,231,941,306
53,537,925
1,689,041
13,453,262
50

245,809,761(2,435,010)(281,184)
639,839
19,615

Total deductions

3,544,374,605

3,300,621,584

243,753,021

Change in net position
Net position, beginning of year
Net position, end of year

3,801,094,769
54,514,012,008
58,315,106,777(3,944,472,347)
58,458,484,355$54,514,012,008

7,745,567,116(3,944,472,347)$ 3,801,094,769

Total additions
Benefit payments
Refunds of contributions
Transfers of contributions to JRS*
Administrative expenses
Other expenses$$

100,208,870
7,895,415,216(4,071,202)(2,232,747)* Judicial Retirement System

Significant Changes from 2022 to 2023
Net investment income increased $7.9 billion from 2022 to 2023 because the time-weighted investment return (gross of fees) of
9.3% in 2023 was greater than the negative 5.1% returned in 2022.
Net security lending income decreased $4.1 million from 2022 to 2023. The security lending program was terminated this fiscal
year.
Other income decreased 60.3% from 2022 to 2023 primarily due to employer penalties written off in fiscal year 2023.
Benefit payments increased 7.6% in 2023 primarily due to the number of beneficiaries increasing from 79,049 in 2022 to
81,861 in 2023 and the average monthly benefit increasing from $3,499 in 2022 to $3,630 in 2023.
Transfers of contributions to JRS decreased $0.3 million in 2023. These amounts are unpredictable each year and depend on
individual elections made by active and inactive members.

2023 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF NEVADA 5POPULAR ANNUAL FINANCIAL REPORT- 2023
FINANCIAL HIGHLIGHTSNet Position
Net position represents total assets less total liabilities. In fiscal year 2023, the net position increased to $58.3 billion.

Net Position (in billions) over Fiscal Years
$70.0
$58.5

$60.0
$50.0
$40.0

$33.6

$34.6

$35.0

2014

2015

2016

$38.7

$41.4

$44.3

2018

2019

$58.3
$54.5

$46.7

$30.0
$20.0
$10.0
$0.0
2017

2020

2021

2022

2023

Contributions and Benefit Payments
Benefit payments and contributions received by the System have increased over time. Benefit payments are paid from bothincoming contributions as well as investment income.

Contributions & Benefit Payments (in billions) over Fiscal Years$4.0
Benefit Payments$3.0$2.0 $1.8

$1.8
$1.6

$2.1

$1.9

$2.6

$2.4
$1.9

$2.0

$2.0

$3.2

$3.0

$2.8
$2.3

$2.5
$2.0

$3.5

Contributions

$3.5

$2.2

$2.3

$2.4

$1.6

$1.5
$1.0
$0.5
$0.0
2014

2015

2016

2017

2018

2019

2020

6 PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA - 2023

2021

2022

2023

2023- POPULAR ANNUAL FINANCIAL REPORTINVESTMENTS

The investment program is designed to generate a long-term return that meets the System’s objectives while minimizing risk.
The investment objective of the System is to: Generate a 7.25% long-term investment return which exceeds the rate of inflation (CPI) by 4.75% by capturingmarket returns within each asset class.
 Invest so that short-term volatility of returns will not cause the System to alter its long-term strategy.
 Structure an investment program which is sufficiently uncomplicated to control the ability to consistently meet returnand risk objectives.
Asset allocation is the most significant factor influencing the risk and return of the investment program. The System uses anentirely indexed structure for U.S. stocks, international stocks, and U.S. bonds. U.S. stocks are indexed to the S&P 500 Index,
international stocks are indexed to the MSCI World ex USA Index, and U.S. bonds are indexed to the Bloomberg Barclays U.S.
Treasury Index. The Private Markets investments are made up of actively managed private equity and real estate portfolios.

Asset Allocation at June 30, 2023
Cas h Equivalents*
1.3%
U.S. Bonds
24.4%

U.S. Stocks
43.2%

Pri va te Markets**
13.6%

International Stocks
17.5%*Includes cash held by investment managers.
**Includes 8.3% Private Equity and 5.3% Private Real Estate.

2023 - PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA 7POPULAR ANNUAL FINANCIAL REPORT- 2023
INVESTMENTS (CONTINUED)
Total Fund Performance
The chart below illustrates PERS’ portfolio performance over a variety of time periods. The fund’s annualized rate of return is
9.4% since inception (39 years) versus the long-term actuarial objective of 7.25%.

PERS Annualized Total Returns vs. Market Objective
As of June 30, 2023
14.0%

10.0%

PERS

11.9%

12.0%

9.7%

9.3%

9.4%

9.0%
8.9%

8.3%

8.0%

Market Objective

8.9%

9.1%

8.5%

6.0%
4.0%
2.0%
0.0%
1 Year

3 Years

5 Years

10 Years

Since Inception(39 years)

Asset Class Performance
The chart below shows PERS’ Fiscal Year performance by asset class.

One-Year Asset Class Returns vs. Market Objective
As of June 30, 2023
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%-15.0%-20.0%-25.0%

19.5%

19.6%

17.7%

17.4%
9.8%

-2.3%
PERS

U.S. Stocks

-2.1%

-4.8%

Market Objective

International Stocks

U.S. Bonds

Private Markets

The System’s complete Investment Objectives and Policies may be found on the PERS website, www.nvpers.org.

8 PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA - 2023

2023- POPULAR ANNUAL FINANCIAL REPORTACTUARIALThe System’s funding objective is to pay long-term benefits through contributions (and investment returns on suchcontributions) that remain relatively level from year to year. The amount contributed is a percentage of the salaries earned bymembers. Using this methodology, members and employers each pay equally for retirement service accrued by active members
in any given year. While the System receives an actuarial valuation annually, contribution rates are adjusted on July 1 of each
odd-numbered year, based on the actuarially determined rates in the actuarial valuation for the immediately preceding year.

Funded Ratio
One measure of a pension fund’s health is its funded status. One factor to keep in mind is that all benefits the System isobligated to pay are not due and payable immediately. The funded ratio compares the actuarial value of assets to the actuarial
accrued liability. Below is a chart showing the funding levels of PERS over the last 10 years.

PERS Funded Ratio by Fiscal Year
100.0%
80.0%

71.5%

73.2%

74.1%

74.5%

75.1%

75.3%

76.1%

75.4%

75.1%

76.2%

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

60.0%
40.0%
20.0%
0.0%

Net Pension Liability
The net pension liability is determined using actuarial methods required by the Governmental Accounting Standards Board(GASB) and is used for financial reporting purposes. The net pension liability uses the plan fiduciary net position in thecalculation rather than the actuarial value of assets used in the funded ratio calculation above.
The components of the net pension liability at June 30, 2023, were as follows:
Total pension liability
Plan fiduciary net position
Net pension liability$$

Plan fiduciary net position as a percentage of the total pension liability

76,568,012,068
58,315,106,777
18,252,905,291
76.2%

2023 - PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA 9POPULAR ANNUAL FINANCIAL REPORT- 2023
MEMBERSHIP
Retirement System Membership2014 to 2023

June 30
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

ActiveMembers
100,522103,108
105,167
105,801
107,506
109,167
111,815
106,930
108,635
112,019

Inactive
VestedMembers
14,633
15,032
15,63916,66816,607
17,341
17,39818,871
19,511
20,090Retired &Disabled
Members
49,17051,85354,61557,19959,81962,46664,86767,75570,41072,878Beneficiaries& Survivors
6,038
6,306
6,565
6,931
7,289
7,590
7,874
8,200
8,639
8,983

Total
Membership
170,363
176,299
181,986
186,599
191,221
196,564
201,954201,756
207,195
213,970

Number of Active Members Per Retiree*

June 30
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Number of
Active Members
Police/RegularFire
88,70911,813
91,124
11,984
93,03012,137
93,276
12,525
94,615
12,891
96,072
13,09598,22813,587
93,79613,134
95,785
12,85099,132
12,887

Number of
Retired Members**
Police/RegularFire
43,1366,034
45,5086,345
47,8996,716
50,091
7,108
52,377
7,442
54,678
7,788
56,7338,134
59,0698,686
61,2689,142
63,3999,479*Information provided by Segal, the System’s actuary**Excludes survivors and beneficiaries

10 PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA - 2023

Active Members
per Retiree
Police/Regular
Fire
2.1
2.0
2.0
1.9
1.9
1.8
1.9
1.8
1.8
1.7
1.8
1.7
1.7
1.7
1.6
1.5
1.6
1.4
1.6
1.4

2023- POPULAR ANNUAL FINANCIAL REPORTSTATISTICS
Average Age and Service Statistics for Members*

As of June 30
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

RegularAverage
AverageYears of
Age
Service
46.4
10.1
46.2
10.0
46.0
9.9
45.9
9.8
45.8
9.9
45.7
9.7
45.7
9.7
45.8
10.0
45.7
9.8
45.5
9.6

Police/Fire
Average
AverageYears of
Age
Service
40.8
11.5
40.8
11.6
40.7
11.5
40.2
11.2
39.9
11.1
39.8
11.0
39.5
10.8
39.3
10.8
39.3
10.8
39.2
10.8

Average Salaries for Members*
As of June 30
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Regular$ 48,057
47,84047,92249,502
51,19352,00753,01354,572
54,991
57,108Average annual increase
2014 - 2023

Increase(Decrease)(0.5)%
0.2
3.3
3.4
1.6
1.9
2.9
0.8
3.8
1.9 %

Police/Fire$ 71,990
72,41773,17973,841
76,54979,58678,71281,30383,48987,255

Increase(Decrease)
0.6 %
1.1
0.9
3.7
4.0
(1.1)
3.3
2.7
4.5
2.2 %

*Information provided by Segal, the System’s actuary2023 - PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA 11

POPULAR ANNUAL FINANCIAL REPORT- 2023
STATISTICS (CONTINUED)
Average Benefit Payments

RegularJune 30
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

AverageMonthly
Benefit*$2,706
2,764
2,813
2,859
2,923
3,004
3,100
3,183
3,292
3,412

Number of
Retirees*
43,31645,50847,89950,091
52,37754,67856,73359,06961,26863,399AverageYears ofService
18.94
18.87
18.88
18.88
18.95
19.00
19.10
19.17
19.25
19.30

Average
Age
66
66
67
67
67
68
68
69
69
70

AverageMonthly
Compensation$5,079
5,129
5,180
5,228
5,284
5,349
5,427
5,499
5,571
5,645

Average
Age
59
60
60
60
60
61
61
61
61
62

AverageMonthly
Compensation$7,740
7,862
8,002
8,144
8,283
8,434
8,589
8,769
8,942
9,090

Police/Fire

June 30
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

AverageMonthly
Benefit*$4,788
4,961
5,099
5,236
5,374
5,554
5,735
5,915
6,128
6,355

Number of
Retirees*
6,034
6,345
6,716
7,108
7,442
7,788
8,134
8,686
9,142
9,479

AverageYears ofService
22.34
22.39
22.45
22.46
22.46
22.52
22.55
22.59
22.59
22.58

*Information provided by Segal, the System’s actuary.

12 PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA - 2023

2023- POPULAR ANNUAL FINANCIAL REPORTPARTICIPATING EMPLOYERS2014
CoveredEmployees
30,83917,350
7,363
6,940
4,739
3,368
2,483
2,363
2,074
1,826

Participating Agencies
Clark County School District
State of Nevada
Washoe County School District
Clark County
Las Vegas Metropolitan Police Department
University Medical Center of Southern Nevada
City of Las Vegas
Washoe County
City of Henderson
University of Nevada, Reno
Subtotal

Rank
1
2
3
4
5
6
7
8
9
10

Percentage
of Total
System30.7 %
17.3
7.3
6.9
4.7
3.4
2.5
2.4
2.1
1.8

79,34579.1

All other

21,177

20.9

Total 2014 (190 Agencies)

100,522100.0 %

2023
CoveredEmployees
33,31917,106
7,042
6,957
5,852
3,841
3,611
2,756
2,704
2,432

Participating Agencies
Clark County School District
State of Nevada
Clark County
Washoe County School District
Las Vegas Metropolitan Police Department
Nevada System of Higher Education (NSHE)
University Medical Center of Southern Nevada
Washoe County
City of Las Vegas
City of Henderson
Subtotal

Rank
1
2
3
4
5
6
7
8
9
10

Percentage
of Total
System29.7 %
15.3
6.3
6.2
5.2
3.4
3.2
2.5
2.4
2.2

85,62076.4

All other*

26,39923.6

Total 2023 (227 Agencies)

112,019100.0 %*In 2023 "All other" consisted off:
Number of
Agencies

CoveredEmployees

24
72
14
17
7
17
66

1,176
11,706
3,040
4,952
899
894
3,732

Subtotal

217

26,399Largest Ten Participating Employers

10

85,620227

112,019

Agency TypeState of Nevada and Related Agencies
Schools
Counties
CitiesHospitals
Utility, Irrigation, and Sanitation Districts
Special Districts and Agencies

Total

2023 - PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA 13

POPULAR ANNUAL FINANCIAL REPORT- 2023

5(3257,1*67$1'$5'6
Financial data presented in this report is derived from the information contained in PERS’ ACFR. However, it does
not include all funds administered by PERS nor contain other information required to be in conformity with
GAAP. PERS’ ACFR is produced in conformity with GAAP. The ACFR and PAFR can be found on our website:www.nvpers.orJSXEOLFDWLRQVUHSRUWV.

&217$&7,1)250$7,21
Office Locations:
693 West Nye Lane
Carson City, Nevada 89703(775)687-4200
Fax: (775) 687-5131
5740 South Eastern Avenue, Suite 120
Las Vegas, Nevada 89119(702)486-3900
Fax: (702) 678-6934
TollFree:1-866-473-7768
Website: www.nvpers.org
Business Hours
8:00 a.m. – 5:00 p.m., Monday – Friday

14 PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA - 2023