By Sean Whaley, Las Vegas Review-Journal
 
A state panel overseeing the $38 billion Nevada public employee pension plan voted Thursday to lower its decades-old assumption about the return on its investments.

The change from a projected 8 percent return to 7.5 percent over the next several years could mean higher contribution rates from public employees and employers — from state workers to school teachers — to offset the lower expectations.

The vote from the board of the Public Employees’ Retirement System was unanimous, although state Controller Ron Knecht recommended a much lower rate of return for the plan’s investments of 5 percent. He also said the inflation rate should be lower as well, at 1.75 percent.