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CARSON CITY, Nev. (AP) — Public employee benefits program officials say the state allocated nearly $100 million in surplus reserve funds in 2014 due to unexpectedly low inflation rates.
Department head Jim Wells told Nevada legislators at an interim budget meeting Thursday that the program asked for more funds than necessary two years ago because of off-base projections on the cost of health insurance for Nevada's public employees.
Wells said the majority of benefit programs in the country miscalculated inflation rates, and that the department plans to dole out the extra funds over the next two years. He said the department will be more "conservative" with their future cost projections.
The health benefits program covers more than 40,000 active and retired state employees.
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