Nev. Rev. Stat. § 218C.010
Short title
This chapter shall be known and may be cited as the Legislators’ Retirement Law.
Nevada Revised Statutes Chapter 218C — Legislators’ Retirement
Nevada · statute · Nev. Rev. Stat. ch. 218C · 36 active provisions
Provisions
Nev. Rev. Stat. § 218C.020
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 218C.040 and 218C.080 have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 218C.040
“Board” defined
“Board” means the Public Employees’ Retirement Board.
Nev. Rev. Stat. § 218C.080
“Retirement allowance” defined
“Retirement allowance” means payment for life derived from contributions of Legislators and the State of Nevada.
Nev. Rev. Stat. § 218C.100
Establishment of System
A system of retirement for all benefits at retirement or death for Legislators is hereby established and shall be known as the Legislators’ Retirement System.
Nev. Rev. Stat. § 218C.110
Effect of termination or partial termination of System
Upon the termination or partial termination of the Legislators’ Retirement System: 1. Except as otherwise provided in subsection 2, all accrued benefits that are funded must become 100 percent vested and nonforfeitable. 2. A Legislator who receives his or her vested accrued benefits in a complete cash distribution befo…
Nev. Rev. Stat. § 218C.150
System administered by Public Employees’ Retirement Board; rules
The Legislators’ Retirement System shall be administered by the Board, which may make all necessary rules for the administration of the System.
Nev. Rev. Stat. § 218C.160
Legislators’ Retirement Administrative Fund: Creation and purpose; assessment of administrative fee
1. The Board shall establish a fund known as the Legislators’ Retirement Administrative Fund in which must be deposited all administrative fees. 2. The Board shall fix an administrative fee per capita sufficient to pay the expense of operating the Legislators’ Retirement System.
Nev. Rev. Stat. § 218C.170
Legislators’ Retirement Fund: Creation and purpose; sources; payments
1. The Board shall establish a fund known as the Legislators’ Retirement Fund. 2. All money paid as individual and employer contributions, all money appropriated by the Legislature to the Fund and all income accruing to the Fund from all other sources must be deposited in the Legislators’ Retirement Fund. 3. The intere…
Nev. Rev. Stat. § 218C.180
Legislators’ Retirement Fund: Administration and investment
The Board has the exclusive control of the administration and investment of the Legislators’ Retirement Fund, with the same powers and duties and subject to the same limitations and restrictions that are applicable to the administration and investment of the Public Employees’ Retirement Fund.
Nev. Rev. Stat. § 218C.190
Legislators’ Retirement Fund: Report of income and disbursements
1. At the commencement of each regular session, the Board shall submit a report of income and disbursements from the Legislators’ Retirement Fund for the preceding biennium to the Director, who shall deliver a copy of the report to each Legislator. 2. The report must estimate the amount of an appropriation, if any, req…
Nev. Rev. Stat. § 218C.200
Administration of accounts of members and recipients of benefits
Except as specifically provided in this chapter, the accounts of members and recipients of benefits of the Legislators’ Retirement System must be administered in accordance with the provisions of chapter 286 of NRS as if the Legislator were or had been a member of the Public Employees’ Retirement System.
Nev. Rev. Stat. § 218C.300
Transfer of service from Public Employees’ Retirement System; retransfer; double coverage
1. Within a reasonable time after July 1, 1967, the Board shall notify all incumbent Legislators in writing concerning credit for service, other than legislative service, covered under the Public Employees’ Retirement System. Unless the Legislator requests in writing within 30 days after receipt of such written notice…
Nev. Rev. Stat. § 218C.310
Continuation of service under Public Employees’ Retirement System; calculation of benefits
1. A member of the Public Employees’ Retirement System with service as a Legislator before January 1, 1967, may continue such service under the Public Employees’ Retirement System with benefits to be calculated in the manner prescribed in subsection 2 or 3. 2. Except as otherwise required as a result of NRS 218C.340, b…
Nev. Rev. Stat. § 218C.320
Membership in System mandatory; exceptions; contributions; designation and change of beneficiary
1. Except as otherwise provided in NRS 218C.330 or 286.385 or required as a result of NRS 218C.340, each Legislator must be a member of the Legislators’ Retirement System and shall make contributions to the Legislators’ Retirement Fund in the amounts and manner provided in this chapter. 2. Within 5 days after the comme…
Nev. Rev. Stat. § 218C.330
Election not to participate as member of System; effect of termination of participation
1. A Legislator may, within 30 days after the Legislator is first elected or appointed to office, elect not to participate as a member of the Legislators’ Retirement System by submitting a written notice of the election not to participate to the Board and the Director. 2. A Legislator may terminate the Legislator’s par…
Nev. Rev. Stat. § 218C.340
Limitations on contributions and benefits under federal law
1. The election provided by section 415(b)(10)(C) of the Internal Revenue Code (26 U.S.C. § 415(b)(10)(C)) is hereby made. 2. Notwithstanding any other provision of law, the benefits payable to and the contributions made by or for the benefit of a Legislator are limited pursuant to the provisions of sections 415(b) and…
Nev. Rev. Stat. § 218C.350
Computation of service credit
1. Except as otherwise provided in subsection 2, for a Legislator who is a member of the Legislators’ Retirement System: (a) Service credit for retirement under the Legislators’ Retirement System begins on the first day of the year of election to the office of Legislator and terminates on the first day of the year foll…
Nev. Rev. Stat. § 218C.360
Computation of service credit for legislative service before July 1, 1967; contributions
1. A Legislator who rendered service as a Legislator prior to July 1, 1967, may receive credit for such service, if otherwise eligible, through transfer of payments for such service from the Public Employees’ Retirement System or by payment to the Legislators’ Retirement Fund of the amounts which would have been paid h…
Nev. Rev. Stat. § 218C.370
Purchase of service credit: General requirements
Except as otherwise required as a result of NRS 218C.340: 1. Any member of the Legislators’ Retirement System may purchase all previous creditable service performed in the Legislature if the service was performed before the creation of the System. The Director must certify the inclusive dates of service of the Legislat…
Nev. Rev. Stat. § 218C.380
Purchase of service credit: Deferred payment; contributions; administrative fees
1. Except as otherwise required as a result of NRS 218C.340, a Legislator who provides proper documentation and establishes the right to purchase any of the service listed in NRS 218C.370 may defer payment until actual retirement. Under this subsection, the purchase of service must be based on the full actuarial cost b…
Nev. Rev. Stat. § 218C.390
Deduction and payment of contributions
Except as otherwise provided in NRS 286.385, the Director shall: 1. Deduct from the compensation of each Legislator who is a member of the Legislators’ Retirement System an amount equal to 15 percent of the gross compensation earned as a Legislator and transmit that amount to the Board together with the necessary forms…
Nev. Rev. Stat. § 218C.450
Minimum requirement for retirement; effect of lapse in service; reduction in benefits for early retirement
1. The minimum requirement for retirement is: (a) For a Legislator who has an effective date of membership before July 1, 2015, 10 years of accredited service; and (b) For a Legislator who has an effective date of membership on or after July 1, 2015, 10 years of service. For the purposes of this paragraph, any year or…
Nev. Rev. Stat. § 218C.500
Determination of monthly benefits
Except as otherwise required as a result of NRS 218C.340, a Legislator entering into retirement on or after July 1, 1975, is entitled to receive a monthly retirement allowance of $25 for each year of service up to 30 years, prorated for fractions of a year.
Nev. Rev. Stat. § 218C.510
Additional benefits; cost-of-living increases
1. Each person who receives a benefit from the Legislators’ Retirement Fund is entitled to an additional benefit of 1.5 percent of the recipient’s base benefit for each full year during which the recipient has received benefits before July 1, 1975. This additional benefit shall be paid on and after July 1, 1975. 2. Beg…
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