Legislators’ Retirement Law
Nevada · Legislators’ Retirement · §§ 218C.010 to 218C.700 · 36 sections
Overview
This act creates a separate retirement system for members of a state legislature, distinct from the general public employees' retirement system though administered by the same board. It establishes dedicated funds for benefits and for administrative costs, sets out mandatory membership with an opt-out election, and governs how contributions are collected, how service credit is earned and purchased, and how monthly retirement allowances and cost-of-living increases are calculated. It also provides for survivor and beneficiary benefits, including enhanced benefits when a legislator is killed in the course of legislative service, and permits forfeiture of benefits upon conviction of certain crimes.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- NRS 218C.010Short title
- NRS 218C.020Definitions
- NRS 218C.040“Board” defined
- NRS 218C.080“Retirement allowance” defined
- NRS 218C.100Establishment of System
- NRS 218C.110Effect of termination or partial termination of System
- NRS 218C.150System administered by Public Employees’ Retirement Board; rules
- NRS 218C.160Legislators’ Retirement Administrative Fund: Creation and purpose; assessment of administrative fee
- NRS 218C.170Legislators’ Retirement Fund: Creation and purpose; sources; payments
- NRS 218C.180Legislators’ Retirement Fund: Administration and investment
- NRS 218C.190Legislators’ Retirement Fund: Report of income and disbursements
- NRS 218C.200Administration of accounts of members and recipients of benefits
- NRS 218C.300Transfer of service from Public Employees’ Retirement System; retransfer; double coverage
- NRS 218C.310Continuation of service under Public Employees’ Retirement System; calculation of benefits
- NRS 218C.320Membership in System mandatory; exceptions; contributions; designation and change of beneficiary
- NRS 218C.330Election not to participate as member of System; effect of termination of participation
- NRS 218C.340Limitations on contributions and benefits under federal law
- NRS 218C.350Computation of service credit
- NRS 218C.360Computation of service credit for legislative service before July 1, 1967; contributions
- NRS 218C.370Purchase of service credit: General requirements
- NRS 218C.380Purchase of service credit: Deferred payment; contributions; administrative fees
- NRS 218C.390Deduction and payment of contributions
- NRS 218C.450Minimum requirement for retirement; effect of lapse in service; reduction in benefits for early retirement
- NRS 218C.500Determination of monthly benefits
- NRS 218C.510Additional benefits; cost-of-living increases
- NRS 218C.520Limitation on distributions to members of System
- NRS 218C.530Limitation on compensation used to determine benefits
- NRS 218C.540Computation of benefits payable to Legislator who became member of System before January 1, 1990
- NRS 218C.550Actuarial assumptions used in computation of benefits
- NRS 218C.560Prohibition against applying forfeitures to increase benefits
- NRS 218C.570Options for payment of benefits to designated beneficiary after member’s death
- NRS 218C.580Benefits for survivors
- NRS 218C.582Benefits for spouse of member killed in course of legislative service
- NRS 218C.584Benefits for survivors of member killed in course of legislative service
- NRS 218C.590Effect on benefits if member is elected or appointed to certain offices after retirement
- NRS 218C.700Forfeiture for commission of certain crimes; return of contributions to member; applicability
Enacted in other states
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