Nevada § 1A.312 - Contributions to Judicial Retirement Fund; adjustment of contribution rate

§ 1A.312. Contributions to Judicial Retirement Fund; adjustment of contribution rate

Except as otherwise provided in NRS 1A.314 : 1. The Court Administrator shall submit to the System for deposit in the Judicial

Retirement Fund on behalf of each justice of the Supreme Court, judge of the Court

of Appeals or district judge who is a member of the System the percentage of compensation

of the member that is determined by the actuary of the System to be required to pay

the normal cost incurred in making payments for such members pursuant to subsection

5 of NRS 1A.160 and the administrative expenses of the System that are attributable to such members. Such payments must be: (a) Accompanied by payroll reports that include information deemed necessary by the

Board to carry out its duties; and (b) Received by the System not later than 15 days after the calendar month for which

the compensation and service credits of members of the System are reported and certified

by the Court Administrator. The compensation must be reported separately for each month that it is paid. 2. The State of Nevada shall make an appropriation to the Court Administrator and

the Court Administrator shall pay to the System for deposit in the Judicial Retirement

Fund from any fund created for the purpose of paying pension benefits to justices

of the Supreme Court, judges of the Court of Appeals or district judges an amount

as the contribution of the State of Nevada as employer which is actuarially determined

to be sufficient to provide the System with enough money to pay the benefits for justices

of the Supreme Court, judges of the Court of Appeals and district judges for which

the System will be liable. 3. Upon the participation of a justice of the peace or municipal judge in the Judicial

Retirement Plan pursuant to NRS 1A.285 , the county or city shall submit to the System for deposit in the Judicial Retirement

Fund on behalf of each justice of the peace or municipal judge who is a member of

the System the percentage of compensation of the member that is determined by the

actuary of the System to be required to pay the normal cost incurred in making payments

for such members pursuant to subsection 5 of NRS 1A.160 and the administrative expenses of the System that are attributable to such members. Such payments must be: (a) Accompanied by payroll reports that include information deemed necessary by the

Board to carry out its duties; and (b) Received by the System not later than 15 days after the calendar month for which

the compensation and service credits of members of the System are reported and certified

by the county or city. The compensation must be reported separately for each month that it is paid. 4. Upon the participation of a justice of the peace or municipal judge in the Judicial

Retirement Plan pursuant to NRS 1A.285 , the county or city shall pay to the System for deposit in the Judicial Retirement

Fund an amount as the contribution of the county or city as employer which is actuarially

determined to be sufficient to provide the System with enough money to pay the benefits

for justices of the peace and municipal judges for which the System will be liable. 5. Except as otherwise provided in this subsection, the total contribution rate that

is actuarially determined for members of the Judicial Retirement Plan must be adjusted

on the first monthly retirement reporting period commencing on or after July 1 of

each odd-numbered year based on the actuarially determined contribution rate indicated

in the biennial actuarial valuation and report. The adjusted rate must be rounded to the nearest one-quarter of 1 percent. The total contribution rate must not be adjusted pursuant to this subsection if

the existing rate is within one-half of 1 percent of the actuarially determined rate.