Nevada § 218C.450 - Minimum requirement for retirement; effect of lapse in service; reduction in benefits for early retirement

§ 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 part of a year of service purchased

by a Legislator pursuant to NRS 218C.370 must not be considered in determining the number of years of service of the Legislator

unless the Legislator has a family medical emergency. For the purposes of this paragraph, the Board shall define by regulation “family

medical emergency” and set forth by regulation the circumstances in which purchased

service credit may be considered in determining the number of years of service of

a Legislator who has a family medical emergency. A lapse in service as a Legislator does not operate to forfeit any retirement rights

accrued before the lapse. 2. A Legislator who meets the requirements of subsection 1 may retire: (a) At the age of 60 years or older with a full allowance. (b) At any age less than 60 years with an allowance or benefit actuarially reduced

to the age of 60 years. Except as otherwise required as a result of NRS 218C.340 , an allowance or benefit under this paragraph must be reduced by 6 percent of the

unmodified amount for each full year that the member is under the age of 60 years,

and an additional 0.5 percent for each additional month that the member is under the

age of 60 years. Any option selected must be reduced by an amount proportionate to the reduction

provided in this subsection for the unmodified allowance or benefit. The Board may adjust the actuarial reduction based upon an experience study of the

System and recommendation by the actuary.