Nevada § 125.155 - Pension or retirement benefit provided by Public Employees' Retirement System or Judicial Retirement Plan: Determination of value of interest or entitlement; disposition; termination of obligation to pay

§ 125.155. Pension or retirement benefit provided by Public Employees' Retirement System or Judicial Retirement Plan: Determination of value of interest or entitlement; disposition; termination of obligation to pay

Unless the action is contrary to a premarital agreement between the parties which

is enforceable pursuant to chapter 123A of NRS or is prohibited by specific statute: 1. In determining the value of an interest in or entitlement to a pension or retirement

benefit provided by the Public Employees' Retirement System pursuant to chapter 286 of NRS or the Judicial Retirement Plan established pursuant to NRS 1A.300 , the court: (a) Shall base its determination upon the number of years or portion thereof that

the contributing party was employed and received the interest or entitlement, beginning

on the date of the marriage and ending on the date on which a decree of legal separation

or divorce is entered; and (b) Shall not base its determination upon any estimated increase in the value of the

interest or entitlement resulting from a promotion, raise or any other efforts made

by the party who contributed to the interest or entitlement as a result of his or

her continued employment after the date of a decree of legal separation or divorce. 2. The court may, in making a disposition of a pension or retirement benefit provided

by the Public Employees' Retirement System or the Judicial Retirement Plan, order

that the benefit not be paid before the date on which the participating party retires. To ensure that the party who is not a participant will receive payment for the benefits,

the court may: (a) On its own motion or pursuant to an agreement of the parties, require the participating

party to furnish a performance or surety bond, executed by the participating party

as principal and by a corporation qualified under the laws of this state as surety,

made payable to the party who is not a participant under the plan, and conditioned

upon the payment of the pension or retirement benefits. The bond must be in a principal sum equal to the amount of the determined interest

of the nonparticipating party in the pension or retirement benefits and must be in

a form prescribed by the court. (b) On its own motion or pursuant to an agreement of the parties, require the participating

party to purchase a policy of life insurance. The amount payable under the policy must be equal to the determined interest of

the nonparticipating party in the pension or retirement benefits. The nonparticipating party must be named as a beneficiary under the policy and must

remain a named beneficiary until the participating party retires. (c) Pursuant to an agreement of the parties, increase the value of the determined

interest of the nonparticipating party in the pension or retirement benefit as compensation

for the delay in payment of the benefit to that party. (d) On its own motion or pursuant to an agreement of the parties, allow the participating

party to provide any other form of security which ensures the payment of the determined

interest of the nonparticipating party in the pension or retirement benefit. 3. If a party receives an interest in or an entitlement to a pension or retirement

benefit which the party would not otherwise have an interest in or be entitled to

if not for a disposition made pursuant to this section, the interest or entitlement

and any related obligation to pay that interest or entitlement terminates upon the

death of either party unless pursuant to: (a) An agreement of the parties; or (b) An order of the court, a party who is a participant in the Public Employees' Retirement System or the Judicial

Retirement Plan provides an alternative to an unmodified service retirement allowance

pursuant to NRS 1A.450 or 286.590 .