Nevada § 1A.220 - System managed by Public Employees' Retirement Board; general powers and duties of Board

§ 1A.220. System managed by Public Employees' Retirement Board; general powers and duties of Board

1. The Board, subject to the limitations of this chapter, is responsible for managing

the System. 2. The Board shall: (a) Arrange for a biennial actuarial valuation and report of the actuarial soundness

of the System to be prepared by an independent actuary based upon data compiled and

supplied by employees of the System, and shall adopt actuarial tables and formulas

prepared and recommended by the actuary; (b) Provide for a biennial audit of the System, including, without limitation, the

Judicial Retirement Administrative Fund, by an independent certified public accountant;

and (c) Provide an annual report concerning the System established pursuant to this chapter

to the Court Administrator, each board of county commissioners that allows justices

of the peace to participate in the Judicial Retirement Plan pursuant to NRS 1A.285 , each city council that allows municipal judges to participate in the Judicial Retirement

Plan pursuant to NRS 1A.285 , the Governor and each member of the Legislature, and make the report available to

all members of the System upon request. The report must contain, when available, a review of the actuarial valuation required

by paragraph (a). 3. The Board may: (a) Adjust the service or correct the records, allowance or benefits of any member

of the System, retired justice or judge or beneficiary after an error or inequity

has been determined, and require repayment of any money determined to have been paid

by the System in error, if the money was paid within 6 years before demand for its

repayment. (b) Examine and copy personnel and financial records of: (1) A justice of the Supreme Court, judge of the Court of Appeals or district judge

that are maintained by the Court Administrator; (2) A justice of the peace who participates in the Judicial Retirement Plan pursuant

to NRS 1A.285 that are maintained by a county; and (3) A municipal judge who participates in the Judicial Retirement Plan pursuant to NRS 1A.285 that are maintained by a city. (c) Require an annual notarized statement from a retired justice or judge or beneficiary

that he or she is in fact receiving an allowance or benefits, and withhold the allowance

or benefits if he or she fails to provide the statement. 4. As used in this section, “ error or inequity ” means the existence of extenuating circumstances, including, without limitation,

a member's reasonable and detrimental reliance on representations made by the System

which prove to be erroneous, or the mental incapacity of the member.