Nevada § 1A.350 - Eligibility: Age and service; reduction of benefit for retirement before required age

§ 1A.350. Eligibility: Age and service; reduction of benefit for retirement before required age

1. A member of the Judicial Retirement Plan: (a) Who has an effective date of membership before July 1, 2015, is eligible to retire

at the age of 65 years if the member has at least 5 years of service, at the age of

60 years if the member has at least 10 years of service and at any age if the member

has at least 30 years of service. (b) Who has an effective date of membership on or after July 1, 2015, is eligible

to retire at the age of 65 years if the member has at least 5 years of service, at

the age of 62 years if the member has at least 10 years of service, at the age of

55 years if the member has at least 30 years of service and at any age if the member

has at least 33 1/3 years of service. For the purposes of this paragraph, any year or part of a year of service purchased

pursuant to NRS 1A.310 by a member of the Judicial Retirement Plan who has an effective date of membership

on or after July 1, 2015, must not be considered in determining the number of years

of service of the member unless the member 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 member who has a family medical emergency. 2. Any member of the Judicial Retirement Plan who has the years of creditable service

necessary to retire, but has not attained the required age, if any, may retire at

any age with a benefit actuarially reduced to the required retirement age. Except as otherwise required as a result of NRS 1A.410 , a retirement benefit pursuant to this subsection must be reduced by 4 percent of

the unmodified benefit for each full year that the member is under the appropriate

retirement age, and an additional 0.33 percent for each additional month that the

member is under the appropriate retirement age. Any option selected pursuant to this subsection must be reduced by an amount proportionate

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

System and recommendation by the actuary.