Nevada § 286.5765 - Postretirement increases: Persons retired before July 1, 1963; persons retired before September 1, 1975, with 20 years' credit for service; persons retired before July 1, 1989, with 20 years' credit for service; separate account

§ 286.5765. Postretirement increases: Persons retired before July 1, 1963; persons retired before September 1, 1975, with 20 years' credit for service; persons retired before July 1, 1989, with 20 years' credit for service; separate account

1. The System shall provide an increase of $80 per month for all public employees

who retired before July 1, 1963, in addition to the amounts to which they were respectively

entitled on April 1, 1975. 2. An employee who retired before September 1, 1975, with 20 or more years of credit

for service, whose gross benefit is less than $500 per month must be paid an increase

in an amount which would make the retired employee's gross benefit $500 per month

or an increase of $200 per month, whichever is less. If a person receiving a benefit under option 3 or 5 as the beneficiary of an employee

who retired before September 1, 1975, with 20 or more years of credit for service,

is receiving less than $250 per month, the person must be paid an increase in an amount

which would make the person's gross benefit $250 per month or an increase of $100

per month, whichever is less. 3. An employee who retired with 20 or more years of credit for service, who had reached

the age for full retirement eligibility without reduction for age at the time of retirement

and whose gross benefit as of July 1, 1989, is less than $550 per month, must be paid

an increase in an amount which would make the retired employee's gross benefit $550

per month or an increase of $100 per month, whichever is less. If a person receiving a benefit under option 3 or 5 as the beneficiary of an employee

who retired with 20 or more years of credit for service and had reached the age for

full retirement eligibility without reduction for age at the time of retirement, is

receiving a gross benefit as of July 1, 1989, of less than $275 per month, the person

must be paid an increase in an amount which would make the person's gross benefit

$275 per month or an increase of $50 per month, whichever is less. 4. All money which has been accumulated under the provisions of that certain act of

the Legislature of the State of Nevada entitled “An Act to provide against losses

to the state and its respective counties, townships, incorporated cities and irrigation

districts through defalcation, misappropriation of funds or other wrongful acts on

the part of officials or employees; to provide for the issuance of surety bonds for

state, county, township, city and irrigation district officials and employees, establishing

a fund therefor, and other matters relating thereto; and to repeal all acts and parts

of acts in conflict therewith,” approved March 26, 1937, as amended, must be transferred

to the Public Employees' Retirement Fund. The money must be combined with the appropriation made by section 35 of chapter 270,

Statutes of Nevada 1975, and segregated into a separate account within the Public

Employees' Retirement Fund from which the increases provided in this section must

be paid. If the money in that account is insufficient to pay those increases, the amount needed

must be provided by the System.