Nevada § 286.577 - Postretirement increases: Persons receiving allowance before July 1, 1975; persons with benefits commencing in 1975

§ 286.577. Postretirement increases: Persons receiving allowance before July 1, 1975; persons with benefits commencing in 1975

1. The System shall pay a postretirement allowance from the appropriate retirement

fund to each member receiving a disability retirement allowance or service retirement

allowance under the provisions of this chapter who first became entitled to receive

any such allowance before July 1, 1975, as follows: As of the 1st day of July in each

year following June 30, 1963, or the calendar year in which any monthly disability

allowance or service retirement allowance was first paid, whichever last occurs, and

preceding July 1, 1975, there must be added to such monthly disability allowance or

service retirement allowance and paid to the member monthly thereafter an amount equivalent

to 1.5 percent of the amount of such monthly disability allowance or service retirement

allowance as originally computed, approved and paid. 2. Each member who retired before January 1, 1962, is entitled to receive an increase

in the member's postretirement allowance of 1.5 percent of the amount of the member's

monthly disability retirement allowance or service retirement allowance, as originally

computed, approved and paid, for each calendar year following the calendar year of

the member's retirement and preceding the calendar year 1963. 3. Beginning on July 1, 1975, the System shall pay a postretirement increase from

the appropriate retirement fund to each person who receives monthly service retirement,

disability or survivor benefit allowances as follows: Period of Beginning Receipt Increase of Base Benefit July 1 to December 31, 1963․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 5.00 percent Calendar year 1964․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 4.75 percent Calendar year 1965․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 4.50 percent Calendar year 1966․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 4.25 percent Calendar year 1967․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 4.00 percent Calendar year 1968․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 3.75 percent Calendar year 1969․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 3.50 percent Calendar year 1970․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 3.25 percent Calendar year 1971․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 3.00 percent Calendar year 1972․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 2.75 percent Calendar year 1973․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 2.50 percent Calendar year 1974․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․․ 2.25 percent and beginning on July 1, 1976, an additional increase of the same amount must be paid

to each person. 4. Beginning July 1, 1976, a postretirement increase of 2 percent must be paid to

every such member who began receiving benefits during the calendar year 1975.