Nevada § 286.592 - Optional plans: Death of beneficiary; change of selection; effective date of termination or adjustment of allowance

§ 286.592. Optional plans: Death of beneficiary; change of selection; effective date of termination or adjustment of allowance

1. If a member enters retirement status under one of the optional plans described

in NRS 286.590 and the designated beneficiary predeceases the retired employee, the retired employee's

monthly retirement allowance must be automatically adjusted to the unmodified retirement

allowance provided in NRS 286.551 . 2. A retired employee may not change the selected option or designated beneficiary

after the effective date of retirement except as provided in subsection 4 of this

section and subsection 3 of NRS 286.525 . 3. A retired employee who selects an unmodified retirement allowance may relinquish

the retired employee's right to that allowance and apply for a refund of the retired

employee's remaining contributions at any time. A retired employee who selects one of the optional plans described in NRS 286.590 may relinquish the retired employee's right and the right of the beneficiary under

that plan and apply for a refund of the retired employee's remaining contributions

at any time. If the designated beneficiary is the spouse of the retired employee, or if the right

of the beneficiary is the subject of a court order, the retired employee shall provide

an acknowledged release by the beneficiary of any claim against the System or the

employee's contributions when applying for a refund. 4. A retired employee may cancel the retired employee's selected option and designation

of beneficiary and revert to the unmodified retirement allowance. The retired employee shall make this election by written designation, acknowledged

and filed with the Board. The written election must be accompanied by a written, notarized acknowledgment of

the change by the beneficiary if the beneficiary is the spouse of the retired employee. The election to cancel a selected option and revert to the unmodified allowance

does not abrogate any obligation of the retired employee respecting community property. 5. The termination or adjustment of a monthly retirement allowance resulting from

the death of a retired employee or beneficiary must not become effective until the

first day of the month immediately following the death of the retired employee or

beneficiary.