Nevada § 616C.495 - Permanent partial disability: Payments in lump sum

§ 616C.495. Permanent partial disability: Payments in lump sum

1. Except as otherwise provided in NRS 616C.380 , an award for a permanent partial disability may be paid in a lump sum under the

following conditions: (a) A claimant injured on or after July 1, 1973, and before July 1, 1981, who incurs

a disability that does not exceed 12 percent may elect to receive his or her compensation

in a lump sum. A claimant injured on or after July 1, 1981, and before July 1, 1995, who incurs

a disability that does not exceed 30 percent may elect to receive his or her compensation

in a lump sum. (b) The spouse, or in the absence of a spouse, any dependent child of a deceased claimant

injured on or after July 1, 1973, who is not entitled to compensation in accordance

with NRS 616C.505 , is entitled to a lump sum equal to the present value of the deceased claimant's

undisbursed award for a permanent partial disability. (c) Any claimant injured on or after July 1, 1981, and before July 1, 1995, who incurs

a disability that exceeds 30 percent may elect to receive his or her compensation

in a lump sum equal to the present value of an award for a disability of 30 percent. If the claimant elects to receive compensation pursuant to this paragraph, the insurer

shall pay in installments to the claimant that portion of the claimant's disability

in excess of 30 percent. (d) Any claimant injured on or after July 1, 1995, and before January 1, 2016, who

incurs a disability that: (1) Does not exceed 25 percent may elect to receive his or her compensation in a lump

sum. (2) Exceeds 25 percent may: (I) Elect to receive his or her compensation in a lump sum equal to the present value

of an award for a disability of 25 percent. If the claimant elects to receive compensation pursuant to this sub-subparagraph,

the insurer shall pay in installments to the claimant that portion of the claimant's

disability in excess of 25 percent. (II) To the extent that the insurer has offered to provide compensation in a lump

sum up to the present value of an award for disability of 30 percent, elect to receive

his or her compensation in a lump sum up to the present value of an award for a disability

of 30 percent. If the claimant elects to receive compensation pursuant to this sub-subparagraph,

the insurer shall pay in installments to the claimant that portion of the claimant's

disability in excess of 30 percent. (e) Any claimant injured on or after January 1, 2016, and before July 1, 2017, who

incurs a disability that: (1) Does not exceed 30 percent may elect to receive his or her compensation in a lump

sum. (2) Exceeds 30 percent may elect to receive his or her compensation in a lump sum

equal to the present value of an award for a disability of 30 percent. If the claimant elects to receive compensation pursuant to this subparagraph, the

insurer shall pay in installments to the claimant that portion of the claimant's disability

in excess of 30 percent. (f) Any claimant injured on or after July 1, 2017, who incurs a disability that: (1) Does not exceed 30 percent may elect to receive his or her compensation in a lump

sum. (2) Exceeds 30 percent may elect to receive his or her compensation in a lump sum

equal to the present value of an award for a disability of up to 30 percent. If the claimant elects to receive compensation pursuant to this subparagraph, the

insurer shall pay in installments to the claimant that portion of the claimant's disability

in excess of 30 percent. (g) If the permanent partial disability rating of a claimant seeking compensation

pursuant to this section would, when combined with any previous permanent partial

disability rating of the claimant that resulted in an award of benefits to the claimant,

result in the claimant having a total permanent partial disability rating in excess

of 100 percent, the claimant's disability rating upon which compensation is calculated

must be reduced by such percentage as required to limit the total permanent partial

disability rating of the claimant for all injuries to not more than 100 percent. 2. If the claimant elects to receive his or her payment for a permanent partial disability

in a lump sum pursuant to subsection 1, all of the claimant's benefits for compensation

terminate. Except as otherwise provided in paragraph (d), the claimant's acceptance of that

payment constitutes a final settlement of all factual and legal issues in the case. By so accepting the claimant waives all of his or her rights regarding the claim,

including the right to appeal from the closure of the case or the percentage of his

or her disability, except: (a) The right of the claimant to: (1) Reopen his or her claim in accordance with the provisions of NRS 616C.390 ; or (2) Have his or her claim considered by his or her insurer pursuant to NRS 616C.392 ; (b) Any counseling, training or other rehabilitative services provided by the insurer; (c) The right of the claimant to receive a benefit penalty in accordance with NRS 616D.120 ; and (d) The right of the claimant to conclude or resolve any contested matter which is

pending at the time that the claimant executes his or her election to receive his

or her payment for a permanent partial disability in a lump sum. The provisions of this paragraph do not apply to: (1) The scope of the claim; (2) The claimant's stable and ratable status; and (3) The claimant's average monthly wage. 3. The claimant, when he or she demands payment in a lump sum pursuant to subsection

2, must be provided with a written notice which prominently displays a statement describing

the effects of accepting payment in a lump sum of an entire permanent partial disability

award, any portion of such an award or any uncontested portion of such an award, and

that the claimant has 20 days after the mailing or personal delivery of the notice

within which to retract or reaffirm the demand, before payment may be made and the

claimant's election becomes final. 4. Any lump-sum payment which has been paid on a claim incurred on or after July 1,

1973, must be supplemented if necessary to conform to the provisions of this section. 5. Except as otherwise provided in this subsection, the total lump-sum payment for

disablement must not be less than one-half the product of the average monthly wage

multiplied by the percentage of disability. If the claimant received compensation in installment payments for his or her permanent

partial disability before electing to receive payment for that disability in a lump

sum, the lump-sum payment must be calculated for the remaining payment of compensation. 6. The lump sum payable must be equal to the present value of the compensation awarded,

less any advance payment or lump sum previously paid. The present value must be calculated using monthly payments in the amounts prescribed

in subsection 8 of NRS 616C.490 and actuarial annuity tables adopted by the Division. The tables must be reviewed annually by a consulting actuary and must be adjusted

accordingly on July 1 of each year by the Division using: (a) The most recent unisex “Static Mortality Tables for Defined Benefit Pension Plans”

published by the Internal Revenue Service; and (b) The average 30-Year Treasury Constant Maturity Rate for March of the current year

as reported by the Board of Governors of the Federal Reserve System. 7. To calculate the present value of a lump sum payable to a claimant, the insurer

shall use the actuarial annuity tables adopted by the Division that are in effect

on the date on which the claimant elects payment in a lump sum. 8. If a claimant would receive more money by electing to receive compensation in a

lump sum than the claimant would if he or she receives installment payments, the claimant

may elect to receive the lump-sum payment.