Assembly Bill No. 698–Committee on Ways and Means

May 28, 1999

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Referred to Committee on Ways and Means

 

SUMMARY—Requires Legislative Commission to conduct interim study of pension plan for certain justices and judges. (BDR S-1778)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: Yes.

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

 

AN ACT relating to retirement; requiring the Legislative Commission to conduct an interim study of the pension plan for certain justices and judges; authorizing an expenditure by the Public Employees’ Retirement System to assist in carrying out the study; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

1-1 Section 1. 1. The Legislative Commission shall appoint a

1-2 subcommittee of four legislators selected as follows:

1-3 (a) Two members of the Assembly, one of whom must be appointed as

1-4 the chairman of the subcommittee; and

1-5 (b) Two members of the Senate,

1-6 to conduct an interim study of the pension plan for justices of the supreme

1-7 court and judges of the district courts of this state.

1-8 2. The study must include an analysis of:

1-9 (a) The actuarial soundness of the current method of funding the pension

1-10 plan;

1-11 (b) An alternative to the current method of funding the pension plan

1-12 modeled on the method of funding the Public Employees’ Retirement

1-13 System, and the actuarial soundness of such an alternative; and

1-14 (c) Any other alternatives to the current method of funding the pension

1-15 plan that the subcommittee determines to be actuarially sound.

1-16 If the subcommittee considers the addition of justices of the peace or

1-17 judges of the municipal courts to the current pension plan, the study must

1-18 include an additional, similar analysis relating to that inclusion.

2-1 3. The Public Employees’ Retirement System shall provide such advice

2-2 and assistance to the subcommittee as may be requested by the

2-3 subcommittee to carry out the provisions of this act.

2-4 4. Any recommended legislation proposed by the subcommittee must

2-5 be approved by an affirmative vote of not less than three members of the

2-6 subcommittee. The subcommittee shall deliver a report of its findings and

2-7 any recommended legislation to the Legislative Commission.

2-8 Sec. 2. The Public Employees’ Retirement System may expend not

2-9 more than $30,000 from the public employees’ retirement fund to provide

2-10 the advice and assistance requested by the subcommittee pursuant to

2-11 subsection 3 of section 1 of this act.

2-12 Sec. 3. This act becomes effective upon passage and approval.

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