Senate Bill No. 299–Senator Mathews

March 3, 1999

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Joint Sponsor: Assemblyman Anderson

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Referred to Committee on Finance

 

SUMMARY—Reduces number of years of service required for retirement of police officer or fireman at any age. (BDR 23-1412)

FISCAL NOTE: Effect on Local Government: Yes.

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 the public employees’ retirement system; reducing the number of years of service required for the retirement of a police officer or fireman; 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. NRS 286.510 is hereby amended to read as follows:

1-2 286.510 1. Except as otherwise provided in subsection 2, a member

1-3 of the system is eligible to retire at age 65 if he has at least 5 years of

1-4 service, at age 60 if he has at least 10 years of service, and at any age if he

1-5 has at least 30 years of service.

1-6 2. A police officer or fireman is eligible to retire at age 65 if he has at

1-7 least 5 years of service, at age 55 if he has at least 10 years of service, at

1-8 age 50 if he has at least 20 years of service, and at any age if he has at least

1-9 [30] 25 years of service. Only service performed in a position as a police

1-10 officer or fireman, established as such by statute or regulation, and credit

1-11 for military service, may be counted toward eligibility for retirement

1-12 pursuant to this subsection.

1-13 3. Eligibility for retirement, as provided in this section, does not

1-14 require the member to have been a participant in the system at the

1-15 beginning of his credited service.

2-1 4. Any member who has the years of creditable service necessary to

2-2 retire but has not attained the required age, if any, may retire at any age

2-3 with a benefit actuarially reduced to the required retirement age. Except as

2-4 otherwise required as a result of NRS 286.537, a retirement benefit under

2-5 this subsection must be reduced by 4 percent of the unmodified benefit for

2-6 each full year that the member is under the appropriate retirement age, and

2-7 an additional 0.33 percent for each additional month that the member is

2-8 under the appropriate retirement age. Any option selected under this

2-9 subsection must be reduced by an amount proportionate to the reduction

2-10 provided in this subsection for the unmodified benefit. The board may

2-11 adjust the actuarial reduction based upon an experience study of the system

2-12 and recommendation by the actuary.

2-13 Sec. 2. This act becomes effective on July 1, 1999.

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