Assembly Bill No. 431–Assemblyman Oceguera

 

March 19, 2001

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Referred to Committee on Government Affairs

 

SUMMARY—Requires public employees’ retirement board to establish deferred retirement option plan. (BDR 23‑985)

 

FISCAL NOTE:            Effect on Local Government: No.

                                    Effect on the State: No.

 

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

 

AN ACT relating to the public employees’ retirement system; requiring the public employees’ retirement board to establish a deferred retirement option plan; 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. Chapter 286 of NRS is hereby amended by adding thereto a

1-2  new section to read as follows:

1-3    1.  The board shall establish and administer a deferred retirement

1-4  option plan pursuant to which a member who participates in the plan

1-5  may receive a partial lump-sum payment and a reduced retirement

1-6  benefit.

1-7    2.  The deferred retirement option plan established pursuant to this

1-8  section must:

1-9    (a) To the extent possible, be developed to be cost-neutral to the

1-10  system;

1-11    (b) Limit the participation of a member in the plan to a fixed period of

1-12  not more than 5 years;

1-13    (c) Establish a separate account for each participating member;

1-14    (d) Allow any cost of living increase that a member receives during his

1-15  period of participation in the deferred retirement option plan to be

1-16  credited to his account; and

1-17    (e) Credit interest earned on a member’s account to that account.

1-18    3.  The board shall adopt regulations necessary to carry out the

1-19  provisions of this section.

 

 

 

2-1    Sec. 2.  The public employees’ retirement system shall report to the

2-2  interim finance committee on or before August 1, 2002, its progress on

2-3  establishing a deferred retirement option plan pursuant to section 1 of this

2-4  act and any recommendations for legislation necessary to carry out the

2-5  plan.

2-6    Sec. 3.  This act becomes effective on July 1, 2001.

 

2-7  H