Senate Bill No. 11–Senator Mathews
Prefiled January 11, 2001
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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 23‑134)
FISCAL NOTE: Effect on Local Government: 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 a fireman at any age; and
providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. NRS 286.510 is hereby
amended to read as follows:
286.510 1. Except as otherwise provided in subsections 2
and 3, a member of the system is eligible to retire at age 65 if he has at
least 5 years of service, at age 60 if he has at least 10 years of service, and
at any age if he has at least 30 years of service.
2. A police officer or fireman is eligible to
retire at age 65 if he has at least 5 years of service, at age 55 if he has at
least 10 years of service, at age 50 if he has at least 20 years of service,
and at any age if he has at least [30] 25 years of service. Only service performed in
a position as a police officer or fireman, established as such by statute or
regulation, service performed pursuant to subsection 3 and credit for military
service, may be counted toward eligibility for retirement pursuant to this
subsection.
3. Except as otherwise provided in subsection 4,
a police officer or fireman who has at least 5 years of service as a police
officer or fireman and is otherwise eligible to apply for disability retirement
pursuant to NRS 286.620 because of an injury arising out of and in the course
of his employment remains eligible for retirement pursuant to subsection 2 if:
(a) He applies to the board for disability retirement and the board
approves his application;
(b) In lieu of a disability
retirement allowance, he accepts another position with the public employer with
which he was employed when he became disabled as soon as practicable but not
later than 90 days after the board approves his application for disability
retirement;
(c) He remains continuously
employed by that public employer until he becomes eligible for retirement
pursuant to subsection 2; and
(d) After he accepts a
position pursuant to paragraph (b), his contributions are paid at the rate that
is actuarially determined for police officers and firemen until he becomes
eligible for retirement pursuant to subsection 2.
4. If a police officer or fireman who accepted
another position with the public employer with which he was employed when he
became disabled pursuant to subsection 3 ceases to work for that public
employer before becoming eligible to retire pursuant to subsection 2, he may
begin to receive a disability retirement allowance without further approval by
the board by notifying the board on a form prescribed by the board.
5. Eligibility for retirement, as provided in
this section, does not require the member to have been a participant in the
system at the beginning of his credited service.
1-1 6. Any member who has the years of creditable
service necessary to retire but has not attained the required age, if any, may
retire at any age with a benefit actuarially reduced to the required retirement
age. Except as otherwise required as a result of NRS 286.537, a retirement
benefit under this subsection must be reduced by 4 percent of the unmodified
benefit for each full year that the member is under the appropriate retirement
age, and an additional 0.33 percent for each additional month that the member
is under the appropriate retirement age. Any option selected under this
subsection must be reduced by an amount proportionate to the reduction provided
in this subsection for the unmodified benefit. The board may adjust the
actuarial reduction based upon an experience study of the system and
recommendation by the actuary.
1-2 Sec. 2. This
act becomes effective on July 1, 2001.
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