Senate Bill No. 345–Senators Nolan and Hardy

 

March 17, 2003

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Referred to Committee on Finance

 

SUMMARY—Provides direction to Public Employees’ Retirement System regarding payment of certain benefits. (BDR 23‑88)

 

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 public employees’ retirement; directing the Public Employees’ Retirement System to report certain payments as disability benefits where allowed by federal law; 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

1-2  thereto a new section to read as follows:

1-3  The System shall, to the extent allowed by federal law, report to

1-4  the Internal Revenue Service of the United States Department of

1-5  the Treasury a disability retirement allowance that is paid to a

1-6  member of the System as a disability benefit instead of as

1-7  retirement income.

1-8  Sec. 2.  This act becomes effective on July 1, 2003.

 

1-9  H