Assembly Concurrent Resolution No. 15-Committee on Government Affairs
(On Behalf of the Public Employees' Retirement
System of Nevada)
April 14, 1997
____________
Referred to Committee on Government Affairs
SUMMARY--Directs Public Employees' Retirement Board to conduct study of basis for determining service credit and average compensation for public employees. (BDR R-518)
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
ASSEMBLY CONCURRENT RESOLUTION--Directing the Public Employees' Retirement Board to conduct a study of the basis for determining service credit and average compensation for public employees.
Whereas, The mission of the Public Employees' Retirement System is to provide a reasonable base income during retirement to qualified public employees; and
Whereas, Retirement benefits are calculated according to a formula using service credit and average compensation; and
Whereas, Service credit is determined by a ratio of actual time worked to full-time employment based on a single certified full-time workweek by each individual public employer; and
Whereas, In response to demands for better service to the public, public employers have established varying schedules for a full-time workweek as well as year-round schools; and
Whereas, Many public employees now work nontraditional workweeks, which makes it difficult for public employers to ascertain the correct method of reporting to the Public Employees' Retirement System; and
Whereas, Some school district employees begin work under a new contract before the expiration of the old contract as they move from a traditional school year to a year-round school year; and
Whereas, Retirement contributions are received for these same school district employees from both contracts for the period of overlap, but service for the overlapping month is not credited until there is a lapse in service; and
Whereas, Part-time employees receive a retirement benefit based on actual service credit earned and average compensation as if they worked full time; and
Whereas, Such a method of computing benefits and determining retirement eligibility creates confusion for part-time employees; now, therefore, be it
Resolved by the Assembly of the State of Nevada, the Senate Concurring, That the Public Employees' Retirement Board is hereby directed to conduct a comprehensive study to develop a rational and equitable basis for determining service credit and average compensation for public employees while maintaining the fiscal integrity and actuarial soundness of the Public Employees' Retirement System; and be it further
Resolved, That the Public Employees' Retirement Board periodically report the progress of the study to the Interim Retirement Committee of the Legislature and submit a report of its findings and any recommendations for legislation to the Director of the Legislative Counsel Bureau for transmittal to the 70th session of the Nevada Legislature; and be it further
Resolved, That the Chief Clerk of the Assembly prepare and transmit a copy of this resolution to the Public Employees' Retirement Board.