SUMMARY--Requires public employees' retirement system to study feasibility of funding plan for certain judicial pensions on actuarial reserve basis and transfers responsibility for administration of plan to public employees' retirement board. (BDR S-343)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: Yes.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to retirement; requiring the public employees' retirement system to study the feasibility of funding a plan for certain judicial pensions on an actuarial reserve basis and transferring responsibility for administration of the plan to the public employees' retirement board; authorizing an expenditure to carry out the study; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
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Section 1 The public employees' retirement system shall:
1. Conduct a study of the pension plan for justices of the supreme court and judges of the district courts to determine the feasibility of funding the plan on an actuarial reserve basis in accordance with the current design and features of the plan. The study must:
(a) Include:
(1) An actuarial valuation;
(2) An analysis of funding and cash flow;
(3) A review of governmental compliance; and
(4) A review of issues relating to prior service and transfer of service;
(b) Examine the feasibility of transferring responsibility for the administration of the plan to the public employees' retirement board; and
(c) If justices of the peace or judges of the municipal courts are included in the plan, include an additional similar analysis relating to that inclusion.
2. On or before December 1, 1998, deliver a report of its findings and any recommended legislation to the interim retirement committee of the legislature.
Sec. 2. The public employees' retirement system may expend not more than $22,000 from the public employees' retirement fund to carry out the provisions of section 1 of this act.
Sec. 3. This act becomes effective upon passage and approval.