Assembly Bill No. 360–Assemblyman Carpenter

 

March 17, 2003

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Referred to Committee on Government Affairs

 

SUMMARY—Revises provisions governing retirement of Legislators. (BDR 17‑1100)

 

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 Legislators’ Retirement System; revising the provisions governing the retirement of Legislators; 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. NRS 218.2388 is hereby amended to read as

1-2  follows:

1-3  218.2388  1.  The minimum requirement for retirement is 10

1-4  years of accredited service. A lapse in service as a Legislator does

1-5  not operate to forfeit any retirement rights accrued before the lapse.

1-6  2.  A Legislator who meets this requirement may retire:

1-7  (a) At the age of 60 years or older with a full allowance.

1-8  (b) At any age less than 60 years with an allowance or benefit

1-9  actuarially reduced to the age of 60 years. Except as otherwise

1-10  required as a result of NRS 218.23815, an allowance or benefit

1-11  under this paragraph must be reduced by 6 percent of the

1-12  unmodified amount for each full year that the member is under the

1-13  age of 60 years, and an additional 0.5 percent for each additional

1-14  month that the member is under the age of 60 years. Any option

1-15  selected must be reduced by an amount proportionate to the

1-16  reduction provided in this subsection for the unmodified allowance

1-17  or benefit. The Board may adjust the actuarial reduction based upon

1-18  an experience study of the System and recommendation by the

1-19  actuary.

2-1  3.  A Legislator who is eligible to retire without a reduction

2-2  for age pursuant to subsections 1 and 2, may retire at any time

2-3  without regard to whether he continues to run for office or is

2-4  elected or appointed to serve in the Legislature with or without a

2-5  break in service.

2-6  Sec. 2.  NRS 218.2393 is hereby amended to read as follows:

2-7  218.2393  1.  A person receiving a retirement allowance under

2-8  NRS 218.2371 to 218.2395, inclusive, who is elected or appointed

2-9  to the Legislature may [not] receive a retirement allowance during

2-10  the period of time in which he serves as a Legislator[. Upon reentry

2-11  into retirement] after his retirement. Such a Legislator is entitled to

2-12  the same allowances as a retired Legislator who has no

2-13  employment. Upon the conclusion of his legislative service, he may

2-14  receive a recalculated retirement allowance based upon his previous

2-15  service and his added service[.] under the same option and with

2-16  the same beneficiary that he designated pursuant to NRS 218.2391

2-17  at the time of his retirement.

2-18      2.  If a retired Legislator is chosen by election or appointment

2-19  to fill another elective office, he is entitled to the same allowances

2-20  as a retired Legislator who has no employment.

2-21      Sec. 3.  1.  This act becomes effective on July 1, 2003.

2-22      2.  The amendatory provisions of this act do not apply to a

2-23  Legislator serving on July 1, 2003, in the Nevada Legislature until

2-24  he begins a new term of office.

 

2-25  H