1A.450 - Optional plans: Alternatives to unmodified allowance for service retirement. - Nevada Statutes

1A.450  Optional plans: Alternatives to unmodified allowance for service retirement.

      1.  The alternatives to an unmodified service retirement allowance are as follows:

      (a) Option 2 consists of a reduced service retirement allowance payable monthly during the retired justice’s or judge’s life, with the provision that it continue after the death of the justice or judge for the life of the beneficiary whom the justice or judge nominates by written designation acknowledged and filed with the Board at the time of retirement should the beneficiary survive the justice or judge.

      (b) Option 3 consists of a reduced service retirement allowance payable monthly during the retired justice’s or judge’s life, with the provision that it continue after the death of the justice or judge at one-half the rate paid to the justice or judge and be paid for the life of the beneficiary whom the justice or judge nominates by written designation acknowledged and filed with the Board at the time of retirement should the beneficiary survive the justice or judge.

      (c) Option 4 consists of a reduced service retirement allowance payable monthly during the retired justice’s or judge’s life, with the provision that it continue after the death of the justice or judge for the life of his or her beneficiary, whom the justice or judge nominates by written designation acknowledged and filed with the Board at the time of the election, should the beneficiary survive the justice or judge, beginning on the attainment by the surviving beneficiary of age 60 years.

      (d) Option 5 consists of a reduced service retirement allowance payable monthly during the retired justice’s or judge’s life, with the provision that it continue after the death of the justice or judge at one-half the rate paid to the justice or judge and be paid for the life of the beneficiary whom the justice or judge nominates by written designation acknowledged and filed with the Board at the time of the election, should the beneficiary survive the justice or judge, beginning on the attainment by the surviving beneficiary of age 60 years.

      (e) Option 6 consists of a reduced service retirement allowance payable monthly during the retired justice’s or judge’s life, with the provision that a specific sum per month, which cannot exceed the monthly allowance paid to the retired justice or judge, be paid after the death of the justice or judge to the beneficiary for the life of the beneficiary whom the justice or judge nominates by written designation acknowledged and filed with the Board at the time of retirement, should the beneficiary survive the justice or judge.

      (f) Option 7 consists of a reduced service retirement allowance payable monthly during the retired justice’s or judge’s life, with the provision that a specific sum per month, which cannot exceed the monthly allowance paid to the retired justice or judge, be paid after the death of the justice or judge to the beneficiary for the life of the beneficiary whom the justice or judge nominates by written designation acknowledged and filed with the Board at the time of election, should the beneficiary survive the justice or judge, beginning on the attainment by the surviving beneficiary of age 60 years.

      2.  Postretirement allowances must be considered a part of a retired justice’s or judge’s monthly benefit and included in the allowance paid to a beneficiary under one of the optional plans set forth in this section.

      (Added to NRS by 2001 Special Session, 78)