1A.310 - Purchase of credit for service: Requirements; sources; installments. - Nevada Statutes

1A.310  Purchase of credit for service: Requirements; sources; installments.  Except as otherwise required as a result of NRS 1A.410:

      1.  A member of the Judicial Retirement Plan who has 5 years of creditable service may, except as otherwise provided in subsection 2, purchase up to 5 years of service. The member must pay the full actuarial cost of the service as determined by an actuary of the System.

      2.  A justice or judge may purchase creditable service pursuant to subsection 1 only if, at the time of the purchase, the justice or judge is employed in a position eligible for membership in the Judicial Retirement Plan.

      3.  A member of the Judicial Retirement Plan may use:

      (a) All or any portion of the balance of the member’s interest in a qualified trust pursuant to section 401(a) of the Internal Revenue Code, 26 U.S.C. § 401(a); or

      (b) The money contained in an individual retirement account or in an individual retirement annuity of a member, the entire amount of which is:

             (1) Attributable to a qualified distribution from a qualified trust pursuant to section 401(a) of the Internal Revenue Code, 26 U.S.C. § 401(a); and

             (2) Qualified as an eligible rollover distribution pursuant to section 402 of the Internal Revenue Code, 26 U.S.C. § 402,

Ê to purchase creditable service pursuant to subsection 1.

      4.  If a member of the Judicial Retirement Plan enters into an agreement whereby the member agrees to pay for the purchase of service credit in installments and the member defaults on that agreement, the member is entitled to receive service credit in the proportion that the principal paid bears to the principal due under the agreement.

      (Added to NRS by 2001 Special Session, 74; A 2003, 2070)