218C.570 - Options for payment of benefits to designated beneficiary after member’s death. - Nevada Statutes

218C.570  Options for payment of benefits to designated beneficiary after member’s death.

      1.  At the time of retirement, a Legislator who is a member of the Legislators’ Retirement System may, at his or her election, choose to receive a reduced service retirement allowance of equivalent actuarial value payable during the member’s life with the provision that it continue after his or her death:

      (a) For the life of the beneficiary whom the member nominates by written designation that is acknowledged and filed with the Board at the time of retirement; or

      (b) At one-half the rate paid to the member and must be paid at such rate for the life of the beneficiary whom the member nominates by written designation that is acknowledged and filed with the Board at the time of retirement.

      2.  If the designated beneficiary predeceases the Legislator, the Legislator may receive the full allowance due him or her at the time of retirement less the actuarial equivalent of the protection received from the time of retirement to the death of the beneficiary. The adjusted allowance is effective on the first day of the month succeeding the death of the beneficiary.

      (Added to NRS by 1967, 1221; A 1969, 564; 2005, 1453)—(Substituted in revision for NRS 218.2391)