218C.110 - Effect of termination or partial termination of System. - Nevada Statutes

218C.110  Effect of termination or partial termination of System.  Upon the termination or partial termination of the Legislators’ Retirement System:

      1.  Except as otherwise provided in subsection 2, all accrued benefits that are funded must become 100 percent vested and nonforfeitable.

      2.  A Legislator who receives his or her vested accrued benefits in a complete cash distribution before the termination is not entitled to the vesting of any benefits which have been forfeited.

      (Added to NRS by 1991, 2370)—(Substituted in revision for NRS 218.23945)