218C.340 - Limitations on contributions and benefits under federal law. - Nevada Statutes

218C.340  Limitations on contributions and benefits under federal law.

      1.  The election provided by section 415(b)(10)(C) of the Internal Revenue Code (26 U.S.C. § 415(b)(10)(C)) is hereby made.

      2.  Notwithstanding any other provision of law, the benefits payable to and the contributions made by or for the benefit of a Legislator are limited pursuant to the provisions of sections 415(b) and 415(e) of the Internal Revenue Code (26 U.S.C. §§ 415(b) and 415(e)). The provisions of section 415(b)(2)(F) of the Internal Revenue Code (26 U.S.C. § 415(b)(2)(F)) do not apply to the benefits of such a Legislator.

      3.  Notwithstanding any other provision of law, if a Legislator whose effective date of membership is on or after January 1, 1990, is a member of the Public Employees’ Retirement System and is a member of the Legislators’ Retirement System, the benefits payable to the Legislator from both plans are limited pursuant to this section. The Legislator’s benefits from the plan providing the greater benefit must be reduced if the benefits from both plans exceed the limitations of this section.

      (Added to NRS by 1991, 2369; A 1997, 216)—(Substituted in revision for NRS 218.23815)