218C.380 - Purchase of service credit: Deferred payment; contributions; administrative fees. - Nevada Statutes

218C.380  Purchase of service credit: Deferred payment; contributions; administrative fees.

      1.  Except as otherwise required as a result of NRS 218C.340, a Legislator who provides proper documentation and establishes the right to purchase any of the service listed in NRS 218C.370 may defer payment until actual retirement. Under this subsection, the purchase of service must be based on the full actuarial cost based upon the age of the member at the time of purchase. Service purchased under this subsection may not be credited until retirement. This service can be used for service retirement eligibility.

      2.  The Legislative Commission may pay any portion of the cost to validate service under NRS 218C.370, but is not required to do so. No credit may be validated unless both the employer and the employee contributions have been paid.

      3.  The Legislator or Legislative Commission, or both, purchasing credit under NRS 218C.370 shall pay the full current administrative fees for each month of service purchased.

      (Added to NRS by 1981, 460; A 1989, 1029; 1989 Special Session, 1; 1991, 2372)—(Substituted in revision for NRS 218.23835)