218C.390 - Deduction and payment of contributions. - Nevada Statutes

218C.390  Deduction and payment of contributions.  Except as otherwise provided in NRS 286.385, the Director of the Legislative Counsel Bureau shall:

      1.  Deduct from the compensation of each Legislator who is a member of the Legislators’ Retirement System an amount equal to 15 percent of the gross compensation earned as a Legislator and transmit that amount to the Board together with the necessary forms prescribed by the Board at intervals designated by the Board; and

      2.  Pay to the Board from the Legislative Fund an amount as the contribution of the State of Nevada as employer which is actuarially determined to be sufficient to provide the System with enough money to pay all benefits for which the System will be liable.

      (Added to NRS by 1967, 1220; A 1975, 1066; 1985, 1722; 1989, 1029; 1989 Special Session, 1; 1999, 2624; 2005, 1452)—(Substituted in revision for NRS 218.2387)