286.555 - Refund of portion of contributions to certain persons who became members on or after January 1, 2010. - Nevada Statutes

286.555  Refund of portion of contributions to certain persons who became members on or after January 1, 2010.

      1.  A person who becomes a member of the System on or after January 1, 2010, and whose monthly service retirement allowance is determined using an average compensation amount limited by the provisions of subsection 4 of NRS 286.551 is entitled to a refund from the person’s individual account of the difference between:

      (a) The amount of the employee contribution pursuant to NRS 286.410; and

      (b) The amount the employee contribution would have been had it been actuarially determined to account for the limits imposed by the provisions of subsection 4 of NRS 286.551.

      2.  The System shall pay any amount to which a person is entitled pursuant to subsection 1 upon the final determination of the amount of the person’s benefit, but not later than 6 months after the effective date of the person’s retirement.

      (Added to NRS by 2009, 2345)