286.5775 - Postretirement increases: Increases based on years allowance received; beneficiaries of deceased employees; limitations. - Nevada Statutes

286.5775  Postretirement increases: Increases based on years allowance received; beneficiaries of deceased employees; limitations.

      1.  In addition to the other postretirement allowances and increases provided by law, if adequate money is available which has been designated for this purpose, the Public Employees’ Retirement System shall provide a postretirement increase based upon the total number of calendar years that the recipient has been receiving an allowance. The increases are payable beginning July 1, 1977, and July 1, 1978, as follows:

 

       Total Years

Receiving Allowance                                                                       Increase of Base Benefit

 

    12 or more..................................................................................... 5.00  percent

   11                                                                                                      4.75  percent

   10                                                                                                      4.50  percent

      9                                                                                                      4.25  percent

      8                                                                                                      4.00  percent

      7                                                                                                      3.75  percent

      6                                                                                                      3.50  percent

      5                                                                                                      3.25  percent

      4                                                                                                      3.00  percent

      3                                                                                                      2.75  percent

      2                                                                                                      2.50  percent

      1                                                                                                      2.25  percent

 

      2.  A person who has been receiving an allowance for at least 6 months but less than 1 year when postretirement increases are paid is entitled to an increase of 2 percent of the person’s base benefit.

      3.  A beneficiary of a deceased retired employee is entitled to receive postretirement increases provided in this section based on the effective date of retirement for the retired employee and:

      (a) The base benefit for the retired employee if the retired employee selected option 2 or 4; or

      (b) Fifty percent of the base benefit of the retired employee if the retired employee selected option 3 or 5.

      4.  The postretirement increases provided in this section are payable only if they do not exceed the percentage increase in the Consumer Price Index (All Items) during the previous calendar year or any limitations required as a result of NRS 286.537. The percentage for postretirement increases provided in this section must be reduced to the percentage increase in the Consumer Price Index (All Items) for the previous calendar year if the increase in the index is less than the percentage provided in this section.

      (Added to NRS by 1983, 1927; A 1991, 2366)