286.590 - Alternatives to unmodified service retirement allowance. - Nevada Statutes

286.590  Alternatives to unmodified service retirement allowance.  The alternatives to an unmodified service retirement allowance are as follows:

      1.  Option 2 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that it continue after the retired employee’s death for the life of the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of retirement should the beneficiary survive the retired employee.

      2.  Option 3 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that it continue after the retired employee’s death at one-half the rate paid to the retired employee and be paid for the life of the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of retirement should the beneficiary survive the retired employee.

      3.  Option 4 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that it continue after the retired employee’s death for the life of the retired employee’s beneficiary, whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of the election, should the retired employee’s beneficiary survive the retired employee, beginning on the attainment by the surviving beneficiary of age 60. If a beneficiary designated under this option dies after the date of the retired employee’s death but before attaining age 60, the contributions of the retired employee which have not been returned to the retired employee or the retired employee’s beneficiary must be paid to the estate of the deceased beneficiary.

      4.  Option 5 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that it continue after the retired employee’s death at one-half the rate paid to the retired employee and be paid for the life of the retired employee’s beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of the election, should the retired employee’s beneficiary survive the retired employee, beginning on the attainment by the surviving beneficiary of age 60. If a beneficiary designated under this option dies after the date of the retired employee’s death but before attaining age 60, the contributions of the retired employee which have not been returned to the retired employee or the retired employee’s beneficiary must be paid to the estate of the deceased beneficiary.

      5.  Option 6 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that a specific sum per month, which cannot exceed the monthly allowance paid to the retired employee, be paid after the retired employee’s death to the beneficiary for the life of the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of retirement, should the beneficiary survive the retired employee.

      6.  Option 7 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that a specific sum per month, which cannot exceed the monthly allowance paid to the retired employee, be paid after the retired employee’s death to the beneficiary for the life of the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of election, should the beneficiary survive the retired employee, beginning on the attainment by the surviving beneficiary of age 60 years. If a surviving beneficiary dies after the date of the retired employee’s death, but before attaining age 60, all contributions of the retired employee which have not been returned to the retired employee or the retired employee’s beneficiary must be paid to the estate of the beneficiary.

      [Part 20:181:1947; A 1951, 269; 1953, 386; 1955, 23]—(NRS A 1957, 522; 1961, 200; 1975, 1051; 1977, 1593; 1979, 250, 753; 1983, 483; 1993, 2781)