286.6793 - Time of vesting; vesting of benefits upon termination of System. - Nevada Statutes

286.6793  Time of vesting; vesting of benefits upon termination of System.

      1.  The retirement allowance for a member who:

      (a) Ceased being an active member before July 1, 1989, vested on the date that the employee completed 10 years of accredited contributing service; and

      (b) Is active on or after July 1, 1989, becomes vested on the date that the employee completes 5 years of accredited contributing service.

      2.  Benefits for survivors offered pursuant to this chapter become vested on the date that the employee completes 10 years of accredited contributing service or becomes entitled to begin receiving benefits or on the date of the member’s death, whichever event occurs first.

      3.  Unless otherwise specifically provided by the amendatory act, any change in the provisions of this chapter is retroactive for all service of any member before the date of vesting, but no change may impair any vested allowance or benefit.

      4.  Upon the termination or partial termination of the System:

      (a) Except as otherwise provided in paragraph (b), all accrued benefits that are funded become 100 percent vested and nonforfeitable.

      (b) A member who receives the member’s vested accrued benefits in a complete cash distribution before the termination is not entitled to the vesting of any benefits which have been forfeited.

      (Added to NRS by 1967, 744; A 1975, 1060; 1977, 1595; 1979, 261; 1981, 457; 1989, 1028; 1991, 2369; 2001, 1291)