NRS 286.410
Amount of contribution by members of System
- deduction from payroll
- return of contributions
- members with disabilities.
1.
The employee contribution rate must be:(a)
The matching contribution rate for employees and employers that is actuarially determined for police officers and firefighters and for regular members, depending upon the retirement fund in which the member is participating.(b)
Except as otherwise provided in subsection 2, adjusted on the first monthly retirement reporting period commencing on or after July 1 of each odd-numbered year based on the actuarially determined contribution rate indicated in the biennial actuarial valuation and report of the immediately preceding year. The adjusted rate must be rounded to the nearest one-quarter of 1 percent.2.
The employee’s portion of the matching contribution rate for employees and employers must not be adjusted in accordance with the provisions of paragraph (b) of subsection 1 if:(a)
The existing rate is lower than the actuarially determined rate but within one-quarter of 1 percent of the actuarially determined rate.(b)
The existing rate is higher than the actuarially determined rate but is within 1 percent of the actuarially determined rate. If the existing rate is more than 1 percent higher than the actuarially determined rate, the existing rate must be reduced by the amount by which it exceeds 1 percent above the actuarially determined rate.3.
From each payroll during the period of the employee’s membership, the employer shall deduct the amount of the member’s contributions and transmit the deduction to the Board at intervals designated and upon forms prescribed by the Board. The contributions must be paid on compensation earned by a member from the member’s first day of service.4.
Any employee whose position is determined after July 1, 1971, to be eligible under the early retirement provisions for police officers and firefighters shall contribute the additional contributions required of police officers and firefighters from July 1, 1971, to the date of the employee’s enrollment under the Police and Firefighters’ Retirement Fund, if employment in this position occurred before July 1, 1971, or from date of employment in this position to the date of the employee’s enrollment under the Police and Firefighters’ Retirement Fund, if employment occurs later.5.
Except as otherwise provided in NRS 286.430, the System shall guarantee to each member the return of at least the total employee contributions which the member has made and which were credited to the member’s individual account. These contributions may be returned to the member, the member’s estate or beneficiary or a combination thereof in monthly benefits, a lump-sum refund or both.6.
Members with disabilities who are injured on the job and receive industrial insurance benefits for temporary total disability remain contributing members of the System for the duration of the benefits if and while the public employer continues to pay the difference between these benefits and the member’s regular compensation. The public employer shall pay the employer contributions on these benefits.
Source:
Section 286.410 — Amount of contribution by members of System; deduction from payroll; return of contributions; members with disabilities., https://www.leg.state.nv.us/NRS/NRS-286.html#NRS286Sec410.