NRS 287.046
Office of Finance to establish assessment to pay portion of premiums or contributions for participating retirees with state service
- amounts assessed to be deposited in Retirees’ Fund
- adjustments to portion paid to Program by Retirees’ Fund.
1.
The Office of Finance shall establish an assessment that is to be used to pay for a portion of the cost of premiums or contributions for the Program for persons who were initially hired before January 1, 2012, and have retired with state service.2.
The money assessed pursuant to subsection 1 must be deposited into the Retirees’ Fund and must be based upon a base amount approved by the Legislature each session to pay for a portion of the current and future health and welfare benefits for persons who retired before January 1, 1994, or for persons who retire on or after January 1, 1994, as adjusted by subsection 5.3.
Except as otherwise provided in subsections 7 and 9, the portion to be paid to the Program from the Retirees’ Fund on behalf of such persons must be equal to a portion of the cost for each retiree and the retiree’s dependents who are enrolled in the plan, as defined for each year of the plan by the Program.4.
Except as otherwise provided in subsection 6, the portion of the amount approved by the Legislature as described in subsection 2 to be paid to the Program from the Retirees’ Fund for persons who retired before January 1, 1994, with state service is the base funding level defined for each year of the plan by the Program.5.
Except as otherwise provided in subsection 6, adjustments to the portion of the amount approved by the Legislature as described in subsection 2 to be paid by the Retirees’ Fund for persons who retire on or after January 1, 1994, with state service must be as follows:(a)
For each year of service less than 15 years, excluding service purchased pursuant to NRS 1A.310 or 286.300, the portion paid by the Retirees’ Fund must be reduced by an amount equal to 7.5 percent of the base funding level defined by the Legislature. In no event may the adjustment exceed 75 percent of the base funding level defined by the Legislature.(b)
For each year of service greater than 15 years, excluding service purchased pursuant to NRS 1A.310 or 286.300, the portion paid by the Retirees’ Fund must be increased by an amount equal to 7.5 percent of the base funding level defined by the Legislature. In no event may the adjustment exceed 37.5 percent of the base funding level defined by the Legislature.6.
The portion to be paid to the Program from the Retirees’ Fund on behalf of a retired person whose coverage is provided through the TRICARE program, as established pursuant to 32 C.F.R. § 199.17, or provided through the Program by an individual medical plan offered pursuant to the Health Insurance for the Aged Act, 42 U.S.C. §§ 1395 et seq., must be:(a)
For persons who retired before January 1, 1994, the base funding level defined by the Legislature multiplied by 15.(b)
For persons who retired on or after January 1, 1994, the base funding level defined by the Legislature multiplied by the number of years of service of the person, excluding service purchased pursuant to NRS 1A.310 or 286.300, up to a maximum of 20 years of service.7.
Except as otherwise provided in subsection 8, no money may be paid by the Retirees’ Fund on behalf of a retired person who is initially hired by the State:(a)
On or after January 1, 2010, but before January 1, 2012, and who:(1)
Has not participated in the Program on a continuous basis since retirement from such employment; or(2)
Does not have at least 15 years of service, which must include state service and may include local governmental service, unless the retired person does not have at least 15 years of service as a result of a disability for which disability benefits are received under the Public Employees’ Retirement System or a retirement program for professional employees offered by or through the Nevada System of Higher Education, and has participated in the Program on a continuous basis since retirement from such employment.(b)
On or after January 1, 2012. The provisions of this paragraph must not be construed to prohibit a retired person who was hired on or after January 1, 2012, from participating in the Program until the retired person is eligible for coverage under an individual medical plan offered pursuant to the Health Insurance for the Aged Act, 42 U.S.C. §§ 1395 et seq. The retired person shall pay the entire premium or contribution for his or her participation in the Program.8.
The provisions of subsection 7 do not apply to a person who was employed by the State on or before January 1, 2012, who has a break in service and returns to work for the State at the same or another participating state agency after that date, regardless of the length of the break in service, so long as the person did not withdraw from and was eligible to participate in the Public Employees’ Retirement System before or during the break in service.9.
If the amount calculated pursuant to subsection 5 or 6 exceeds the actual premium or contribution for the plan of the Program that the retired participant selects, the balance must be credited to the Program Fund.10.
For the purposes of this section:(a)
Credit for service must be calculated in the manner provided by chapter 286 of NRS.(b)
No proration may be made for a partial year of service.11.
The Office of Finance shall agree through the Board with the insurer for billing of remaining premiums or contributions for the retired participant and the retired participant’s dependents to the retired participant and to the retired participant’s dependents who elect to continue coverage under the Program after the retired participant’s death.
Source:
Section 287.046 — Office of Finance to establish assessment to pay portion of premiums or contributions for participating retirees with state service; amounts assessed to be deposited in Retirees’ Fund; adjustments to portion paid to Program by Retirees’ Fund., https://www.leg.state.nv.us/NRS/NRS-287.html#NRS287Sec046.