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Bill > AB351

NV AB351

NV AB351
Establishes the Deferred Retirement Option Program for certain public employees. (BDR 23-688)

summary

Introduced
03/20/2023
In Committee
03/20/2023
Crossed Over
Passed
Dead
06/06/2023

Introduced Session

82nd Legislature (2023)

Bill Summary

AN ACT relating to public employment; establishing the Deferred Retirement Option Program to allow public employees who are police officers or firefighters to obtain monthly retirement benefits while continuing public employment; providing certain requirements for participating in the Program; and providing other matters properly relating thereto.

AI Summary

This bill establishes the Deferred Retirement Option Program (the "Program") within the Public Employees' Retirement System (the "System") to allow police officers and firefighters who are active members of the System and have at least 25 years of service credit to continue working while receiving a portion of their monthly retirement benefits. The bill sets forth the eligibility requirements, participation terms, and administrative procedures for the Program, including the establishment of individual accounts for participants, monthly benefit deposits, investment options, and transfer of account control upon termination of participation. The bill also prohibits participants from receiving disability retirement benefits and requires the designation of a survivor beneficiary. The bill aims to ensure the Program's compliance with federal tax laws and authorizes the Public Employees' Retirement Board to adopt regulations to implement the provisions of the bill.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

(No further action taken.) (on 06/06/2023)

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