Bill > AB498A

This bill revises provisions related to public employees' retirement contributions in Nevada, focusing on several key changes. It defines new terms like "normal costs" and "participating state agency" and modifies contribution rates for state employees and the University of Nevada system. For employees of participating state agencies, the bill changes the employee contribution rate to one-half of the normal cost that is actuarially determined for different types of employees, and correspondingly adjusts the employer contribution rate. The bill also increases the contribution rate for the University of Nevada's retirement program from 10% to 17.5% for both the Board of Regents and participants, removing previous language that tied contributions to existing Public Employees' Retirement System rates. To support these changes, the bill includes multiple appropriations from the State General Fund and State Highway Fund totaling over $200 million across fiscal years 2023-2024 and 2024-2025 to help state departments, commissions, agencies, the Judicial Department, Legislative Fund, and Nevada System of Higher Education meet the increased retirement contribution requirements. The new provisions will take effect on July 1, 2023.

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/11927/Overview