Contact one of our offices and we can provide you with an estimate of what it will cost and the amount of service credit that will be restored. When you are ready to repay the refund, you must request a Repayment Agreement from the PERS office which will list the conditions of your repayment. You may repay the refund through a lump-sum payment, through payroll deductions with interest, or by a lump-sum rollover from a qualified tax-deferred plan.
The refund form provides instructions regarding the completion of the form and the conditions that must be met before a refund can be issued. Your public employer is required to provide PERS with a notice of your termination of employment before your refund can be issued. A refund of employee contributions will cancel your membership in the system and all rights to a retirement benefit, including survivor and disability benefits.
Any member who has obtained 5 years of service credit may purchase up to an additional 5 years of service credit. You may purchase as little as one day or any combination of years, months and days provided it doesn't exceed the five year maximum. Please note the five year maximum also applies to purchases made by your employer on your behalf.
Members who have qualifying military service in Operation Desert Storm, Operation Iraqi Freedom or Operation Enduring Freedom may purchase additional service credit beyond the 5 years once they have completed the initial 5 year purchase.
Members who were first enrolled in PERS after January 1, , must request a purchase of service agreement from PERS while they are still actively employed by their public employer. Members who are planning to purchase service and then immediately retire have additional deadlines to meet in order to purchase service.
It is best to contact us no later than 30 days before your last day of employment. The earlier you notify PERS, the better. The cost to purchase service is determined based on two factors: Your average compensation the monthly average of your 36 highest months of consecutive salary and your age at the time of the purchase. On average, the cost for a one year purchase is approximately one-third of your annual salary.
Typically, the purchase rates increase with your age. To get an idea of what your purchase cost will be, go to the OSC Estimator or log-in to your member account and click on "Service Credit Purchase Estimate. This would include using any employer sponsored deferred compensation plans in which you may participate. Contact one of our offices and request an agreement for a purchase of service. We will confirm how you plan to pay for the purchase at that time. An agreement will be mailed to you within business days.
Your agreement will include specific instructions and the terms of the contract. You will have 60 days to activate the agreement by signing and returning it to our office. If you request a rollover agreement, the agreement will include an additional form that you must provide to your tax deferred administrator.
If you request a payroll deduction, the agreement will include a form that you must provide to your agency payroll office. Once your purchase is paid in full, you will receive written confirmation and the service credit will be added to your account.
The first step is to contact PERS and request a payoff amount. PERS will calculate the payoff amount, including interest, and provide the amount to you in writing. You will have several options for paying off the balance due; lump-sum payment or with a direct rollover.
If you have been paying for your purchase through a payroll deduction, you will be responsible for notifying your payroll office to stop the deduction. PERS representatives are available to discuss how a payoff works and the paperwork required.
If you die as an active member with at least 2 years of service, your survivors are paid monthly survivor benefits. The amount of the benefit is based on your years of service at the time of your death. Survivors include a spouse or registered domestic partner, designated survivor beneficiary with or without additional payees, and dependent children who are under the age of 18 at the time or your death.
A lifetime benefit is paid to the spouse or registered domestic partner or survivor beneficiary with or without additional payees. Dependent children are paid their benefit until they reach age 18 or 23 if they remain unmarried, full-time students. If you are a classified employee of the State of Nevada in a position considered to be half-time or more according to the full-time work week of the employer , you must enroll in the Public Employees' Retirement System PERS.
The employee and the employer each make a contribution to PERS. The contribution made by you is on an after-tax basis. The employee contribution to PERS under this plan is A member who has 5 years or more of service credit is entitled to receive free service credit for military service for the period beginning on the date proclaimed by the President of the United States as the date on which hostilities began in the Persian Gulf Crisis and ending on the date proclaimed by the President of the United States as the termination of hostilities in the Persian Gulf Crisis if the member:.
A member who meets all of the requirements of subsection 1 except that the member does not have 5 years of service credit is entitled to receive the free credit pursuant to subsection 1 as soon as the member attains 5 years of service credit. A member shall not be credited with service for:.
Employment in a position which does not qualify the member for participation in the System;. More than 1 day within a day, 1 month within a month, or 1 year of service in any month period; or. Any period for which compensation is not received by the member unless specifically otherwise provided in this chapter.
Except as specifically otherwise provided in this chapter, a member shall not receive credit in the System for service that entitled such member to credit for retirement purposes in any other retirement system operated by the federal or a state government, or any of their agencies or political subdivisions, including the Social Security Act Act of Congress approved August 14, , chapter , 49 Stat.
Except as provided in NRS Intermittent service shall be credited to a member on the basis of 1 day of service for each 8 hours worked, and portions of a day shall be prorated. Part-time employees who regularly work at least half-time for a full year with a minimum of hours worked are entitled to a full year of credit for retirement eligibility only, with credit for actual service for determination of benefit being granted on actual time worked.
An employee of the Nevada Legislature who works full-time for at least 6 months in a fiscal year during which the Legislature meets in regular session is entitled to a full year of credit for retirement eligibility only, with credit for actual service for determination of benefit being granted on actual time worked. No member may receive less credit under this section than was provided under the law in force at the time when the credit was earned.
Nothing in this section allows a member to receive more than 1 year of credit for retirement eligibility in any year. Added to NRS by , ; A , ; , , Each member who is employed by a school district for less than 12 months per school year and each member of the professional staff of the Nevada System of Higher Education employed for the academic year who is employed for less than 12 months per fiscal year is credited with service as follows:.
Service is credited on the basis of a full year if the member works full-time for the full school year. Employment for a part of a school year is credited on a ratio of one and one-third days for each day worked, but credit may not be given in advance or until the appropriate period has expired.
A full year of service is not credited until the full month period has expired. If the employee begins work under a new contract before the expiration of the month period for the old contract, credit must be granted for the period of overlap, as certified by the school district, at the first period in which there is a lapse in service. Service credit under this section must be computed according to:.
A member receives full credit while on sabbatical leave if the public employer certifies that the compensation and contributions reported for the member are the same as if the member were employed full-time.
For the purpose of maintaining the individual accounts of members, the Board may convert service credit from increments of days, months and years to hundredths of a year. A member shall not be credited with service until after the period to be credited to the member has expired. Except as otherwise provided in subsections 2 and 3, a member of the System:.
For the purposes of this paragraph, any year or part of a year of service purchased by a member pursuant to subsection 2 or 3 of NRS For the purposes of this paragraph, any year or part of a year of service purchased by a police officer or firefighter pursuant to subsection 2 or 3 of NRS Except as otherwise provided in subsection 4, a police officer or firefighter who has at least 5 years of service as a police officer or firefighter and is otherwise eligible to apply for disability retirement pursuant to NRS If a police officer or firefighter who accepted another position with the public employer with which the police officer or firefighter was employed when the police officer or firefighter became disabled pursuant to subsection 3 ceases to work for that public employer before becoming eligible to retire pursuant to subsection 2, the police officer or firefighter may begin to receive a disability retirement allowance without further approval by the Board by notifying the Board on a form prescribed by the Board.
Any member who has the years of creditable service necessary to retire but has not attained the required age, if any, may retire at any age with a benefit actuarially reduced to the required retirement age.
The Board may adjust the actuarial reduction based upon an experience study of the System and recommendation by the actuary. Except as otherwise provided in this section and NRS The retired employee and the public employer shall notify the System:. For the purposes of this section, the average salary for participating public employees who are not police officers or firefighters must be computed on the basis of the most recent actuarial valuation of the System.
If a retired employee who accepts employment or an independent contract with a public employer under this System pursuant to this section elects not to reenroll in the System pursuant to subsection 1 of NRS If a retired employee is chosen by election or appointment to fill an elective public office, the retired employee is entitled to the same allowances as a retired employee who has no employment, unless the retired employee is serving in the same office in which the retired employee served and for which the retired employee received service credit as a member.
A public employer may pay contributions on behalf of such a retired employee to a retirement fund which is not a part of the System in an amount not to exceed the amount of the contributions that the public employer would pay to the System on behalf of a participating public employee who serves in the same office.
A person who accepts employment or an independent contract with:. A person who accepts employment with a volunteer fire department of which all the volunteers have become members of the System pursuant to NRS It is the policy of this State to ensure that the reemployment of a retired public employee pursuant to this section is limited to positions of extreme need.
An employer who desires to employ such a retired public employee to fill a position for which there is a critical labor shortage must make the determination of reemployment based upon the appropriate and necessary delivery of services to the public.
The provisions of subsections 1 and 2 of NRS A retired employee who is reemployed under the circumstances set forth in subsection 2 may reenroll in the System as provided in NRS Positions for which there are critical labor shortages must be determined in an open public meeting held by the designating authority as follows:. In determining whether a position is a position for which there is a critical labor shortage, the designating authority shall make findings based upon the criteria set forth in this subsection that support the designation.
Before making a designation, the designating authority shall consider all efforts made by the applicable employer to fill the position through other means. The written findings made by the designating authority must include:.
A designating authority that designates a position as a critical need position shall submit to the System its written findings which support that designation made pursuant to subsection 5 on a form prescribed by the System. The System shall compile the forms received from each designating authority and provide a biennial report on the compilation to the Interim Retirement and Benefits Committee of the Legislature.
A designating authority shall not designate a position pursuant to subsection 4 as a position for which there is a critical labor shortage for a period longer than 2 years.
To be redesignated as such a position, the designating authority must consider and make new findings in an open public meeting as to whether the position continues to meet the criteria set forth in subsection 5. A retired employee who accepts employment in a position eligible for membership may enroll in the System as of the effective date of that employment.
As of the date of enrollment:. If the duration of the employment was:. The accrual of service credit pursuant to this section is subject to the limits imposed by:. This additional credit for service must not apply to more than one period of employment after the original retirement.
The survivor of a deceased member who had previously retired and was rehired and enrolled in the System, who qualifies for benefits pursuant to NRS Added to NRS by , ; A , ; , ; , , ; , ; , ; , ; , Notwithstanding any other provision of law, every distribution to a member must be made pursuant to the provisions of section a 9 of the Internal Revenue Code, 26 U.
The Board shall not change the actuarial assumptions used in computing the benefits provided to a member. The Board shall make available to every member upon request the actuarial assumptions used in computing the benefits provided to a member.
Notwithstanding any other provision of law, the amount of compensation used to determine the retirement benefit of a member of the System must not exceed:. For persons who first became members of the System before July 1, , the limitation provided by section a 17 of the Internal Revenue Code 26 U. For persons who first became members of the System on or after July 1, , and before July 1, , the limitation provided by section a 17 of the Internal Revenue Code 26 U.
For persons who first became members of the System on or after July 1, , the lesser of:. The limitation set forth in this paragraph must be adjusted by the Board every year by an amount equal to the average percentage increase in the Consumer Price Index All Items for the immediately preceding 3-year period.
The election provided by section b 10 c of the Internal Revenue Code 26 U. Notwithstanding any other provision of this chapter, the benefits payable to and the contributions made by or for the benefit of an employee whose effective date of membership is on or after January 1, , are limited pursuant to the provisions of sections b , c and e of the Internal Revenue Code 26 U.
Forfeitures must not be applied to increase the benefits any member would otherwise receive pursuant to the provisions governing the System as provided by section a 8 of the Internal Revenue Code, 26 U. Applications for service retirement allowances or disability retirement allowances must be submitted to the offices of the System on forms approved by the Executive Officer.
The form shall not be deemed filed unless it contains:. Except as otherwise required by NRS The selection of a retirement plan by a member and consent or objection to that plan by the spouse pursuant to this section does not affect the responsibility of the member concerning the rights of any present or former spouse.
The System is not liable for any damages resulting from the false designation of marital status by a member or retired member. If the spouse of the member does not consent to the retirement plan chosen by the member before the date on which the retirement becomes effective pursuant to NRS Upon consent of the spouse or at the end of the 90 days, the retirement benefit must be recalculated and paid under the terms of the option originally selected by the member retroactively to the date on which the retirement became effective.
Compensation attributable to a promotion and assignment-related compensation must be excluded when calculating the limits pursuant to subsection 4.
This subsection does not affect the computation of years of service. The retirement allowance for a regular part-time employee must be computed from the salary which the employee would have received as a full-time employee if it results in greater benefits for the employee. A regular part-time employee is a person who works half-time or more, but less than full-time:. Added to NRS by , ; A , ; , ; , ; , ; , ; , , ; , , ; , ; , ; , A person who becomes a member of the System on or after January 1, , and whose monthly service retirement allowance is determined using an average compensation amount limited by the provisions of subsection 4 of NRS Except as otherwise provided in subsection 2, for a person who retires and who has an effective date of membership on or after January 1, , and before July 1, , allowances or benefits must be increased once each year on the first day of the month immediately following the anniversary of the date the person began receiving the allowance or benefit, by the lesser of:.
The Board may use a different index for the calculation made pursuant to paragraph b of subsection 1 if:. The base from which the increase provided by this section must be calculated is the allowance or benefit in effect on the day before the increase becomes effective. For a person who retires and who has an effective date of membership on or after July 1, , allowances or benefits must be increased once each year on the first day of the month immediately following the anniversary date the person began receiving the allowance or benefit:.
Added to NRS by , ; A , ; , ; , ; , ; , ; , ; , Except as otherwise provided in subsection 3, allowances or benefits increase once each year on the first day of the month immediately following the anniversary of the date the person began receiving the allowance or benefit, by the lesser of:.
The Board may use a different index for the calculation made pursuant to paragraph b of subsection 2 if:. If the money in that account is insufficient to pay those increases, the amount needed must be provided by the System. The System shall pay a postretirement allowance from the appropriate retirement fund to each member receiving a disability retirement allowance or service retirement allowance under the provisions of this chapter who first became entitled to receive any such allowance before July 1, , as follows: As of the 1st day of July in each year following June 30, , or the calendar year in which any monthly disability allowance or service retirement allowance was first paid, whichever last occurs, and preceding July 1, , there must be added to such monthly disability allowance or service retirement allowance and paid to the member monthly thereafter an amount equivalent to 1.
Beginning on July 1, , the System shall pay a postretirement increase from the appropriate retirement fund to each person who receives monthly service retirement, disability or survivor benefit allowances as follows:. July 1 to December 31, Calendar year Beginning July 1, , a postretirement increase of 2 percent must be paid to every such member who began receiving benefits during the calendar year The increases are payable beginning July 1, , and July 1, , as follows:.
Total Years. Receiving Allowance Increase of Base Benefit. A beneficiary of a deceased retired employee is entitled to receive postretirement increases provided in this section based on the effective date of retirement for the retired employee and:.
The postretirement increases provided in this section are payable only if they do not exceed the percentage increase in the Consumer Price Index All Items during the previous calendar year or any limitations required as a result of NRS The percentage for postretirement increases provided in this section must be reduced to the percentage increase in the Consumer Price Index All Items for the previous calendar year if the increase in the index is less than the percentage provided in this section.
The increases provided in subsection 1 are payable on July 1, , and July 1, , as follows:. Number of Years Receiving Increase in Cumulative. Allowance or Benefit Allowance or Benefit. If the percentage increase in the index for the preceding year is less than any percentage increase described in subsection 2, the latter increase must be reduced to the former. On July 1, , and July 1, , the System shall provide a cost-of-living increase to each retired employee or beneficiary.
The increase must be based on the number of years the person has been drawing benefits plus the portion of the year, in full calendar months, in which the person began drawing benefits, in the amounts:. Number of years and full calendar. The increase for a retired employee or beneficiary who has been receiving benefits for less than 12 full calendar months on July 1 is 3 percent prorated for the number of full calendar months in which the person has received benefits. The increases provided in this section are payable only if and to the extent that they respectively do not exceed the increase in the Consumer Price Index All Items for the calendar year preceding their payment.
Base Benefit Monthly Increase. A single postretirement increase pursuant to this section must be prorated among two or more recipients of benefits for survivors on behalf of one deceased member. The alternatives to an unmodified service retirement allowance are as follows:. If a member enters retirement status under one of the optional plans described in NRS A retired employee may not change the selected option or designated beneficiary after the effective date of retirement except as provided in subsection 4 of this section and subsection 3 of NRS A retired employee who selects one of the optional plans described in NRS PERS retirees can collect their full benefits earlier than if they were in Social Security, where the current full retirement age is 66 and will soon be If a regular employee has If they have 30 years of service, they can retire at 55; if they have 10 years, they can retire at 62, and if they have five years, they can retire at Police and firefighters have an even younger retirement age.
If they serve for at least 20 years, they can retire at age People who retire early lose 6 percent of their retirement pay per early year. Proposals to overhaul the system and make it a hybrid, including a bill in and one proposed this session by Controller Ron Knecht , have called for matching the retirement age with the Social Security retirement age.
Police officers and firefighters have a more generous benefit structure than regular employees. They make higher contributions to the fund during their working years — For regular members, having a survivor usually means a trade-off for themselves. The PERS board is supposed to set a contribution level every two years based on how much the system needs. Of that, School teachers and workers at large local governments often have the entirety of their contribution — 28 percent — paid by their employer before taxes.
Having the employer pay the full contribution usually means a salary reduction or a lack of a raise to compensate, and the contributions are not refundable if the employee leaves. In the plan typically used by state employees, workers pay half of the PERS costs while their employer puts in the other half.
The employee can recoup the amount they put in if they want to leave PERS, but the plan contributions are slightly higher 29 percent because of its refundability.
Effective in , the system raised their contribution level from While lawmakers resumed pay increases and ended mandatory furloughs in , those gains were offset by the call to contribute more to PERS.
Critics at the Nevada Policy Research Institute , a libertarian think tank, say contributions should be higher to put the plan on more solid footing to brace for lackluster investment years.
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