Nevada Revised Statutes 286.555 – Refund of portion of contributions to certain persons who became members on or after January 1, 2010
1. A person who becomes a member of the System on or after January 1, 2010, and whose monthly service retirement allowance is determined using an average compensation amount limited by the provisions of subsection 4 of NRS 286.551 is entitled to a refund from the person’s individual account of the difference between:
Terms Used In Nevada Revised Statutes 286.555
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) The amount of the employee contribution pursuant to NRS 286.410; and
(b) The amount the employee contribution would have been had it been actuarially determined to account for the limits imposed by the provisions of subsection 4 of NRS 286.551.
2. The System shall pay any amount to which a person is entitled pursuant to subsection 1 upon the final determination of the amount of the person’s benefit, but not later than 6 months after the effective date of the person’s retirement.