Nevada Revised Statutes 286.575 – Postretirement increases: Payment; effect on monthly benefit
1. Except as otherwise required as a result of NRS 286.537, a postretirement allowance must be paid from the Public Employees’ Retirement Fund or the Police and Firefighters’ Retirement Fund to each member receiving a disability allowance or service retirement allowance from that Fund under the provisions of this chapter in the amount and manner provided and from time to time adjusted by law. Each member whose allowance was increased after the member’s retirement by payments for years of service in excess of 20 years is entitled to receive an increase based upon the member’s adjusted allowance.
Terms Used In Nevada Revised Statutes 286.575
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
2. Postretirement allowances must be considered a part of a retired employee’s monthly benefit and included in the allowance paid to a beneficiary under one of the optional plans provided in NRS 286.590.