Nevada Revised Statutes 286.5785 – Postretirement increases: Increases payable July 1, 1981, and July 1, 1982
1. On July 1, 1981, and July 1, 1982, 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:
Terms Used In Nevada Revised Statutes 286.5785
- 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
- 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
2. 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.
3. In addition to the other postretirement allowances and increases provided by law, the System shall provide a monthly postretirement increase of $100 per month, beginning on July 1, 1981, to surviving spouses who receive benefits pursuant to subsection 2 of NRS 286.674.
4. 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.