Nevada Revised Statutes 286.612 – Charges for deferred protection: Termination; adjustments of allowances or benefits
1. Charges for deferred protection must not be made on or after July 1, 1995, against the:
Terms Used In Nevada Revised Statutes 286.612
- 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
(a) Allowance payable to a beneficiary pursuant to NRS 286.600 or 286.610, as those sections existed on June 30, 1995.
(b) Service retirement allowance of a member who selected deferred protection for a beneficiary before July 1, 1975, and who will retire on or after July 1, 1995.
(c) Service retirement allowance of a member who selected deferred protection for a beneficiary before July 1, 1975, and who retired before July 1, 1995.
2. If a charge for deferred protection has been made against the allowance or benefit of a member or beneficiary on or after July 1, 1995, the member or beneficiary must notify the Board. The Board shall adjust the allowance or benefit of the member or beneficiary for any charge made during the period between July 1, 1995, and the date of notification.
3. As used in this section, ‘deferred protection’ means the benefit which a member was permitted to select during employment before July 1, 1975, pursuant to NRS 286.600 and 286.610, as those sections existed on June 30, 1995, to provide an allowance to the member’s beneficiary if the member died while employed and before retirement.