Nevada Revised Statutes 286.679 – Disposition of surplus of contributions if payments to beneficiary cease
1. If payments to a beneficiary pursuant to NRS 286.671 to 286.679, inclusive, cease before the total contributions of a deceased member have been paid in benefits, and there is no person entitled to receive such benefits pursuant to any provision of this chapter, the surplus of such contributions over the benefits actually received may be paid in a lump sum to:
Terms Used In Nevada Revised Statutes 286.679
- 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
(a) The beneficiary whom the deceased member designated for this purpose in writing on a form approved by the System.
(b) If no such designation was made or the person designated is deceased, the beneficiary who previously received the payments.
(c) If no payment may be made pursuant to paragraphs (a) and (b), the persons entitled as heirs or residuary legatees to the estate of the deceased member.
2. A lump-sum payment made pursuant to this section fully discharges the obligations of the System.