286.555 - Refund of portion of contributions to certain persons who became members on or after January 1, 2010.
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:
(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.
(Added to NRS by 2009, 2345)