For members of the Judicial Retirement Plan who have an effective date of membership on or after July 1, 2015:
1. A member must pay 50 percent of the total contribution rate that is actuarially determined for members of the Judicial Retirement Plan pursuant to NRS 1A.312.
2. The amount described in subsection 1 must be deducted from each payroll during the period of the member’s membership in the Judicial Retirement Plan and transmitted to the Board at intervals designated and upon forms prescribed by the Board. The contributions must be paid on compensation earned by a member from the member’s first day of service.
3. The Judicial Retirement Plan shall guarantee to each member the return of at least the total contributions which the member has made and which were credited to the member’s individual account. These contributions may be returned to the member, the member’s estate or beneficiary or a combination thereof in monthly benefits, a lump-sum refund or both. The relevant provisions of NRS 286.430 apply to a member of the Judicial Retirement Plan who withdraws his or her contributions to the Plan pursuant to this section.
(Added to NRS by 2015, 2732)
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