If you terminate during the first five years of your employment and you take a refund of employee contributions, upon termination, it will close your account with PERS and result in no future entitlement to a PERS benefit. Employee contributions remaining in your PERS account at your retirement will result in your part of your income being non-taxable.
Contributions made by the employer under Employer Paid Contribution EPC retirement are not available for refund to you should you terminate your employment. The employer makes the contribution to PERS at a rate of Your salary is multiplied by a factor to determine the pay rate and reflects the contributions made by the employer to PERS.
Applications can be mailed to you or are available in our offices. Counselors are available to assist you in completing your application in both our Carson City and Las Vegas offices, or you may mail in your completed application directly to our Carson City office.
Below we have listed the eligibility requirements for retirement based on when you were first enrolled in PERS:. Part-time members of PERS earn service credit based on the percentage of full-time hours they work.
For example, if you work exactly half-time for one calendar year, you earn six months of service credit. However, special vesting rules apply for part-time employees. If you work at least half-time for one calendar year, you receive one full year toward vesting. Specific rules apply to school district employees. School district employees who work less than 12 months in a school year, earn a day and a third for each day worked.
No more than 12 months in a year can be credited to your account. Service credit is the accumulation of the actual years, months and days you worked for your public employer while in a PERS eligible position.
Service credit is based on hours or salary earned as reported by your employer. Service credit is not earned for any periods of leave without pay LWOP.
Create a username and password on our website and then log into your account to see your accumulative service credit. You may also call one of our offices and speak with a PERS representative or review your service credit on your Member Statement.
Log in to your account and look at your designated beneficiaries. If any of your beneficiaries have the relationship of "Survivor Beneficiary", this would indicate that a form was properly completed and is on file at the PERS office.
You may also call one of our offices and a PERS representative can verify the receipt of your form. If you haven't completed the form, or need to change your information, complete the Survivor Beneficiary Designation and return it to one of our offices. A Survivor Beneficiary applies to both married and single members who have not retired.
In the event of simultaneous death of you and your spouse or registered domestic partner, your designated Survivor Beneficiary will receive the lifetime benefit your spouse or registered domestic partner would have received. You may also choose to designate additional payees to share the survivor beneficiary benefit based on a percentage you indicate on your form.
As long as you do not take a refund of employee contributions, your service credit will not be cancelled. The service credit you earned as of the date you stopped working will remain in the System. Should you later return to employment with a Nevada public employer in a PERS eligible position, your new service credit will be combined with your previous service.
Once you have been re-employed by a Nevada public employer and earned six months of service credit, you can repay your refund. Contact one of our offices and we can provide you with an estimate of what it will cost and the amount of service credit that will be restored. When you are ready to repay the refund, you must request a Repayment Agreement from the PERS office which will list the conditions of your repayment. You may repay the refund through a lump-sum payment, through payroll deductions with interest, or by a lump-sum rollover from a qualified tax-deferred plan.
The refund form provides instructions regarding the completion of the form and the conditions that must be met before a refund can be issued. Your public employer is required to provide PERS with a notice of your termination of employment before your refund can be issued. A refund of employee contributions will cancel your membership in the system and all rights to a retirement benefit, including survivor and disability benefits. Any member who has obtained 5 years of service credit may purchase up to an additional 5 years of service credit.
You may purchase as little as one day or any combination of years, months and days provided it doesn't exceed the five year maximum. Please note the five year maximum also applies to purchases made by your employer on your behalf. Members who have qualifying military service in Operation Desert Storm, Operation Iraqi Freedom or Operation Enduring Freedom may purchase additional service credit beyond the 5 years once they have completed the initial 5 year purchase.
Members who were first enrolled in PERS after January 1, , must request a purchase of service agreement from PERS while they are still actively employed by their public employer. Members who are planning to purchase service and then immediately retire have additional deadlines to meet in order to purchase service. It is best to contact us no later than 30 days before your last day of employment. The earlier you notify PERS, the better. The cost to purchase service is determined based on two factors: Your average compensation the monthly average of your 36 highest months of consecutive salary and your age at the time of the purchase.
On average, the cost for a one year purchase is approximately one-third of your annual salary. Typically, the purchase rates increase with your age. To get an idea of what your purchase cost will be, go to the OSC Estimator or log-in to your member account and click on "Service Credit Purchase Estimate.
This would include using any employer sponsored deferred compensation plans in which you may participate. Contact one of our offices and request an agreement for a purchase of service. We will confirm how you plan to pay for the purchase at that time. An agreement will be mailed to you within business days.
Your agreement will include specific instructions and the terms of the contract. Vesting If you are a contributing member of PERS after June 30, , you earn the right to receive a retirement allowance after five years of service. Disability Retirement If you have five or more years of service and become totally unable to perform your current or any comparable job because of an injury or mental or physical illness of a permanent nature, you are eligible to apply for disability retirement.
If you are a contributing member of PERS after June 30, , you earn the right to receive a retirement allowance after five years of service. Eligibility for Unreduced Benefits. Benefits are paid to you for life and, after your death, to the one person named as your beneficiary on the retirement application. It is not mandatory to name a beneficiary.
Prospective retirees may elect one of seven retirement options:. After retirement, the named beneficiary cannot be changed. If you chose any of the Options , you may under certain conditions, choose to revert to the Unmodified Option.
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