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The Nevada State Assembly passed a bill that would make changes to retirement ages and cost-of-living adjustments for certain participants in the $34.8 billion Nevada Public Employees’ Retirement System, Carson City.
The bill, S.B. 406, passed 41-1 in the Assembly on May 22 and awaits a vote in the Senate. A previous version of the bill passed the Senate on April 20.
The bill retains much of the current retirement ages — age 65 for participants with at least five years of service and age 62 for participants with at least 10 years of service — but restricts the eligible age to 55 for participants with at least 30 years of service, effective July 1.
Previously, participants with at least 30 years of service could retire at any age. Now, participants with at least 33 1/3 years of service would be able to retire at any age. Police officers and firefighters aren’t included in these restrictions.
COLA benefits would change so the highest potential COLA would be the lesser of 3% or the average increase in the consumer price index for the three preceding years, beginning in the 10th year of receiving benefits. The current highest COLA is the lesser of 4% or the average CPI in the 12th year of receiving benefits.
Rob Kozlowski writes for Pensions & Investments, a sister publication of Business Insurance.
The U.S. Supreme Court's decision that retirement plan fiduciaries have a duty to continually monitor investments leaves a key issue of what exactly they have to do unresolved, industry observers say.