AB498A

Nevada AB498A revises retirement provisions for public employees, adjusting contribution rates and making appropriations.

Nevada AB498A amends the Public Employees’ Retirement System by adjusting contribution rates for employees and employers. It specifies that the employee contribution rate must match the actuarially determined rate for police officers and firefighters, rounded to the nearest one-quarter of 1 percent. The employer's contribution rate is set at the total actuarially determined rate minus the employee's rate. The bill also mandates that contributions be divided equally between employer and employee unless the employer is a participating state agency.