FY2016 CCDOA Financial Report as of 6302016.pdf - page 74

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
61
Benefits Provided
Benefits, as required by statute, are determined by the member's number of years of accredited
service at the time of retirement and the member’s highest average compensation in any 36
consecutive months, with special provisions for members entering the system on or after January 1,
2010. Benefit payments to which participants may be entitled under the System include pension
benefits, disability benefits, and survivor benefits.
Monthly benefit allowances for members are computed at 2.5 percent for service credits earned prior
to July 1, 2001, and 2.67 percent for service credit earned after July 1, 2001. For members entering the
system on or after January 1, 2010, there is a 2.5 percent multiplier. The System offers several
alternatives to the unmodified service retirement allowance which, in general, allows the retired
employee to accept a reduced service retirement allowance payable monthly during the employee’s
life and various optional monthly payments to a named beneficiary after the employee’s death.
Regular members are eligible for full retirement benefits at age 65 with five years of service, at age 60
with ten years of service, or at any age with thirty years of service.
Post-retirement increases are provided by authority of NRS §§286.575-.579.
Vesting
Regular members are eligible for retirement at age 65 with five years of service, at age 60 with ten
years of service, or at any age with thirty years of service. Regular members entering the System on
or after January 1, 2010, are eligible for retirement at age 65 with five years of service, or at age 62
with ten years of service, or at any age with thirty years of service. Police/Fire members are eligible
for retirement at age 65 with five years of service, at age 55 with ten years of service, at age 50 with
twenty years of service, or at any age with twenty-five years of service. Police/Fire members entering
the System on or after January 1, 2010, are eligible for retirement at 65 with five years of service, or at
age 60 with ten years of service, or at age 50 with twenty years of service, or at any age with thirty
years of service. Only service performed in a position as a police officer or firefighter may be
counted toward eligibility for retirement as Police/Fire accredited service.
The normal ceiling limitation on monthly benefits allowances is 75 percent of average compensation.
However, a member who has an effective date of membership before July 1, 1985, is entitled to a
benefit of up to 90 percent of average compensation. Both Regular and Police/Fire members
become fully vested as to benefits upon completion of five years of service.
1...,64,65,66,67,68,69,70,71,72,73 75,76,77,78,79,80,81,82,83,84,...169
Powered by FlippingBook