Know Your PERS Contract

I continue to hear from newer officers that they've been told they must work 30 or 33 years before becoming eligible to retire. This is being repeated in the academy, within the chain of command, and even by senior officers. Let's set the record straight: that information is incorrect.

All members, regardless of which PERS plan you were hired under, vest after five years of service. Vesting means that once you reach a qualifying age, you are eligible to receive a pension.

PERS Plan Tiers

There are three PERS plans, and your placement is based on your hire date: hired before January 1, 2010; hired on or after January 1, 2010; or hired on or after July 1, 2015. You can review your specific plan by visiting nvpers.org under Publications and Retirement Brochures. I urge you to create an account and become familiar with your plan documents.

Retirement Eligibility (No Penalty)

Pre-2010 Plan: Age 65 with 5 years of service; Age 55 with 10 years of service; Age 50 with 20 years of service; Any age with 25 years of service; Multiplier: 2.67% per year.

January 1, 2010 Plan: Age 65 with 5 years of service; Age 60 with 10 years of service; Age 50 with 20 years of service; Any age with 30 years of service; Multiplier: 2.50% per year.

July 1, 2015 Plan: Age 65 with 5 years of service; Age 60 with 10 years of service; Age 50 with 20 years of service; Multiplier: 2.50% per year.

Early Retirement Penalties

If you retire before meeting full eligibility, your benefit will be reduced: Pre-2010 Plan — 4% reduction per year (prorated monthly); January 1, 2010 Plan — 6% reduction per year (prorated monthly); July 1, 2015 Plan — 6% reduction per year (prorated monthly). Members in all plans may purchase service credit. However, under the 2015 plan, purchased time does not allow you to retire earlier. It only increases your pension amount.

As always, if you have any questions about your benefits, reach out to me directly. I will make sure you get accurate information.