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2,102: Retirement Programs

Last Revised: May 1998

Nevada Public Employees Retirement System (PERS) - All eligible classified employees shall be enrolled in PERS. There are two contribution plans available to certain members of PERS; the employee/employer-paid contribution plan and the employer-paid contribution plan. Retirement benefits are the same under either contribution plan.

1. The employee/employer-paid contribution plan provides that members will have a retirement contribution deducted from their gross salary and those contributions will be maintained on account at PERS. In the event that the member terminates employment covered by PERS, those contributions, excluding interest, will be available for refund to the member.
2. The employer-paid contribution plan has the gross salary of the employee adjusted downward, but does not have a retirement contribution deduction. The employer pays the full retirement contribution based on the adjusted gross salary. The contributions paid on the employees' behalf are, for the most part, not refundable in the event of termination; however, some expectations can be made. If you feel that you are entitled to receive a refund on the employer-paid contribution plan, contact PERS directly.

Retirement Plan Alternatives (RPA)  - Academic and administrative faculty are eligible to participate in the Retirement Plan Alternatives (RPA) program if they have an "A" or "B" contract and hold a participating position. A participating position is one that is at least 50% FTE, and has a contract with a duration longer than 120 consecutive workdays. Academic and administrative faculty who have an account with the Nevada Public Employees Retirement System (PERS) are ineligible to participate in this program. The RPA program is designated to provide academic and administrative faculty with a monthly retirement income as well as some lump sum cash availability.

Contributions made by the employee and the University will be invested in accounts selected by the employee and in the employee's name. Investment accounts are always 100% vested and are non-forfeitable. Regardless of future employment, faculty retain their right to receive RPA benefits.

The RPA is a defined contribution retirement plan. Under this type of plan, the monthly income received cannot be determined until the employee actually decides to retire. The actual benefit received will be based on several factors, including:

1. The size of the employee's fund at the time of retirement
2. The form of payment selected.
3. Employee's age at retirement.

No loans are available from PERS or RPA accounts at any time.