Nevada 2023 Regular Session Status: Enacted 1 D cosponsors

SB 434 — Revises provisions related to retirement. (BDR 23-16)

Last action — Chapter 413.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced March 27, 2023. Enacted.

Signed by Governor Joe Lombardo (Republican) on June 13, 2023.

Prognosis

Advancing 52% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 D).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

322 added · 435 removed

322 line(s) added, 435 removed.

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(Reprinted with amendments adopted on April 24, 2023) FIRST REPRINT S.B.
Senate Bill No.
434 SENATE B ILLN O.
434–Senator Neal CHAPTER..........
434–SENATOR N EAL M ARCH 27, 2023 ____________ Referred to Committee on Government Affairs SUMMARY—Revises provisions related to retirement.
(BDR 23-16) FISCAL NOTE:
Effect on Local Government:
May have Fiscal Impact.
Effect on the State:
Yes.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
revising provisions governing the disposition of certain pension or retirement benefits upon dissolution of marriage;
Eligible retired public employees receive retirement allowances through (Chapter 286 of NRS) Under existing law, certain persons are not eligible to be members of the System, including substitute teachers.
Eligible retired public employees receive retirement allowances through membership in and contributions to the Public Employees’ Retirement System.
(NRS 286.297) Section 1 of this bill makes substitute teachers eligible for membership in the System.
(Chapter 286 of NRS) Under existing law, certain persons are not eligible to be members of the System, including substitute teachers.
Existing law provides several different alternative options to an unmodified retirement allowance under the Public Employees’ Retirement System that members are authorized to elect upon retirement.
(NRS 286.297) Section 1 of thiExisting law provides several different alternative options to an unmodified retirement allowance under the Public Employees’ Retirement System that members are authorized to elect upon retirement.
(NRS 286.590) Section 2 of this allowance with a benefit paid for 6 months to a designated beneficiary or anent alternate beneficiary.
(NRS 286.590) Section 2 of this bill provides the additional alternative option of a reduced service retirement allowance with a benefit paid for 6 months to a designated beneficiary or an alternate beneficiary.
Existing law specifies certain powers and duties of courts in granting a divorce.
(NRS 125.150) Section 2.5 of this bill requires a court, in granting a divorce, toe.
One such power is modifying an adjudication of property rights or an agreement settling property rights upon written stipulation by the parties to the action.
provide an explanation, or ensure that an explanation has been provided, to the parties of any provision relating to the disposition of pension or retirement benefits that will be included in the decree of divorce or any related order.
(NRS 125.150) Section 2.5 of this bill requires a court, in granting a divorce, to provide any provision relating to the disposition of pension or retirement benefits that will be included in the decree of divorce or any related order.
EXPLANATION – Matter in bolded italics is new;
Section 2.5 also authorizes a court to modify the adjudication of or an agreement settling property - *SB434_R1* – 2 – rights as a result of the filing of a motion to amend the adjudication or agreement relating to the disposition of pension or retirement benefits by the parties to the action.
matter between brackets [omitted material] is material to be omitted.
provided by the Public Employees’ Retirement System or the Judicial Retirement Plan upon dissolution of marriage.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Existing law codifies the “time rule,” whereby the community interest in such retirement benefits is calculated by dividing an employee’s length of service during marriage by his or her total length of service.
(NRS 125.155) Section 3 of this bill replaces the “time rule” with the “frozen “frozen” at the salary base and years of service of the party participating in the retirement system on the date on which the decree of legal separation or divorce is entered.
The “frozen benefit rule” currently applies to military pensions under the Uniformed Services Former Spouses’ Protection Act.
(10 U.S.C.
§ 1408(a)(4)(B)) THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Receipt of a fee for attendance at official sessions of a particular board or commission does not constitute compensation for the purpose of this subsection.
Receipt of a fee for - 82nd Session (2023) – 2 – attendance at official sessions of a particular board or commission does not constitute compensation for the purpose of this subsection.
6.
of the Supreme Court first elected or appointed on or after July 1,s 1977, who are not enrolled in the System at the time of election or appointment.
District judges, judges of the Court of Appeals and justices of the Supreme Court first elected or appointed on or after July 1, 1977, who are not enrolled in the System at the time of election or appointment.
- *SB434_R1* – 3 – 10.
10.
1.
payable monthly during the retired employee’s life, with thelowance provision that it continue after the retired employee’s death for the life of the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of retirement should the beneficiary survive the retired employee.
Option 2 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that it continue after the retired employee’s death for the life of the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of retirement should the beneficiary survive the retired employee.
Option 4 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that it continue after the retired employee’s death for the life of the retired employee’s beneficiary, whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of the election, should the retired employee’s beneficiary survive the retired employee, beginning on the attainment by the surviving beneficiary of age 60.
Option 4 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the - 82nd Session (2023) – 3 – life of the retired employee’s beneficiary, whom the retiredh for the employee nominates by written designation acknowledged and filed with the Board at the time of the election, should the retired employee’s beneficiary survive the retired employee, beginning on the attainment by the surviving beneficiary of age 60.
Option 5 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that it continue after the retired employee’s death at one- half the rate paid to the retired employee and be paid for the life of the retired employee’s beneficiary whom the retired employee nominates by written designation acknowledged and filed with the - *SB434_R1* – 4 – Board at the time of the election, should the retired employee’s beneficiary survive the retired employee, beginning on the attainment by the surviving beneficiary of age 60.
Option 5 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that it continue after the retired employee’s death at one- half the rate paid to the retired employee and be paid for the life of the retired employee’s beneficiary whom the retired employee nominates by written designation acknowledged and filed with the beneficiary survive the retired employee, beginning on theoyee’s attainment by the surviving beneficiary of age 60.
6.
payable monthly during the retired employee’s life, with thelowance provision that a specific sum per month, which cannot exceed the monthly allowance paid to the retired employee, be paid after the retired employee’s death to the beneficiary for the life of the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of election, should the beneficiary survive the retired employee, beginning on the attainment by the surviving beneficiary of age 60 years.
Option 7 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that a specific sum per month, which cannot exceed the monthly allowance paid to the retired employee, be paid after the retired employee’s death to the beneficiary for the life of the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of election, should the beneficiary survive the retired employee, beginning on the attainment by the surviving beneficiary of age 60 years.
If a surviving beneficiary dies after the date of the retired - 82nd Session (2023) – 4 – employee’s death, but before attaining age 60, all contributions of the retired employee which have not been returned to the retired employee or the retired employee’s beneficiary must be paid to the estate of the beneficiary.
If a surviving beneficiary dies after the date of the retired employee’s death, but before attaining age 60, all contributions of the retired employee which have not been returned to the retired employee or the retired employee’s beneficiary must be paid to the estate of the beneficiary.
payable monthly during the retired employee’s life, with thelowance provision that a specific sum per month, which cannot exceed the monthly allowance paid to the retired employee, be paid for 6 months after the retired employee’s death to the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of retirement, should the beneficiary survive the retired employee.
7.
Option 8 consists of a reduced service retirement allowance payable monthly during the retired employee’s life, with the provision that a specific sum per month, which cannot exceed the monthly allowance paid to the retired employee, be paid for 6 months after the retired employee’s death to the beneficiary whom the retired employee nominates by written designation acknowledged and filed with the Board at the time of retirement, should the beneficiary survive the retired employee.
- *SB434_R1* – 5 – If the retired employee designated an alternate beneficiary, any amount which has not been paid pursuant to this subsection to the initial designated beneficiary before the initial designated beneficiary’s death must be paid to the alternate designated beneficiary.
If the retired employee designated an alternate beneficiary, any amount which has not been paid pursuant to this subsection to the initial designated beneficiary before the initial designated beneficiary’s death must be paid to the alternate designated beneficiary.
If the alternate designated beneficiary also later dies less than 6 months after the date of the retired employee’s death, any amount which has not been paid to the alternate designated beneficiary pursuant to this subsection must be paid to the estate of the alternate designated beneficiary.
If the alternate designated beneficiary also later dies less than 6 months after the date of the retired employee’s death, any amount which has not been paid to the alternate designated beneficiary pursuant to this subsection must be paid to the estate beneficiary and, if applicable, the alternate designated beneficiary do not survive the retired employee, any amount which is required to be paid pursuant to this subsection to a beneficiary must be paid to the estate of the retired employee.
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If the initial designated beneficiary and, if applicable, the alternate designated beneficiary do not survive the retired employee, any amount which is required to be paid pursuant to this subsection to a beneficiary must be paid to the estate of the retired employee.
[and] (b) Shall, to the extent practicable, make an equal disposition of the community property of the parties, including, without limitation, any community property transferred into an irrevocable trust pursuant to NRS 123.125 over which the court acquires jurisdiction pursuant to NRS 164.010, except that the court may make an unequal disposition of the community property in such proportions as it deems just if the court finds a compelling reason to do so and sets forth in writing the reasons for making the unequal disposition [.] ;
[and] (b) Shall, to the extent practicable, make an equal disposition of the community property of the parties, including, without limitation, - 82nd Session (2023) – 5 – pursuant to NRS 123.125 over which the court acquires jurisdiction pursuant to NRS 164.010, except that the court may make an unequal disposition of the community property in such proportions as it deems just if the court finds a compelling reason to do so and sets forth in writing the reasons for making the unequal disposition [.] ;
If a party has made a contribution of separate property to the acquisition or improvement of property held in joint tenancy, the court may provide for the reimbursement of that party for his or her contribution.
If a party has made a contribution of separate property to the acquisition or improvement of property held in joint tenancy, the court may provide for the reimbursement of that party exceed the amount of the contribution of separate property that can be traced to the acquisition or improvement of property held in joint tenancy, without interest or any adjustment because of an increase in the value of the property held in joint tenancy.
The amount of reimbursement must not exceed the amount of the contribution of separate property that can be traced to the acquisition or improvement of property held in joint tenancy, without interest or any adjustment because of an increase in - *SB434_R1* – 6 – the value of the property held in joint tenancy.
As used in this subsection, “contribution” includes, without limitation, a down payment, a payment for the acquisition or improvement of property, and a payment reducing the principal of a loan used to finance the purchase or improvement of property.
As used in this subsection, “contribution” includes, without improvement of property, and a payment reducing the principal of a loan used to finance the purchase or improvement of property.
A motion pursuant to this subsection must be filed within 3 years after the discovery by the aggrieved party of the facts constituting the fraud or mistake.
A motion pursuant to this - 82nd Session (2023) – 6 – subsection must be filed within 3 years after the discovery by the aggrieved party of the facts constituting the fraud or mistake.
The court has continuing jurisdiction to hear such a motion and shall equally divide the omitted community property or liability between the parties unless the court finds that:
The court has continuing jurisdiction to hear such a motion and shall equally divide the omitted community property or liability between the(a) The community property or liability was included in a prior equal disposition of the community property of the parties or in an unequal disposition of the community property of the parties which was made pursuant to written findings of a compelling reason for making that unequal disposition;
(a) The community property or liability was included in a prior equal disposition of the community property of the parties or in an unequal disposition of the community property of the parties which was made pursuant to written findings of a compelling reason for making that unequal disposition;
- *SB434_R1* – 7 – 5.
5.
In the event of the death of either party or the subsequent remarriage of the spouse to whom specified periodic payments were to be made, all the payments required by the decree must cease, unless it was otherwise ordered by the court.
In the event of the death of either party or the subsequent to be made, all the payments required by the decree must cease,re unless it was otherwise ordered by the court.
If the court adjudicates the property rights of the parties, or an agreement by the parties settling their property rights has been approved by the court, whether or not the court has retained jurisdiction to modify them, the adjudication of property rights, and the agreements settling property rights, may nevertheless at any time thereafter be modified by the court as a result of the filing of a motion to amend the adjudication or agreement relating to the disposition of pension or retirement benefits by the parties to the action or upon written stipulation signed and acknowledged by the parties to the action, and in accordance with the terms thereof.
If the court adjudicates the property rights of the parties, or an agreement by the parties settling their property rights has been approved by the court, whether or not the court has retained jurisdiction to modify them, the adjudication of property rights, and the agreements settling property rights, may nevertheless at any time thereafter be modified by the court upon written stipulation signed and acknowledged by the parties to the action, and in accordance with the terms thereof.
Payments pursuant to a decree entered on or after July 1, 1975, which have not accrued at the time a motion for modification is filed may be modified upon a showing of changed circumstances, whether or not the court has expressly retained jurisdiction for the modification.
Payments pursuant to a decree entered on or after July 1, - 82nd Session (2023) – 7 – is filed may be modified upon a showing of changed circumstances,n whether or not the court has expressly retained jurisdiction for the modification.
(c) The contribution of each spouse to any property held by the spouses pursuant to NRS 123.030;
(c) The contribution of each spouse to any property held by the spo(d) The duration of the marriage;
(d) The duration of the marriage;
- *SB434_R1* – 8 – (g) The career before the marriage of the spouse who would receive the alimony;
(g) The career before the marriage of the spouse who would receive the alimony;
In granting a divorce, the court shall consider the need to grant alimony to a spouse for the purpose of obtaining training or education relating to a job, career or profession.
In granting a divorce, the court shall consider the need to education relating to a job, career or profession.
11.
- 82nd Session (2023) – 8 – 11.
(1) Testing of the recipient’s skills relating to a job, career or profession;
profession;Testing of the recipient’s skills relating to a job, career or (2) Evaluation of the recipient’s abilities and goals relating to a job, career or profession;
(2) Evaluation of the recipient’s abilities and goals relating to a job, career or profession;
or - *SB434_R1* – 9 – (III) Courses of training in skills desirable for employment.
or (III) Courses of training in skills desirable for employment.
NRS 125.155 is hereby amended to read as follows:
(Deleted by amendment.) Sec.
125.155 Unless the action is contrary to a premarital agreement between the parties which is enforceable pursuant to chapter 123A of NRS or is prohibited by specific statute:
1.
In determining the value of an interest in or entitlement to a pension or retirement benefit provided by the Public Employees’ Retirement System pursuant to chapter 286 of NRS or the Judicial Retirement Plan established pursuant to NRS 1A.300, the court [:
(a) ] shall base its determination upon the amount of the pension or retirement benefits to which the participating party would have been entitled using the salary base and years of service of the participating party on the date on which a decree of legal separation or divorce is entered.
[Shall base its determination upon the number of years or portion thereof that the contributing party was employed and received the interest or entitlement, beginning on the date of the marriage and ending on the date on which a decree of legal separation or divorce is entered;
and (b) Shall not base its determination upon any estimated increase in the value of the interest or entitlement resulting from a promotion, raise or any other efforts made by the party who contributed to the interest or entitlement as a result of his or her continued employment after the date of a decree of legal separation or divorce.] 2.
The court may, in making a disposition of a pension or retirement benefit provided by the Public Employees’ Retirement System or the Judicial Retirement Plan, order that the benefit not be paid before the date on which the participating party retires.
To ensure that the party who is not a participant will receive payment for the benefits, the court may:
(a) On its own motion or pursuant to an agreement of the parties, require the participating party to furnish a performance or - *SB434_R1* – 10 – surety bond, executed by the participating party as principal and by a corporation qualified under the laws of this state as surety, made payable to the party who is not a participant under the plan, and conditioned upon the payment of the pension or retirement benefits.
The bond must be in a principal sum equal to the amount of the determined interest of the nonparticipating party in the pension or retirement benefits and must be in a form prescribed by the court.
(b) On its own motion or pursuant to an agreement of the parties, require the participating party to purchase a policy of life insurance.
The amount payable under the policy must be equal to the determined interest of the nonparticipating party in the pension or retirement benefits.
The nonparticipating party must be named as a beneficiary under the policy and must remain a named beneficiary until the participating party retires.
(c) Pursuant to an agreement of the parties, increase the value of the determined interest of the nonparticipating party in the pension or retirement benefit as compensation for the delay in payment of the benefit to that party.
(d) On its own motion or pursuant to an agreement of the parties, allow the participating party to provide any other form of security which ensures the payment of the determined interest of the nonparticipating party in the pension or retirement benefit.
3.
If a party receives an interest in or an entitlement to a pension or retirement benefit which the party would not otherwise have an interest in or be entitled to if not for a disposition made pursuant to this section, the interest or entitlement and any related obligation to pay that interest or entitlement terminates upon the death of either party unless pursuant to:
(a) An agreement of the parties;
or (b) An order of the court,  a party who is a participant in the Public Employees’ Retirement System or the Judicial Retirement Plan provides an alternative to an unmodified service retirement allowance pursuant to NRS 1A.450 or 286.590.
Sec.
This act becomes effective upon passage and approval.
This act becomes effective on July 1, 2023.
H - *SB434_R1*
~~~~~ 23 - 82nd Session (2023)
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Amendments

2 amendments

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Action History

  1. Chapter 413.

  2. Approved by the Governor.

  3. Enrolled and delivered to Governor.

  4. Assembly Amendment No. 630 concurred in. To enrollment.

  5. In Senate.

  6. From printer. To reengrossment. Reengrossed. Second reprint. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 41, Nays: None, Excused: 1.) To Senate.

  7. From committee: Amend, and do pass as amended. Placed on Second Reading File. Read second time. Amended. (Amend. No. 630.) To printer.

  8. In Assembly. Read first time. Referred to Committee on Government Affairs. To committee.

  9. From printer. To engrossment. Engrossed. First reprint. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 19, Nays: 2.) To Assembly.

  10. From committee: Amend, and do pass as amended. Placed on Second Reading File. Read second time. Amended. (Amend. No. 523.) To printer.

  11. From printer. To committee.

  12. Read first time. Referred to Committee on Government Affairs. To printer.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 66 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (66)

66 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Frequently asked questions

Who sponsors SB 434?
SB 434 is sponsored by Neal, Dina (Democratic).
What is the current status of SB 434?
This bill has been enacted into law. Introduced March 27, 2023. Enacted.
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