Retirement

Classified employees participate in the Public Employees’ Retirement System of Nevada (PERS).

Contribution Options:

Classified employees may choose between two contribution structures:

Employee/Employer Contribution Plan

• • Employees contribute 19.25% of gross salary, and the university contributes 19.25%.

Employer-Pay Plan

• • The university pays the full retirement contribution on behalf of the employee. As a result, the employee’s salary is reduced.

Vesting:

• Classified employees are vested after five years of service and become eligible for retirement benefits. Withdrawal of employee
  contributions is only available upon separation from service and only if contributions were made under the Employee and
  Employer Plan.

Retirement Eligibility:

A classified employee may retire and receive benefits once one of the following criteria is met:

If hired prior to January 1, 2010

• • Age 65 with five years of service
  • Age 60 with ten years of service
  • Any age with 30 years of service

If hired on or after January 1, 2010

• • Age 65 with five years of service
  • Age 62 with ten years of service
  • Any age with 30 years of service

If hired on or after January 1, 2015

• • Age 65 with five years of service
  • Age 62 with ten years of service
  • Age 55 with 30 years of service
  • Any age with 33 one third years of service

Letter of Appointment employees do not participate in Social Security or the university mandatory retirement plan. Instead, participation in the FICA Alternative Retirement Plan is required.

Under this plan:

• 7.5% of total salary is withheld on a pretax basis
• Contributions are deposited into a guaranteed interest-bearing account in the employee’s name
• No additional employee or employer contributions are permitted
• The plan is administered by the Nevada Deferred Compensation Program
• VOYA serves as the sole record keeper
• Employees can manage their accounts through the VOYA web portal

Letter of Appointment employees may withdraw their account balance after separating from service and being off payroll for at least one month. Withdrawals are subject to applicable taxes. Assistance is available through Nevada Deferred Compensation customer service or the VOYA website.

Eligibility

To participate in the Phased-In Retirement Program, an employee must meet one of the following eligibility requirements by the expiration date of the phased retirement agreement:

• Be at least age 65 and have completed a minimum of five (5) years of eligible service within the Nevada System of Higher Education (NSHE); or
• Be at least age 60 and have completed a minimum of ten (10) years of eligible service within NSHE; or
• Have completed thirty (30) or more years of eligible service within NSHE, regardless of age.

Recognition of Service at Other NSHE Institutions

For purposes of determining eligibility for phased retirement, eligible service at any NSHE institution will be recognized and counted toward the service requirements outlined above. Service credit earned in qualifying positions at Nevada State University and other NSHE institutions may be combined to determine eligibility for participation in the program.

Employees must satisfy the applicable age and service requirements by the expiration date of the phased retirement agreement.

Professional Employees (Administrative and Academic Faculty)

Eligible employees should contact Human Resources to confirm eligibility and submit a completed Phase-In Retirement Application to their Department Chair, Director, Dean, and/or Vice President for review. Employees are encouraged to discuss the proposed phased retirement arrangement with their leadership to evaluate departmental impacts.

If endorsed by the appropriate administrative leadership, the application will be forwarded to Human Resources for review and processing. Following approval by the President, Human Resources will prepare the phased retirement agreement. No agreement is effective until it has been fully executed by the President. Any subsequent modifications to the agreement require Presidential endorsement and approval by the NSHE Chancellor. If the application is denied at any stage of the process, the employee will be notified in writing.

Employees enrolled in the Nevada PERS Retirement Plan may be subject to additional approval requirements.

Classified Employees

Eligible employees should first discuss their interest in phased retirement with their supervisor. Requests will be reviewed by departmental leadership to ensure the proposed arrangement aligns with operational needs. If endorsed, Human Resources will prepare the required application materials and obtain the necessary approvals.

Following Presidential approval, a formal phased retirement agreement will be prepared and submitted for any required Nevada PERS review and approval. No agreement is effective until all required approvals have been obtained and the agreement has been fully executed. If the application is denied at any stage of the process, the employee will be notified in writing.