NAC286.240. Purchase of service: Refunds.

     1. Only 50 percent of the principal amount which is paid to purchase service will be refunded under any circumstances. If an employer or another person contributes more than 50 percent of the cost of the service, and if the member receives a refund of part of the cost, the employer or other person will receive the amount by which his or her contribution exceeded 50 percent of the cost of the service and the member will receive the balance of the refund.

     2. If a refund is made after retirement, any benefits the member has received will be offset against employee contributions before they are offset against the refundable price of any purchased service.

     [Pub. Emp. Retirement Bd., §§ 24 & 25, eff. 7-16-82]