8 Nevada PERS payment options, one published example

• You choose from eight options. Option 1 (Unmodified) pays the most, for your life only. Option 2 pays your beneficiary the same amount for life, and Option 3 pays 50%. Options 4 and 5 are like 2 and 3 but start for the beneficiary only at age 60. Options 6 and 7 pay a specified amount. Option 8 pays your beneficiary for six months.Summary Plan Description (REV 8/25), pp. 5-6
• In Nevada PERS's example (member 60, beneficiary 52), Option 2 paid 82.9% of Option 1, Option 3 90.65%, Option 4 83.93%, Option 5 91.26% and Option 8 98.88%. Your percentages depend on both ages, and Nevada PERS calculates them for you.Summary Plan Description (REV 8/25), p. 7, Optional Plans Example; Pre-Retirement Guide (REV 1/25), p. 6
• Your spouse or registered domestic partner must consent, with a notarized signature, to the option and beneficiary you choose. Federal rules may limit Options 2, 4 and 6 for a non-spouse beneficiary more than 10 years younger than you.Summary Plan Description (REV 8/25), pp. 6-7; Pre-Retirement Guide (REV 1/25), p. 7
• You cannot change your beneficiary after retiring. If your beneficiary dies first, your benefit goes up to the Option 1 amount. You may also switch to Option 1 later with your spouse's consent, but not back.Summary Plan Description (REV 8/25), p. 7; Pre-Retirement Guide (REV 1/25), p. 7

The 8 options

1. Option 1: Unmodified Allowance

   The full monthly allowance for your lifetime; nothing for a beneficiary after your death. Summary Plan Description (REV 8/25), p. 6

2. Option 2: 100% to beneficiary

   A reduced benefit for your lifetime; after your death the same benefit continues for your beneficiary's lifetime. Summary Plan Description (REV 8/25), p. 6

3. Option 3: 50% to beneficiary

   A reduced benefit for your lifetime; after your death 50% continues for your beneficiary's lifetime. Summary Plan Description (REV 8/25), p. 6

4. Option 4: 100% to beneficiary from age 60

   Calculated like Option 2, but not payable to the beneficiary before age 60. Summary Plan Description (REV 8/25), p. 6; Pre-Retirement Guide (REV 1/25), pp. 4-5

5. Option 5: 50% to beneficiary from age 60

   Calculated like Option 3, but not payable to the beneficiary before age 60. Summary Plan Description (REV 8/25), p. 6; Pre-Retirement Guide (REV 1/25), p. 5

6. Option 6: specified amount to beneficiaryNo published amount · Check with Nevada PERS

   You choose a specific monthly amount (no more than your own allowance) for your beneficiary's lifetime. Calculated on request. Summary Plan Description (REV 8/25), p. 6; Pre-Retirement Guide (REV 1/25), p. 5

7. Option 7: specified amount to beneficiary from age 60No published amount · Check with Nevada PERS

   Like Option 6, but not payable until the beneficiary is 60. Calculated on request. Summary Plan Description (REV 8/25), p. 6; Pre-Retirement Guide (REV 1/25), p. 5

8. Option 8: six months to beneficiary

   A reduced benefit for your lifetime; after your death the same or a specified amount is paid to the primary beneficiary for six months. An alternate beneficiary may be named. Summary Plan Description (REV 8/25), p. 6; Pre-Retirement Guide (REV 1/25), p. 5

The reduction for Options 2-7 is based on the age and life expectancy of you and your beneficiary at retirement. Option 8's is based only on your life expectancy. Summary Plan Description (REV 8/25), pp. 5-6

The one published example, in dollars

Nevada PERS shows the options for a member aged 60 with a beneficiary aged 52. In the Summary Plan Description it's the $801 member from its formula example (10 years, enrolled before 2010):

Nevada PERS's printed dollars, with our arithmetic below each. Options 4 and 5 pay the beneficiary only from age 60. Summary Plan Description (REV 8/25), p. 7, Optional Plans Example; Pre-Retirement Guide (REV 1/25), p. 6

The Pre-Retirement Guide uses the same ages on its $1,760 example (62.84% of $2,800; see the formula):

Any other ages

Nevada PERS does not publish option factor tables. The only published factors are the example for a 60-year-old member with a 52-year-old beneficiary. Nevada PERS estimates show each option if it has your beneficiary's name and birth date. Pre-Retirement Guide (REV 1/25), p. 1, How to Begin Processing Your Retirement So for any other pair of ages, this site shows Option 1 in dollars and leaves Options 2 to 8 blank. Options 6 and 7 are worked out by Nevada PERS on request even at these ages.

Rules to know

• You may name anyone as beneficiary under Options 2-8, but your spouse or registered domestic partner must consent (notarized). Federal rules may limit Options 2, 4 and 6 for a non-spouse beneficiary more than 10 years younger than you. Summary Plan Description (REV 8/25), pp. 6-7; Official Policies (2024), pp. 56-57, Policies 10.13-10.14
• The beneficiary cannot be changed after retirement. You may revert to Option 1 under certain conditions (with spouse consent, not retroactive). If your beneficiary dies first, your benefit reverts to Option 1 from the first of the next month. Summary Plan Description (REV 8/25), p. 7; Pre-Retirement Guide (REV 1/25), p. 7; Official Policies (2024), p. 60, Policy 10.21
• On a retiree's death under Option 1, any employee contributions not yet paid out in benefits go in a lump sum to the spouse or registered domestic partner (or estate). Official Policies (2024), p. 60, Policy 10.23; NRS 286.410(5) (return of employee contributions guaranteed)

The calculator shows all 8 options for your ages, with dollars where Nevada PERS has published the percentages. If you die before retiring, see survivor benefits.

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