Read information on retirement plans, eligibility, vesting, and withdrawal of funds in retirement.
Mandatory Retirement Plan
All university employees are required to participate in a mandatory retirement plan in lieu of Social Security. UNLV classified employees contribute to a pension plan through the Public Employees Retirement System of Nevada (NVPERS).
Retirement Plans and Plan Contributions
There are two plans in which to contribute:
- Employee/Employer Plan (EE/ER): employees contribute 17.50% of their gross salary to the plan and the university contributes 17.50% to the plan.
- Employer Pay Plan (EPC): the university pays the entire contribution on behalf of the employee. As a result, the employee will see a reduction in salary.
Vesting and Withdrawal
After five years of service, classified employees are vested, or eligible to receive benefits for retirement.
Employees are eligible for a withdrawal of their employee contributions only upon termination of service and if contributions were made through the EE/ER Plan.
Retirement Eligibility
A regular PERS classified employee can retire and receive retirement benefits once he or she has reached one of the following criteria:
| If You Were Hired | Prior to Jan. 1, 2010 | On or After Jan. 1, 2010 | On or After Jan. 1, 2015 |
|---|---|---|---|
| Benefit Eligibility Requirement |
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|
|
A Police PERS classified employee can retire and receive retirement benefits once he or she has reached one of the following criteria:
| If You Were Hired | Prior to Jan. 1, 2010 | On or After Jan. 1, 2010 | On or After Jan. 1, 2015 |
|---|---|---|---|
| Benefit Eligibility Requirement |
|
|
|
An employee who retires before meeting the above criteria will have a retirement benefit reduction of 4% for each full year and 0.33% for each additional month he or she is under the age requirement for retirement.
Amount of Retirement Benefits Paid
The amount of retirement benefits paid each month is based on a formula that multiplies a service credit by your average monthly wage for your three highest earning years.
Service credit is the total number of years, months, and days of credit that you have earned in the system. The service credits for service earned are as follows:
For those hired before January 1, 2010:
- Service through June 30, 2001: 2.5%
- Service July 1, 2001 and after: 2.67%
For those hired on or after January 1, 2010:
- 2.5 %
John Doe’s date of hire is July 1, 1979.
July 1, 1979-June 30, 2001: 22 years x 2.5% = 55%
July 1, 2001-June 30, 2008: 7 years x 2.67% = 18.69%
Total service credit: 55% + 18.69% = 73.69%
Average monthly wage for three highest years: $3,000
Monthly retirement benefit paid: $3,000 x 73.69% = $2,210.70