Nevada Public Employee Retirement System Administration, Question 1 (1996)
The Nevada Public Employee Retirement System Administration Question, also known as Question 1, was a legislatively-referred constitutional amendment on the November 5, 1996 election ballot in Nevada, where it was approved.
|Question 1 (Public Employee Retirement System Administration)|
Official results via: Nevada Legislative Counsel Bureau - Research Division
Text of measure
The language that appeared on the ballot:
- Shall the Nevada Constitution be amended to place additional restrictions on the use of money paid to fund and administer the public employees' retirement system and to establish and prescribe the duties of the governing board for that system?
The language that appeared in the voter's guide:
- A public employees' retirement system has been established in Nevada by law. The Nevada Constitution requires money paid to fund and administer the system to be used for no other purposes. The proposed amendment would further prohibit such money from being loaned to the state or invested to purchase bonds issued by the state. It would also establish in the constitution the following requirements:
- 1. That the system be governed by a board;
- 2. That the board must employ an executive director and an independent actuary to calculate certain statistics related to contribution rates, benefits, and required reserves; and
- 3. That the board adopt actuarial assumptions used to compute retirement benefits based upon these calculations.
- FISCAL NOTE
- Financial Impact - No. The proposal to amend the Nevada Constitution would prescribe additional restrictions on the use of money paid to fund and administer the Public Employees' Retirement System and would not result in an adverse fiscal effect.