1. Except as otherwise required as a result of NRS 286.537, an employee may receive full service credit for part-time employment if:

(a) The employee and the employer of the employee enter into an agreement covering the employee’s part-time employment and the agreement is approved by the Board;

(b) The employee will have reached the age and completed the years of service necessary for retirement, without actuarial reduction of the employee’s benefit, at the expiration of the term of the agreement;

(c) The employee works half-time or more, but less than full-time, according to the regular schedule established by the employer for the employee’s position;

(d) The employee and the employer make contributions equal to the lesser of:

(1) The amount which a person serving on a full-time basis in the position would contribute and which the person’s employer would contribute for the person; or

(2) The amount which the employee and employer contributed during the last 12 months of the employee’s full-time employment, adjusted to include increases to offset higher costs of living provided to similarly situated employees of the same public employer;

(e) Employment ends on or before the fifth anniversary of the day on which the agreement became effective; and

(f) The employee agrees in writing to the forfeiture of credit provided in subsection 2.

2. An employee loses all service credit which the employee did not earn by actual work and which has accrued pursuant to this section if the employee:

(a) Returns to full-time employment in the service of any public employer at any time after beginning part-time work under the agreement, except for full-time employment as an elected public officer as a result of appointment to an elective office.

(b) Continues in the employee’s part-time employment beyond the fifth anniversary of the day on which the agreement became effective.

(Added to NRS by 1979, 495; A 1981, 452; 1983, 481; 1991, 2363)