1. The System shall provide an increase of $80 per month for all public employees who retired before July 1, 1963, in addition to the amounts to which they were respectively entitled on April 1, 1975.

2. An employee who retired before September 1, 1975, with 20 or more years of credit for service, whose gross benefit is less than $500 per month must be paid an increase in an amount which would make the retired employee’s gross benefit $500 per month or an increase of $200 per month, whichever is less. If a person receiving a benefit under option 3 or 5 as the beneficiary of an employee who retired before September 1, 1975, with 20 or more years of credit for service, is receiving less than $250 per month, the person must be paid an increase in an amount which would make the person’s gross benefit $250 per month or an increase of $100 per month, whichever is less.

3. An employee who retired with 20 or more years of credit for service, who had reached the age for full retirement eligibility without reduction for age at the time of retirement and whose gross benefit as of July 1, 1989, is less than $550 per month, must be paid an increase in an amount which would make the retired employee’s gross benefit $550 per month or an increase of $100 per month, whichever is less. If a person receiving a benefit under option 3 or 5 as the beneficiary of an employee who retired with 20 or more years of credit for service and had reached the age for full retirement eligibility without reduction for age at the time of retirement, is receiving a gross benefit as of July 1, 1989, of less than $275 per month, the person must be paid an increase in an amount which would make the person’s gross benefit $275 per month or an increase of $50 per month, whichever is less.

4. All money which has been accumulated under the provisions of that certain act of the Legislature of the State of Nevada entitled “An Act to provide against losses to the state and its respective counties, townships, incorporated cities and irrigation districts through defalcation, misappropriation of funds or other wrongful acts on the part of officials or employees; to provide for the issuance of surety bonds for state, county, township, city and irrigation district officials and employees, establishing a fund therefor, and other matters relating thereto; and to repeal all acts and parts of acts in conflict therewith,” approved March 26, 1937, as amended, must be transferred to the Public Employees’ Retirement Fund. The money must be combined with the appropriation made by section 35 of chapter 270, Statutes of Nevada 1975, and segregated into a separate account within the Public Employees’ Retirement Fund from which the increases provided in this section must be paid. If the money in that account is insufficient to pay those increases, the amount needed must be provided by the System.

(Added to NRS by 1983, 1926; A 1983, 1889; 1985, 1188; 1989, 1128)