Retirement Board Meeting - Agenda
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
AGENDA for the
RETIREMENT BOARD EDUCATION SESSION AND BOARD MEETING
to be held in the
PERS’ BOARD ROOM, 693 West Nye Lane, Carson City, Nevada
Wednesday, June 17, 2015
Education Session Schedule
June 17, 2015:
11:00 a.m.
Education Session
- Administration / Investments
- Recess
Retirement Board Meeting Schedule
12:30 p.m.
Board Meeting
- Closed consideration of disability retirement
applications by authority of NRS 241.030(1-2)
- Investments
- General Business
- Adjournment
________________________________________________
Notice: This is the tentative schedule for the meeting. The Board reserves the right to take items in a
different order to accomplish business in the most efficient manner. The Board may combine two or
more agenda items for consideration. The Board may remove an item from the agenda or delay the
discussion relating to an item on the agenda at anytime. If you would like a copy of the supporting
material for any of the agenda items please contact Karen Kimball at (775) 687-4200 extension 255 who
is located in the PERS Carson City Office at 693 West Nye Lane, Carson City, Nevada.
This agenda was posted at:
PERS, 693 West Nye Lane, Carson City
Division of Human Resource Management, 100 N. Stewart Street, Suite 200, Carson City
Clark County School District, 2832 Flamingo Rd., Las Vegas
PERS, 5820 South Eastern, Suite 220, Las Vegas
PERS, 7455 West Washington, Suite 150, Las Vegas
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
1
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Agenda
Washoe County, 1001 East 9th Street, Reno
Nevada Public Notices Website – www.notice.nv.gov
In addition, the agenda was mailed to every public employer, the news media, and other groups
and individuals as requested.
June 17, 2015 ~ 11:00 a.m.
Retirement Board Education Session
1. PUBLIC COMMENT
Notice: Public comments must be limited to 5 minutes per individual.
2. EDUCATION TOPIC
2.1
Investment Program History.
(Information)
3. PUBLIC COMMENT
Notice: Public comments must be limited to 5 minutes per individual.
4. RECESS
.
June 17, 2015 ~ 12:30 p.m.
Retirement Board Meeting
1. PUBLIC COMMENT
Notice: Public comments must be limited to 5 minutes per individual.
2. DISABILITIES
2.1
Evaluation of disability retirement matters.
(For Possible Action)
RECOMMENDATION:
1. Approval of permanent and total disability retirement for: Philip Ashworth,
Denyse Bandettini, Victorine Bland, Hiedi Campbell-Dolinar, Marilyn
Chadwick, Petrus Dahlin, Paul Dininger, Mary Dowler, Lawrence Foutz,
Wendy Hafenbreadl, Linda Harland, Karen Lawson, Lori Newell, Kelly
Pinkston, Donna Reber, Jody Smith, Rosalinda Soriano, Jennie Verrilli, Julie
Weaver, Patricia Williard, and Gregory Ziel.
2. Approval of total disability for Ernestine Corral and James Purdie with a one
year review.
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Retirement Board Meeting - Agenda
3. Approval of reemployment requests by disability recipients: Desiree Brown,
Elizabeth Douglas, Giovanni Melven, Steven Menger, Catriva Nelson, Cheryl
Prater, and Steven Schomberg.
3. INVESTMENTS
3.1
Private Equity Presentation by Pathway Capital Management.
(For Possible Action)
3.2
Interim Investment Directives ~ PERS’, Legislators, and Judicial Funds.
Action)
(For Possible
4. BOARD
4.1
Senate Bill 406 of the 2015 Legislative Session ~ Survivor Benefit Implementation.
Possible Action)
(For
RECOMMENDATION:
Motion authorizing staff to send notice to eligible survivors
pursuant to Section 29.7(3) of Senate Bill 406 providing 180 days from the date of the
notice for such survivors to make the election set forth in Section 29.7(1) of Senate Bill 406
of the 2015 legislature.
4.2
Minutes of the Retirement Board Education Session and Retirement Board meeting held
May 20, 2015. (For Possible Action)
RECOMMENDATION:
Approval of the minutes of the Retirement Board Education
Session and Meeting held May 20, 2015, as submitted or amended.
4.3
Retirement Board meeting dates.
(For Possible Action)
4.4
Retirement Board education curriculum calendar.
(For Possible Action)
5. ADMINISTRATION
5.1
Contract Renewal with Segal Consulting for Actuarial and Benefit Consulting Services for
fiscal years 2016 and 2017. (For Possible Action)
RECOMMENDATION:
Motion instructing staff to contract with Segal Consulting
for actuarial and benefit consulting services for fiscal years 2016 and 2017 in an amount
not to exceed $396,400 for fiscal year 2016 and in an amount not to exceed $408,300 for
fiscal year 2017, subject to successful negotiations.
5.2
Contract Renewal with APEX Computing, Inc., for Information technology Consulting
Services for the System’s main offices for fiscal year 2016. (For Possible Action)
RECOMMENDATION:
Motion approving the consulting contract with APEX
Computing, Inc., for the System’s main offices, in an amount not to exceed $886,800.
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Retirement Board Meeting - Agenda
5.3
Contract Renewal with APEX Computing, Inc., for Information technology Consulting
Services for PERS’ disaster recovery site for fiscal year 2016. (For Possible Action)
RECOMMENDATION:
not to exceed $223,600.
5.4
Motion approving the contract with APEX in an amount
Public Hearing on proposed changes to PERS’ Official Policies.
(For Possible Action)
RECOMMENDATION:
Motion approving the proposed revisions to PERS’ Official
Policies, as submitted or amended, and directing staff to file the policy revisions with the
Secretary of State in accordance with NRS 286.200 to become effective July 1, 2015.
5.5
Public Hearing on proposed changes to the Legislators’ Retirement System’s Official
Policies. (For Possible Action)
RECOMMENDATION:
Motion approving the proposed revisions to the LRS
Official Policies, as submitted or amended, and directing staff to file the policy revisions
with the Secretary of State in accordance with NRS 218C.150 and NRS 218C.180 to
become effective July 1, 2015.
5.6
Public Hearing on proposed changes to the Judicial Retirement System’s Official Policies.
(For Possible Action)
RECOMMENDATION:
Motion approving the proposed revisions to the JRS
Official Policies, as submitted or amended, and directing staff to file the policy revisions
with the Secretary of State in accordance with NRS 1A.100 to become effective July 1,
2015.
6. LEGISLATION
6.1
2015 Legislative Session Status Report.
(Information)
7. RATIFICATION AGENDA (All Items For Possible Action)
7.1
Approval of Administrative Fund disbursements.
7.2
Approval of personnel action taken since the last report.
7.3
Approval of the contract renewal with PERS’ Medical Consultant, B. Bottenberg, D.O. for
fiscal years 2016 and 2017.
7.4
Approval of the contract renewal with PERS’ Medical Consultant, Kathy Stoner, R.N. for
fiscal years 2016 and 2017.
7.5
Approval of the contract renewal with Verizon Security Solutions for fiscal year 2016.
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Retirement Board Meeting - Agenda
7.6
Approval of the Phase-In Agreement between the Desert Research Institute and Janis
Kilmowicz effective July 1, 2015.
7.7
Approval of the Assistant Investment Officer position title change to Chief Financial
Officer effective July 1, 2015, as provided in Senate Bill 12 of the 2015 Legislative Session.
7.8
Approval of the Deceased Recipient Review Report for the quarter ending March 31, 2014.
7.9
Approval of the Deceased Recipient Review Report for the quarter ending June 30, 2014.
7.10 Approval of the Master Agreement and the Service Agreement with Wells Fargo Bank for
Commercial Banking Services for the PERS’, Legislators, and Judicial Funds for the period
beginning July 1, 2015 through June 30, 2020.
7.11 Approval of the Penalty Waiver Request for Storey County in the amount of $400.70 for
late submittal of their wage and contribution report.
7.12 Approval of the Penalty Waiver Request for Storey County Fire District in the amount of
$182.48 for late submittal of their wage and contribution report.
RECOMMENDATION:
amended.
Motion approving the Ratification Agenda, as submitted or
8. DENIALS
9. REPORTS
10. PUBLIC COMMENT
10.1 Individual statements and/or requests by the members, retired employees and/or the public.
(Information)
Notice:
Public comments must be limited to 5 minutes per individual.
10.2 Report by the Deputy Attorney General.
(Information)
10.3 Administrative report by Staff. (Information)
10.4 Questions and/or comments by members of the Retirement Board. (Information)
11. ADJOURNMENT
NOTE: We are pleased to make reasonable accommodations for persons who are disabled and wish to attend
the meeting. If special arrangements are required, please notify Karen Kimball, in writing, 693 West Nye Lane,
Carson City, NV 89703, or by calling (775) 687-4200, as soon as possible.
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Retirement Board Meeting - Education Session
PERS’ Investment Program
History
Retirement Board Education
June 17, 2015
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Retirement Board Meeting - Education Session
UNIQUE ASPECTS OF NEVADA PERS’ INVESTMENT PROGRAM
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
Collaborative decision model/significant board involvement
Strong link between investments/actuarial valuation
Heightened sensitivity to contribution rate volatility
Simple portfolio structure
Generally lower risk than peers
Patience & discipline = less activity
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Retirement Board Meeting - Education Session
PERS’ INVESTMENT PHILOSOPHY
III.
INVESTMENT PHILOSOPHY
Maintain consistent exposure to capital markets and systematically buy assets low and sell them high. To
implement this strategy, we emphasize a simple, low cost structure that relies primarily on intelligent asset
allocation and rebalancing.
Consistently Apply Time Tested Investment Principles
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
Focus on the long term
Maintain consistent exposure to capital markets
Buy weakness, sell strength
Broadly diversify
Implement changes intelligently – act from a position of strength
Align strategy with risk tolerance and goals
Emphasize an uncomplicated structure
Keep costs low
Implementation
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
Primary focus on asset allocation
Make asset allocation changes at opportune points in the market cycle
Emphasize index management
Adhere to an intelligent, disciplined rebalancing process
Utilize fewer portfolios/managers
Keep manager and asset turnover low
Emphasize higher quality assets
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Retirement Board Meeting - Education Session
Returns
for Periods Ended March 31, 2015
Group: CAI Public Fund - Large (>1B)
12.5
A (19)
10.0
A (19)
A (25)
A (7)
7.5
A (17)
5.0
A (55)
A (29)
A (13)
2.5
0.0
Last 3
Quarters
Last
Year
Last 3
Years
Last 5
Years
Last 7
Years
10th Percentile
25th Percentile
Median
75th Percentile
90th Percentile
4.46
3.56
2.79
1.93
1.23
8.38
7.74
6.76
5.59
5.08
11.45
10.73
10.03
8.87
7.74
10.92
10.16
9.63
8.96
8.10
7.57
6.69
6.26
5.67
5.26
7.72
7.36
6.98
6.58
6.13
9.10
8.66
8.22
7.90
7.38
10.35
9.75
9.33
9.08
8.88
Member Count
107
107
103
103
103
97
78
24
4.30
8.45
10.91
10.32
6.98
7.32
8.14
9.77
PERS Fee Adjusted
A
Last 10 Last 20 Since
Years
Years Inception
4/1/84
Sharpe Ratio
for Periods Ended March 31, 2015
Group: CAI Public Fund - Large (>1B)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
A (4)
A (14)
A (6)
A (21)
A (13)
A (5)
A (8)
A (19)
Last 3
Quarters
Last
Year
Last 3
Years
Last 5
Years
Last 7
Years
10th Percentile
25th Percentile
Median
75th Percentile
90th Percentile
1.58
1.09
0.82
0.54
0.30
2.25
1.82
1.53
1.25
1.01
2.42
2.13
1.91
1.75
1.56
1.36
1.20
1.09
1.01
0.93
0.64
0.55
0.49
0.44
0.39
0.65
0.56
0.51
0.47
0.41
0.61
0.55
0.51
0.48
0.44
0.65
0.58
0.54
0.50
0.47
Member Count
107
107
103
103
103
97
78
24
1.84
2.50
2.30
1.24
0.59
0.59
0.63
0.69
PERS Fee Adjusted
A
9
Last 10 Last 20 Since
Years
Years Inception
4/1/84
Retirement Board Meeting - Education Session
HISTORY OF U.S. TREASURY YIELDS
HISTORY OF PERS' U.S. BOND ALLOCATION
60%
50%
40%
30%
20%
10%
PERS' U.S. Bond Allocation
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Retirement Board Meeting - Education Session
NEVADA PERS
2015
1995
Real Estate
10%
Real Estate
4%
Private Equity
4%
Private Equity
2%
U.S. Stocks
45%
U.S. Stocks
31%
U.S. Bonds
28%
U.S. Bonds
50%
Intl. Stocks
7%
Intl. Stocks
19%
MEDIAN LARGE PUBLIC PENSION PLAN
1995
2015
Other
2%
Real Estate Private Equity
Cash 4%
1%
2%
Intl Bonds
3%
Alternatives
14%
U.S. Stock
31%
Real Estate
6%
U.S. Stock
40%
Cash
2%
Intl Bonds
2%
U.S. Bonds
39%
U.S. Bonds
22%
Emerging
Market
Stocks
3%
Intl. Stock
11%
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Intl. Stock
18%
Retirement Board Meeting - Education Session
NEVADA PERS’ PERFORMANCE PATTERN
30 YEARS OF HISTORY
ÿ
In 9 out of 30 years, PERS’ fiscal year return ranking was bottom
quartile versus peers. In 89% of those years (8 out of 9), PERS
generated a return of 8% or more (ninth year return was 7.6%).
ÿ
In 9 out of 30 years, PERS generated a fiscal year return of 5% or less.
In 100% of those years PERS’ return was in the top 25% of peers.
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Retirement Board Meeting - Education Session
PERS’ PROJECTED RETURN DISTRIBUTION
-28%
-16%
-4%
8%
20%
Projected Return = 8%
Projected Standard Deviation = 12%
13
32%
44%
Retirement Board Meeting - Education Session
PERS’ ACTUAL RETURN DISTRIBUTION
8
7
6
5
4
3
2
1
0
-16 to - -12 to -8 -8 to -4 -4 to 0 0 to +4 +4 to +8 +8 to
12
+12
-1 standard dev.
8%
14
+12 to +16 to +20 to +24 to +28 to
+16
+20
+24
+28
+32
+1 standard dev.
Retirement Board Meeting - Education Session
Growth of a Dollar
for a $1 Mandate
for 30 Years Ended March 31, 2015
25.0
21.9 - 90 SPY/10 AGG
20.0
Growth of a Dollar
17.3 - 60 SPY/40 AGG
15.0
10.0
5.0
0.0
(5.0)
19851986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2015
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Retirement Board Meeting - Education Session
SHORT VS. LONG TERM INVESTMENT HORIZON
ÿ Long
ÿ
ÿ
ÿ
Larger Allocation to Risk Assets
Higher Expected Volatility and Return
Less Sensitivity to Short Term Peer Ranking
ÿ Short
ÿ
ÿ
ÿ
Term
Term
Lower Allocation to Risk Assets
Lower Expected Volatility and Return
Greater Sensitivity to Short Term Peer Ranking
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Retirement Board Meeting - Disabilities
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 9, 2015
Re:
Disability Retirement Matters
Evaluation of PERS’ disability retirement requests is provided under separate cover.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
17
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Investments
Pathway Capital
Hire Date
Mandate
Assets Managed for PERS’
Key Personnel
December 1986
Private Equity
$1.3 billion
Karen Jakobi, Jim Chambliss
Matt Lugar
S&P 500 + 4.0%
+5.2%
Performance Benchmark
Inception Premium/Deficit
Pathway has been managing a private equity portfolio since December 1986, and is one of
PERS’ longest tenured managers. While recent and mid-term performance has lagged
public markets, Pathway has outperformed their performance objective over longer time
frames.
PERFORMANCE ENDING DECEMBER 31, 2014
25.0%
19.4%
20.0%
15.0%
19.3%
17.7%
14.3%
13.2%
14.1%
11.9% 11.7%
10.0%
5.0%
0.0%
1 Year
5 Years
10 Years
Pathway Capital (IRR)
Since Inception
(1986)
S&P 500 + 4.0%
Pathway performance is net of all fees
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Retirement Board Meeting - Investments
Private Equity Portfolio Review
Nevada Public Employees’
Retirement System
June 2015
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Retirement Board Meeting - Investments
AGENDA
  Pathway Update
  Portfolio Review
  Appendix
NOTE: The information contained in this presentation is proprietary, confidential, and a trade secret, is provided solely to assist Nevada PERS in the management and monitoring of its portfolio, and must not
be disclosed to any third party except to the extent required under applicable law or as expressly permitted pursuant to a written agreement with Pathway Capital Management, LP.
©2015 Pathway Capital Management, LP
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Retirement Board Meeting - Investments
Pathway Update
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Retirement Board Meeting - Investments
PATHWAY UPDATE
Pathway Overview
  Global Private Equity Specialist—Pathway creates and manages private equity programs
comprising primaries, secondaries, and co-investments for institutional investors worldwide.
  Established—1991
  Assets Under Management—$30.0 billion1
  Global Investor Base—Institutions across North America, Europe, and Asia
  Corporate Pension Funds
  Financial Institutions
  Public Pension Funds and Trusts
  Foundations and Endowments
  Sovereign Wealth Entities
  Ownership—Independent, 100% partner owned
  Personnel—121 partners and employees, including 42 investment professionals, supported by a
deep team of legal, accounting, client services, information technology, and administrative
personnel
  Locations—California • Rhode Island • London • Hong Kong • Tokyo2
SEC-Registered
FCA-Regulated
SFC-Regulated3
1. Represents roll-forward market value plus undrawn capital at March 31, 2015.
2. Strategic alliance with Tokio Marine Asset Management, a Japanese investment adviser.
3. Pathway is an SEC-registered investment adviser. Pathway’s wholly owned subsidiary, Pathway Capital Management (UK) Limited, is authorized and regulated by the Financial Conduct Authority, and
Pathway’s wholly owned subsidiary, Pathway Capital Management (HK) Limited, is licensed in Hong Kong by the Securities and Futures Commission to engage in certain marketing activities. Neither the
U.S. Securities and Exchange Commission nor any other U.S. agency, non-U.S. securities commission, or state agency has approved this presentation, and none has confirmed the accuracy or
determined the adequacy of this documentation. Any representation to the contrary is unlawful.
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Retirement Board Meeting - Investments
PATHWAY UPDATE
Organizational Chart
Investment Team
Douglas K. Le Bon
James H. Reinhardt
Karen J. Jakobi
Alex M. Casbolt†
James R. Chambliss
James E. Heath†
Senior Managing Director
Senior Managing Director
Senior Managing Director & CIO
Managing Director
Managing Director
Managing Director
Thomas W. Laders*
Richard S. Mazer
Terrence G. Melican
Vincent P. Dee, CFA
Jason C. Jenkins, CFA
Canyon J. Lew
Managing Director
Managing Director
Managing Director
Director
Director
Director
Matthew M. Lugar*
Derrek I. Ransford, CFA
Valerie A. Ruddick
Wayne D. Smith, CFA*
Pete Veravanich
Director
Director
Director
Director
Director
Paul J. de Groot, CFA
Simon Y.S. Lau‡
Mikael Sand, CFA†
Joseph C. Tien‡
John T. Ruggieri, CFA*
Hiral G. Savani, CPA
Sr. Vice President
Sr. Vice President
Vice President
Vice President
Sr. Associate
Sr. Associate
Sr. Associate
Kevin W. Bland
Stefan Goettl†
Bryan P. Nelson, CFA
Katherine L. Wyble
Jeffrey L. Buress*
Sean J. Castillo
Jeremy N. Ebstein
Sr. Investment Analyst
Nicholas J. Siemsen, CFA
Associate
Associate
Associate
Associate
Sr. Investment Analyst
Sr. Investment Analyst
Justin C. Maney
Blessie Vizconde
Alice M. Cope
Andrew Fojanesi*
Wyatt H. Geiger
Stephen M. Kraman
Petros Krappas†
Sr. Investment Analyst
Sr. Investment Analyst
Investment Analyst
Investment Analyst
Investment Analyst
Investment Analyst
Investment Analyst
Trisha A. Mandalia†
Jun Tae Park‡
Benjamin Pittsley*
Brett W. Richardson
Investment Analyst
Investment Analyst
Investment Analyst
Investment Analyst
Recent Updates
  Jason Jenkins and Matthew Lugar were promoted to Directors and also became partners with an equity interest
in the firm.
  Anne Collins, a Director in the Rhode Island office, retired in March 2015.
  Tom Laders, a Managing Director in the Rhode Island office, is scheduled to retire in December 2015.
†
NOTE: Bold type denotes Pathway principals. Highlighted names denote PERS investor team members. *Rhode Island staff. London staff. ‡Hong Kong staff.
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Retirement Board Meeting - Investments
Portfolio Review
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Financial Summary of PERS’ Private Equity Portfolio
At December 31, 2014
Since-Inception Net-Net IRR: 19.3%
DPI: 0.9x
TVPI: 1.5x
NOTES: Amounts may not foot due to rounding.
DPI=Distributions to Paid-In Capital; TVPI=Total Value to Paid-In Capital.
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Private Equity Performance vs. Benchmark
At December 31, 2014
a
Net of Pathway's advisory fees and partnership fees combined.
Time-weighted total index returns as of December 31, 2014.
c
Burgiss Private iQ global all private equity return benchmarks, as of December 31, 2014, as produced using Burgiss data.
b
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Vintage Year Performance vs. Industry Benchmarks
At December 31, 2014
Net IRR
NOTE: Upper and lower quartile range and median based on Burgiss Private iQ global all private equity return benchmarks, as of December 31, 2014,
as produced using Burgiss data.
  PERS has consistently outperformed the Burgiss private equity benchmark on a vintage year basis.
  PERS’ IRR has exceeded the Burgiss median return in 24 of the 27 vintage years dating back to 1986.
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Rolling 5-Year Returns Compared to Benchmark
At December 31, 2014
a
Time-weighted total index returns.
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Portfolio Details
At December 31, 2014
Largest Exposure to a Single Fund
Largest Exposure to a Single
2.1%
Managera
4.5%
2,022b
Active Portfolio Company Investments
a
b
Represents manager market value plus unfunded commitments as a percentage of the total portfolio market value plus unfunded commitments.
Represents number of unique investments.
Strategy
2014 CY Management Fees & Carried Interest
Partnership MV plus Unfunded Commitments
At March 31, 2015
Management Fees & Expenses
$23.5 million
Carried Interest Estimate
$45.6 million
NOTE: Includes partnerships where commitments were made from 2004 through December
31, 2014; funds prior to 2004 are charging immaterial management fees and/or not earning
material carried interest.
  Management fee includes fees paid to underlying
partnerships and Pathway’s advisory fee.
  Carried interest is estimated by partnership based on
information provided in the audited financial statements
at year-end, and include amounts that have been
accrued during the year, but not necessarily paid to the
respective manager.
NOTES: Acquisition substrategies are based on the following ranges of total enterprise values: Mega
>$10 billion, Large $1–$10 billion, Medium $200 million–$1 billion, and Small <$200 million.
Based on partnership market values and unfunded partnership commitments through December 31,
2014, plus new commitments made in the first quarter of 2015.
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Portfolio Topics
SEC
  As discussed previously, beginning in 2012 the SEC undertook a process to complete presence exams
with 25% of the newly registered private equity firms. Recently, the SEC announced it had concluded
its process, having met with over 150 firms.
  Within PERS’ portfolio, there are no notable updates to the results of the presence exams from last
year to report. Of the 20 general partners that have undergone the exams since 2012, only 1 has
received feedback on expense-related allocations from the SEC.
  Pathway will continue to monitor any updates from the SEC and is supportive of a more transparent
and consistent set of policies across the asset class.
Oak Investment Partners
  Iftikar Ahmed, a former general partner at Oak, was arrested and criminally charged in April 2015 for
engaging in insider trading unrelated to his dealings at Oak.
  In May 2015, the SEC filed new civil charges against Mr. Ahmed for allegedly misappropriating capital
from Oak funds in relation to several transactions.
  Pathway remains in close contact with Oak regarding Mr. Ahmed and the recovery of investors’ capital.
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Investment Plan Review and Forecast
2014 Actual Commitments ($388M)
2015 YTD and Projected Commitments ($400M)
  In 2014, PERS committed $388 million to 15 primary opportunities across multiple strategies.1
  Year-to-date 2015, PERS has committed $224 million to 9 primary opportunities and 2 secondary transactions.
  As with 2014, Pathway is targeting $400 million to 15–20 funds in 2015 and will continue to opportunistically
pursue secondary purchases in existing managers where appropriate.
1. Does not include a follow-on commitment of $1.25 million for a fund raised in 2013, as well as a $0.52 million follow-on commitment for a fund raised in 2011.
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Private Equity Exposure Forecast
Based on Calendar Year
  Exposure to private equity as a percentage of the overall pension fund has remained between 3.4% and 3.8% since 2012.
  Pathway will continue to prudently evaluate the opportunity set and consider the pension fund value in setting PERS’
private equity investment plan annually.
NOTES: Please see page 20 for assumptions used in model.
NA=Not applicable.
a
As a percentage of the pension fund size.
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Retirement Board Meeting - Investments
PORTFOLIO REVIEW
Summary
  PERS continues to have one of the most successful private equity programs among its peers,
largely as a result of its consistent approach to the asset class and a focus on high-quality
managers.
  Pathway continues to have a stable organization led by a highly experienced team of long-tenured
professionals and a deep set of resources to manage the PERS portfolio.
  The recent environment has produced record distributions to PERS, and this trend has continued
into 2015.
  Pathway intends to target a $400 million investment pace for 2015, based on the availability of highquality opportunities.
15
15
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Retirement Board Meeting - Investments
Appendix
16
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Retirement Board Meeting - Investments
APPENDIX
Biographies
James R. Chambliss
Managing Director
Matthew M. Lugar
Director
Mr. Chambliss joined Pathway in 1994 and is a
managing director in the California office. He is
responsible for screening, analyzing, and conducting
due diligence on private equity investment
opportunities; negotiating and reviewing investment
vehicle documents; and client servicing. Mr. Chambliss
is a member of Pathway’s Investment Committee and
serves on the advisory boards and valuation
committees of several private equity limited
partnerships.
Mr. Lugar joined Pathway in 2002 and is a director in
the Rhode Island office. He is responsible for
investment analysis and due diligence, negotiating and
reviewing investment vehicle documents, and client
servicing. Additionally, Mr. Lugar serves on the
advisory boards of several private equity partnerships.
Mr. Lugar previously worked for two years as an
analyst with Allied Financial Services, a boutique
investment consulting firm. Mr. Lugar received a BA in
business administration from Azusa Pacific University
and an MBA from the Paul Merage School of Business,
at the University of California, Irvine.
Mr. Chambliss received a BS in business
administration, with an emphasis in finance, from
Loyola Marymount University and an MBA from the
University of Southern California.
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Retirement Board Meeting - Investments
APPENDIX
Common Terms
Commitments
Each investor in a private equity fund commits to investing a specified sum of money in the fund partnership over a specified period of
time. The fund records this as the limited partnership’s capital commitment. The sum of capital commitments is equal to the size of the
fund. Commitments are drawn down, or contributed to the fund, over time.
Contributions
When a private equity firm has decided where it would like to invest, it will approach the fund’s investors in order to draw down capital.
The capital will already have been committed to the fund, but this is the actual act of transferring the capital so that it reaches the
investment target.
Distributions
These are the returns that an investor in a private equity fund receives. It is the income and capital realized from investments, less
expenses and liabilities. The partnership agreement determines the timing of distributions to the limited partner, as well as the division
of distributions.
Market Value
Estimated value of the net assets held across all remaining private equity partnerships.
Vintage Year
The year in which a private equity fund makes its first drawdown of committed capital.
General Partner/Manager
The firm that oversees, manages, and makes investment decisions for a private equity firm.
Fund/Partnership
A managed portfolio of investments that uses various private equity strategies, such as acquisitions, venture capital, special situations,
and debt-related, with the goal of generating returns.
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Retirement Board Meeting - Investments
APPENDIX
Pathway Contact Information
California
Rhode Island
London
Pathway Capital Management, LP
2211 Michelson Drive, Ninth Floor
Irvine, CA 92612
Tel: 949–622–1000
Linda Chaffin–Vice President
Pathway Capital Management, LP
The Gardens Office Park II
1300 Division Road, Suite 305
West Warwick, RI 02893
Tel: 401–589–3400
Fax: 401–541–7246
Jerry Branka–Vice President
Pathway Capital Management (UK) Limited
15 Bedford Street
London WC2E 9HE
Tel: +44 (0) 20 7438 9700
Alex Casbolt–Managing Director
Hong Kong
Tokyo
Website
Pathway Capital Management (HK) Limited
Level 8, Two Exchange Square
8 Connaught Place
Central, Hong Kong
Tel: +852–3798–2580
Simon Lau–Senior Vice President
Strategic Alliance With
Tokio Marine Asset Management Co., Ltd.
Tokyo Ginko Kyokai Building
1–3–1 Marunouchi
Chiyoda-ku, Tokyo 100–0005
Japan
Tel: +81 (0) 3 3212 8103
Fax: +81 (0) 3 3212 3094
Soichi “Sam” Takata–Head of Private Equity
pathwaycapital.com
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Retirement Board Meeting - Investments
APPENDIX
Projection Model Key Assumptions
Pathway’s proprietary projection model is based upon the following assumptions:
1.  Existing portfolio information as of December 31, 2014.
2.  Pension fund growth of 8.00% per year on a beginning market value of $34.0 billion.
3.  Annual commitments of $400 million in 2015 and $400 million in 2016.
4.  Commitments are made evenly throughout any given year, rather than at the beginning or end of that year.
5.  Expected annual contributions are based on the ratio of pooled paid-in capital to commitment, using historical vintage year data
captured by Pathway and data provided by Thomson Reuters.
6.  Expected year-end market values are based on the ratio of pooled residual value to paid-in capital, using historical vintage year data
captured by Pathway and data provided by Thomson Reuters.
7.  Sufficient high-quality investments are available to meet targeted annual commitments.
8.  Each partnership has a 14-year life (including extensions).
9.  Cash flow and market value projections include underlying partnership fees but not Pathway’s fees and expenses.
Disclaimer: Without the prior written consent of Pathway, this information may not (i) be used for any purpose other than evaluating your annual private equity commitments, or (ii) be modified, sold, or
otherwise disclosed in whole or in part to any other person or entity. While the information contained herein has been obtained or derived from sources Pathway believes to be reliable, Pathway accepts no
responsibility or liability (including for indirect, consequential, or incidental damages) for any error, omission, or inaccuracy of such information. The projections shown are provided for informational
purposes only and should not be construed as investment advice or as providing any assurance or guarantee as to the achievement of your targeted private equity exposure, or returns that may be
realized in the future from your private equity commitments. Projections and expected returns are subject to high levels of uncertainty regarding future economic and market factors that may affect future
performance and certain assumptions contained herein. Accordingly, such projections/expectations should be viewed as only one possible outcome out of a broad range of possible outcomes.
The information provided herein should not form a primary basis for any investment decision made by you or on your behalf, and neither Pathway nor any of its affiliates shall act as a fiduciary or adviser
with respect to this matter.
There can be no assurance that the targets stated above can be achieved. Targets are objectives and should not be construed as providing any assurance or guarantee as to the results that may be
realized in the future from investments in any asset or asset class described herein.
20
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Retirement Board Meeting - Investments
APPENDIX
Important Legal Information
Each recipient of this document acknowledges and agrees that the contents hereof constitute proprietary and confidential information and a trade secret. Any reproduction or
distribution of this presentation, in whole or in part, or the disclosure of its contents, without the prior written consent of Pathway Capital Management, LP (“Pathway” or the
“Adviser”), is prohibited.
Each prospective investor should (i) make its own investigation and evaluation of the Adviser and the Adviser’s specific investment products, including the merits and risks thereof,
(ii) inform itself as to the legal requirements applicable to the acquisition, holding, and disposition of an interest in any investment vehicle, and as to the legal and tax
consequences of such acquisition, and (iii) have the financial ability and willingness to accept the high risk and lack of liquidity inherent in any such investment.
The statements contained herein that are not historical facts are forward-looking statements within the meaning of the Federal securities laws. The forward-looking statements are
based on current expectations, beliefs, assumptions, estimates, and projections about the industry and markets in which the Adviser expects to operate. Words such as “expect,”
“anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” variations of such words, and similar expressions identify such forward-looking statements. Forward-looking statements
contained herein, or other statements made for or on behalf of the Adviser either orally or in writing from time to time, are not guarantees of future performance and involve certain
risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forwardlooking statements. These statements include, among other things, statements regarding the Adviser’s intent, belief or expectations with respect to the type and quality of the
investments the Adviser may recommend (the “Investments”); the target returns, IRR and distributions to investors; performance of any hypothetical portfolios, and the Adviser’s
investment strategy generally. All forward-looking statements are made as of the date of this summary, and the Adviser is under no obligation, and does not intend, to update any
forward-looking statements to reflect changes in the underlying assumptions or factors, new information, future events, or other changes.
No representation is being made that the Adviser will or is likely to achieve comparable performance results to that shown herein. Past performance is not necessarily indicative of
future results. Although valuations of unrealized investments are made on assumptions that the Adviser believes are reasonable under the circumstances, the actual realized
return on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related
transaction costs, and the timing and manner of sale, all of which may differ significantly from the assumptions on which the valuations used in the data contained herein are
based. Accordingly, there can be no assurance that these valuations are accurate, and the actual realized return on these investments may differ materially from the returns
indicated herein.
No representation is being made that a prospective investor will or is likely to have access to funds such as the funds referenced herein. The reference to such funds was made
with the benefit of hindsight based on historical rates of return of such manager and on specific investments made by such funds. Accordingly, performance results of specified
funds inevitably show positive rates of return or investment results.
21
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Retirement Board Meeting - Investments
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 9, 2015
Re:
Interim Investment Directives ~ PERS’, LRS’, and JRS Funds
There are no recommended changes to the Interim Investment Directives for the PERS’,
LRS’, and JRS funds.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
40
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Investments
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
INTERIM INVESTMENT DIRECTIVES
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM OF NEVADA
February 18, 2015
INCOME
1.
Investment Counsel may retain proceeds from the sales of securities in their account.
Investment Counsel for U.S. and International Stock index funds will also retain income.
2.
Assets will be accumulated in the System's Custodial Income Account with distribution
directed by Staff.
SHORT-TERM INVESTMENTS
3.
Any funds not invested in Counsel's designated investments are to be invested in short-term
instruments that meet the requirements of the Investment Objectives and Policies.
4.
STIF Account is defined as a short-term investment fund. Funds invested in STIF
Accounts must be invested in securities that meet the short-term investment policies as
defined in the Investment Objectives and Policies. STIF Accounts are maintained by the
custodial bank.
5.
Staff is authorized to retain sufficient funds in STIF Accounts and/or raise funds as
necessary to meet projected expenses of the System. Withdrawals to fund system expenses
will be made in accordance with these Directives.
6.
Any balance which remains in the Custodial Income Account after distributions to
Investment Counsel will be invested in the STIF Account.
7.
Assets deposited in the Custodial Income or Commercial accounts after daily distributions
have been made will be invested in a STIF Account by 1:30 p.m. of the same day.
CONTRIBUTIONS / WITHDRAWALS
8.
Contributions and withdrawals will be in accordance with the asset allocation section of
the Investment Objectives and Policies. Funding precedence will be given to investments
other than stocks and bonds first and then assets will be funded to asset classes
proportional to the current liquid asset portfolio allocation.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
41
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Investments
Interim Investment Directives, PERS’ Fund
Page 2
9.
Public market security contributions or withdrawals will be initiated via phone call to
appropriate Counsel. E-mail confirmation shall be prepared and acknowledged by two
members of PERS’ executive staff, and sent to Counsel and custodial bank. The staff
acknowledged hard copy shall be retained by PERS consistent with retention policies.
10.
Private market investment contribution requests will be authorized in writing by two
members of PERS’ executive staff.
U.S. STOCK (Policy Allocation 42% of Total Assets)
11.
S&P 500 funds managed by AllianceBernstein and BlackRock are to be targeted toward
investment in U.S. stocks to track the performance of the Standard and Poor's 500 Index.
This allocation is 100% of U.S. stock assets. Typically, funds are to be divided equally
between the managers.
INTERNATIONAL STOCK (Policy Allocation 18% of Total Assets)
12.
Funds managed by Mellon Capital and State Street Global Advisors are to be invested to
track the performance of the MS EAFE Index with a target allocation of 100% of
international stock assets. Typically, funds are to be divided equally between the managers.
U.S. BONDS (Policy Allocation 30% of Total Assets)
13.
Funds managed by Payden & Rygel, and UBS are to be invested to track the performance
of the Barclays Capital U.S. Treasury Index with a target allocation of 100% of U.S. bond
assets. Typically, funds are to be divided equally between the managers.
PRIVATE MARKETS (Policy Allocation 10% of Total Assets)
14.
Funds managed by Invesco and AEW are to be targeted toward investment in private real
estate with a target allocation of 50% of private market assets.
15.
Funds managed by Pathway are to be targeted toward investment in private equity, with a
target allocation of 50% of private market assets.
SECURITIES LENDING
16.
Bank of New York Mellon Portfolio Lending Services shall manage a securities lending
program that does not exceed 33-1/3% of PERS’ assets and is in compliance with PERS’
asset limit policy.
42
Retirement Board Meeting - Investments
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
INTERIM INVESTMENT DIRECTIVES
LEGISLATORS’ RETIREMENT SYSTEM
March 18, 2015
INCOME
1.
Investment Counsel may retain proceeds from income and the sale of securities in their
accounts.
2.
Assets will be accumulated in the System's Custodial Income Account with distribution
directed by Staff.
SHORT-TERM INVESTMENTS
3.
Any funds not invested in stocks or bonds by Investment Counsel are to be invested in
short-term instruments that meet the requirements of the Investment Objectives and
Policies.
4.
STIF Account is defined as a short-term investment fund. Funds invested in the STIF
Account must be invested in securities that meet the short-term investment policies as
defined in the Investment Objectives and Policies. The STIF Account is maintained by
the custodial bank.
5.
Staff is authorized to maintain sufficient funds in the STIF Account and/or raise funds as
necessary to meet projected expenses of the System. Withdrawals to fund system
expenses will be made in accordance with these Directives.
6.
Any balance which remains in the Custodial Income Account after distributions to
Investment Counsel will be invested in the STIF Account.
7.
New money deposited in the Custodial Income or Commercial accounts after daily
distributions have been made will be invested in a STIF Account by 1:30 p.m. of the same
day.
CONTRIBUTIONS / WITHDRAWALS
8.
Contributions and withdrawals will be in accordance with the asset allocation section of
the Legislators’ Investment Objectives and Policies. Funding will be given to asset
classes proportional to the current portfolio allocation.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
43
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Investments
Interim Investment Directives, Legislators’ Fund
9.
Page 2
Contributions or withdrawals will be initiated via phone call to appropriate Counsel. Email confirmation shall be prepared and acknowledged by two members of PERS’
executive staff, and sent to Counsel and custodial bank. The staff acknowledged hard
copy shall be retained by PERS consistent with retention policies.
U.S. STOCK (Policy Allocation 49% of Total Assets)
10.
Funds managed by AllianceBernstein are to be invested in U.S. stocks to track the
performance of the Standard and Poor's 500 Index.
INTERNATIONAL STOCK (Policy Allocation 21% of Total Assets)
11.
Funds managed by Mellon Capital are to be invested in international stocks to track the
performance of the MS EAFE Index (unhedged).
U.S. BONDS (Policy Allocation 30% of Total Assets)
12.
Funds managed by Payden & Rygel are to be invested in U.S. bonds to track the
performance of the Barclays U.S. Treasury Index.
COMMINGLED FUNDS
13.
Mellon Capital's international stock fund and the Bank of New York Mellon STIF
account incorporate securities lending activity. Staff shall monitor lending activity to
ensure this exposure is reasonable.
14.
Commingled funds may contain securities that are not compliant with PERS’ guidelines.
Staff shall monitor commingled funds to ensure exposure (if any) to these securities is
reasonable.
44
Retirement Board Meeting - Investments
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
INTERIM INVESTMENT DIRECTIVES
JUDICIAL RETIREMENT SYSTEM
March 18, 2015
INCOME
1.
Investment Counsel may retain proceeds from income and the sale of securities in their
accounts.
2.
Assets will be accumulated in the System's Custodial Income Account with distribution
directed by Staff.
SHORT-TERM INVESTMENTS
3.
Any funds not invested in stocks or bonds by Investment Counsel are to be invested in
short-term instruments that meet the requirements of the Investment Objectives and
Policies.
4.
STIF Account is defined as a short-term investment fund. Funds invested in the STIF
Account must be invested in securities that meet the short-term investment policies as
defined in the Investment Objectives and Policies. The STIF Account is maintained by
the custodial bank.
5.
Staff is authorized to maintain sufficient funds in the STIF Account and/or raise funds as
necessary to meet projected expenses of the System. Withdrawals to fund system
expenses will be made in accordance with these Directives.
6.
Any balance which remains in the Custodial Income Account after distributions to
Investment Counsel will be invested in the STIF Account.
7.
New money deposited in the Custodial Income or Commercial accounts after daily
distributions have been made will be invested in a STIF Account by 1:30 p.m. of the same
day.
CONTRIBUTIONS / WITHDRAWALS
8.
Contributions and withdrawals will be in accordance with the asset allocation section of
the Judicial Investment Objectives and Policies. Funding will be given to asset classes
proportional to the current portfolio allocation.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
45
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Investments
Interim Investment Directives, Judicial Fund
9.
Page 2
Contributions or withdrawals will be initiated via phone call to appropriate Counsel. Email confirmation shall be prepared and acknowledged by two members of PERS’
executive staff, and sent to Counsel and custodial bank. The staff acknowledged hard
copy shall be retained by PERS consistent with retention policies.
U.S. STOCK (Policy Allocation 49% of Total Assets)
10.
Funds managed by AllianceBernstein are to be invested in U.S. stocks to track the
performance of the Standard and Poor's 500 Index.
INTERNATIONAL STOCK (Policy Allocation 21% of Total Assets)
11.
Funds managed by Mellon Capital are to be invested in international stocks to track the
performance of the MS EAFE Index (unhedged).
U.S. BONDS (Policy Allocation 30% of Total Assets)
12.
Funds managed by Payden & Rygel are to be invested in U.S. bonds to track the
performance of the Barclays U.S. Treasury Index.
COMMINGLED FUNDS
13.
Mellon Capital's international stock fund and the Bank of New York Mellon STIF
account incorporate securities lending activity. Staff shall monitor lending activity to
ensure this exposure is reasonable.
14.
Commingled funds may contain securities that are not compliant with PERS’ guidelines.
Staff shall monitor commingled funds to ensure exposure (if any) to these securities is
reasonable.
46
Retirement Board Meeting - Board
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 11, 2015
Re:
Senate Bill 406 of the 2015 Legislative Session ~ Survivor Benefit Implementation
Senate Bill 406 provides, amongst other changes, increased survivor benefits for certain
survivors of members killed in the line of duty or in the course of employment. Senate Bill 406
was approved by the Governor on June 9, 2015. Section 29.7 provides transition language to
implement the new option for survivor benefits for survivors of those killed between July 1, 2013
and June 30, 2015. Section 29.7 is effective upon passage and approval.
Section 29.7(3) and (4) provide as follows:
3. Immediately upon the effective date of this section, the Public Employees’
Retirement Board shall send notice of the provisions of this section by certified
mail to the spouse, survivor beneficiary or survivor of each police officer or
firefighter killed in the line of duty, any other member of the Public Employees’
Retirement System killed in the course of employment, a member of the Judicial
Retirement Plan killed in the course of judicial service or a member of the
Legislators’ Retirement System killed in the course of legislative service during
the period beginning on July 1, 2013, and ending on June 30, 2015.
4. For purposes of this section, the Public Employees’ Retirement Board shall
define by regulation “killed in the line of duty,” “killed in the course of
employment,” “killed in the course of judicial service” and “killed in the course of
legislative service.”
Section 29.7(1) allows the eligible survivors set forth in that section to elect to receive the
new survivor benefit provided in Sections 4, 4.5, 16, 16.5, 27 or 27.5 of Senate Bill 406. Section
29.7(1) provides that the election is not reversible and must be made on or before the date set
forth by the Board. The date must provide the eligible survivor a reasonable amount of time to
make the election.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
47
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Board
Retirement Board Memorandum
Senate Bill 406 of the 2015 Legislative Session ~ Survivor Benefit Implementation
June 11, 2015
Page 2
In accordance with Section 29.7, staff has reviewed the accounts wherein survivor
benefits are being paid because of the death of an active member during the time period from
July 1, 2013 through June 30, 2015. Staff has identified those survivors who may be eligible for
benefits pursuant to Section 29.7. Staff is proposing to allow those survivors 180 days from the
date of the notice required pursuant to Section 29.7(3) in order to elect the benefits as provided in
Section 29.7(1).
RECOMMENDATION:
Motion authorizing staff to send notice to eligible survivors
pursuant to Section 29.7(3) of Senate Bill 406 providing 180 days from the date of the notice for
such survivors to make the election set forth in Section 29.7(1) of Senate Bill 406 of the 2015
legislature.
48
Retirement Board Meeting - Board
These minutes are a draft subject to approval by the Retirement Board
at their regular meeting.
PUBLIC EMPLOYEES’ RETIREMENT BOARD EDUCATION SESSION AND
MEETING MINUTES FOR
Wednesday, May 20, 2015
The agenda for this meeting was mailed to every public employer, the news media, and other
groups and individuals as requested.
May 20, 2015
Education Session
The Retirement Board Education Session of the Public Employees’ Retirement Board meeting was
called to order by Chairman Vincent at 11:21 a.m., May 20, 2015, in the PERS’ Board Room, 693
West Nye Lane, Carson City. Members present: Mark Vincent, Chris Collins, Al Martinez, Rusty
McAllister, Katherine Ong, Audrey Noriega and David Olsen. Members absent: None.
1.
PUBLIC COMMENT
There were no public comments offered.
2.
EDUCATION TOPIC
2.1
3.
Staff reviewed PERS’ disaster recovery site and PERS’ technology program with
the Retirement Board.
PUBLIC COMMENT
There were no public comments offered.
4.
RECESS
Chairman Vincent recessed the meeting at 12:07 p.m.
May 20, 2015
Board Meeting
The Retirement Board meeting of the Public Employees’ Retirement Board was called to order
by Chairman Vincent at 12:36 p.m., on May 20, 2015, in the PERS’ Board Room, 693 West Nye
Lane, Carson City. Members present: Mark Vincent, Chris Collins, Al Martinez, David Olsen,
Katherine Ong, Audrey Noriega and Rusty McAllister. Members absent: None.
1.
PUBLIC COMMENT
There were no public comments offered.
49
Retirement Board Meeting - Board
Retirement Board Meeting
May 20, 2015
2.
Page 2
DISABILITIES
2.1
For the record, David Olsen stated that Dana Adolph, Monica Munyao and
Michael Spanier all work or worked for the same employer as himself but he did
not feel that would impair his vote. Audrey Noriega stated that Mona AllenMerklein, D’Shon Bowie, Theresa Hein, Alison Howland, Michael Vargo, Loren
Johnson and Stacey Koenen all work or worked for the same employer as herself
but she did not feel that would impair her vote. Audrey also disclosed that she
personally knows Loren Johnson but she did not feel that would impair her vote.
Chris Collins stated that John Ducas, Ruth Manzo, Melissa Causey, Benny Hunt
and William Oettinger all work or worked for the same employer as himself but
he did not feel that would impair his vote. Al Martinez stated that Michelle
Douglas, Vanessa Kendrick and Ali Jahanfard all work or worked for the same
employer as himself but he did not feel that would impair his vote. Mark Vincent
stated that Keith Masagatani and Sharon Wheaton all work or worked for the
same employer as himself but he did not feel that would impair his vote.
Staff removed Michelle Romjue from the list of disability retirement applicants at
her request. On motion of Mark Vincent, the Retirement Board voted
unanimously to:
1. Approve permanent and total disability retirement for: Dana Adolph,
Mona Allen-Merklein, Bryan Aramini, Jennifer Bailey, Sharon
Bohling, D’Shon Bowie, Arthur Cabrales, Albert Calleja, Richard
Clarke, Michelle Douglas, John Ducas, Jeremy Hansen, Theresa Hein,
Alison Howland, Vanessa Kendrick, Paula Klimczak, Arturo Lopez,
Luetta Mann, Ruth Manzo, Keith Masagatani, Monica Munyao, Debra
Rister, Michael Spanier, Michael Vargo, Tami Vaughn-DeVries, and
Patricia Welden.
2. Approve reemployment requests by disability recipients: Jeanette
Andrews, Steven Aufiero, Melissa Causey, Alicia DePaulis, Benny
Hunt, Ali Johanfard, Loren Johnson, Margaret Jones, Stacey Koenen,
Allen Littlejohn, Vicki Morandi, William Oettinger, Scott Palsgrove,
Susan Ransone, Christine Spraggins, Patrick Tanner, Sharon Wheaton,
Jane Wirth, and Colleen Wissenback.
3. Denial of reemployment request by disability recipients: Sheree Lamb
and Scott Palsgrove.
3.
INVESTMENTS
3.1
Ken Lambert of Peavine Capital provided the 3rd quarter performance review for
fiscal year 2015 for the PERS, Legislators, and Judicial funds. There was no
action taken on this item.
3.2
Staff reviewed the Securities Lending Annual Report for fiscal year 2015. On
motion of Kathy Ong, the Retirement Board voted unanimously to accept the
fiscal year 2015 securities lending report as submitted.
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4.
Page 3
3.3
Staff reviewed the Securities Lending Fee Agreement with BNY Mellon. On
motion of Kathy Ong, the Retirement Board voted unanimously to approve the
Securities Lending Fee Agreement with BNY Mellon as submitted.
3.4
John Fox of BNY Mellon provided an overview and review of PERS’ Securities
Lending Program. There was no action taken on this item.
3.5
There were no recommended changes to the Interim Investment Directives for the
PERS, Legislators, and Judicial funds.
BOARD
4.1
On motion of Kathy Ong, the Retirement Board voted unanimously to approve
the minutes of the special Retirement Board meeting held April 8, 2015, as
submitted.
4.2
On motion of Kathy Ong, the Retirement Board voted unanimously to approve
the minutes of the Retirement Board meeting held April 15, 2015, as submitted.
4.3
Staff provided the internal audit report findings on an independent contractor
versus employee status on behalf of Tia Flores of the Coral Academy of Science.
Staff has determined that Tia Flores should have been enrolled in PERS as she
was a full time employee as determined by the 20-point test adopted by the Board.
Ms. Flores should be enrolled in PERS beginning on her effective date of
employment and going forward. Mr. Tendegan, the Executive Director of the
Coral Academy of Science, addressed the Retirement Board regarding Ms. Flores
status and stated that paying the interest and contributions in a lump sum for Ms.
Flores would create a hardship for the school. Mr. Tendegan requested a 3-year
contract to pay back the monies owed on behalf of Ms. Flores. Ms. Flores
addressed the Retirement Board regarding her situation and agreed to a 3-year
contract for the Coral Academy to pay her back contributions owed to PERS.
After discussion, on motion of Kathy Ong, the Retirement Board voted
unanimously to determine that Ms. Flores was an employee of Coral Academy
and directed the Coral Academy of Science to retroactively enroll Tia Flores into
the System from her effective date of employment through August 1, 2013 and to
pay contributions and interest owed on behalf of Ms. Flores over a 3-year period
(per NRS 286.537).
4.4
Staff provided the internal audit report findings on an independent contractor
versus employee status on behalf of Ray Valdez of the Coral Academy of
Science. Staff has determined that Ray Valdez should have been enrolled in
PERS as he was a full time employee as determined by the 20-point test adopted
by the Board. Mr. Valdez should be enrolled in PERS beginning on his effective
date of employment through June 2014. Mr. Tendegan, the Executive Director of
the Coral Academy of Science, addressed the Retirement Board regarding Mr.
Valdez status and stated that paying the interest and contributions in a lump sum
for Mr. Valdez would create a hardship for the school. Mr. Tendegan requested a
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May 20, 2015
Page 4
3-year contract to pay back the monies owed on behalf of Mr. Valdez. Mr.
Valdez addressed the Retirement Board regarding his situation and did not agree
to payment plan contract for the Coral Academy to pay his back contributions
owed to PERS. After discussion, on motion of Mark Vincent, the Retirement
Board voted unanimously to determine that Ray Valdez was an employee of Coral
Academy of Science and directed the Coral Academy of Science to retroactively
enroll Ray Valdez into the System from his effective date of employment through
June 2014 and to pay contributions in the approximate amount of $87,144.53 and
interest owed in the approximate amount of $36,572.50 (per NRS 286.537) within
90 days.
5.
6.
4.5
There were no recommended changes to the Retirement Board meeting dates.
4.6
There were no recommended changes to the Retirement Board Education
Curriculum Calendar.
ADMINISTRATION
5.1
Staff reviewed the Police and Firefighters’ Retirement Fund Advisory Committee
meeting minutes for the meeting held April 23, 2015. On motion of Rusty
McAllister, the Retirement Board voted unanimously to approve the minutes of
the Police and Firefighters’ Retirement Fund Advisory Committee meeting held
April 23, 2015, as submitted.
5.2
Staff reviewed the proposed independent contract with APEX Computing, Inc.,
for the Database Stored Procedures Optimization Project. On motion of Kathy
Ong, the Retirement Board voted unanimously to approve the contract with
APEX Computing, Inc., to implement the Database Stored Procedures
Optimization project in an amount not to exceed $151,200 as submitted.
LEGISLATION
6.1
Staff reviewed Senate Bill 406 that has been amended to allow for spouses or
survivor beneficiaries of individuals “killed in the line of duty,” “killed in the
course of employment”, “killed in the course of judicial service”, and “killed in
the course of legislative service” on or after July 1, 2013, are eligible to select the
additional benefit option. Staff has provided copies of the draft definitions for the
killed in the line of duty language that would be added to the PERS’, Legislators’,
and Judicial Official Policies. A public hearing will take place at the Board’s
June 17th meeting for discussion and final language decisions. Staff is requesting
the Board authorize staff to notify employers of this hearing should Senate Bill
406 pass the legislature as it becomes effective on July 1, 2015. The Retirement
Board directed staff to notify employers of the public hearing to be held at the
June 17, 2015, to finalize the definitions of “killed in the line of duty”, “killed in
the course of employment”, “killed in the course of judicial service” and “killed in
the course of legislative service.”
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May 20, 2015
7.
Page 5
6.2
Staff provided an update on the other bills that may affect the Public Employees’
Retirement System from the 2015 legislative session.
6.3
There were no legislative matters that developed after publication of the agenda
and which, due to scheduling must be acted upon at this time.
RATIFICATION AGENDA
On motion of Rusty McAllister, the Retirement Board voted unanimously of those
present to approve all items on the Ratification Agenda as recommended by staff:
7.1
Approve the Administrative Fund disbursements.
7.2
Approve the personnel action taken since the last report.
7.3
Approve the Deceased Recipient Report for the 4th quarter of 2013.
7.4
Approve the request for membership in PERS by the Mt. Charleston Fire
Protection District effective May 19, 2015.
7.5
Approve the Investment Performance Guidelines and Fee Exhibit with
Payden & Rygel.
7.6
Approve the Investment Performance Guidelines and Fee Exhibit with UBS.
7.7
Approve the Custodial Banking Agreement with BNY Mellon effective July
1, 2015 through June 30, 2020.
Mark Vincent and Kathy Ong were not present for this vote.
8.
DENIALS
9.
REPORTS
10.
PUBLIC COMMENT
10.1
Priscilla Maloney, of AFSCME Local 4041, addressed the Board and mentioned
that her board had a board meeting yesterday and their position is that AFSCME
is still opposed to SB 406 officially as they feel no changes are necessary. She
thanked the Retirement Board and staff for their hard work at the legislature on
behalf of all public employees and retirees.
Marty Bibb, of RPEN, thanked the Retirement Board and staff for actively
working tirelessly at the legislature this session on behalf of all public employees
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May 20, 2015
Page 6
and retirees. RPEN still believes no changes are necessary to PERS and will
continue to oppose any bills that would weaken PERS.
10.2
There was no report from the Deputy Attorney General.
10.3
Administrative Report by Staff:
1. The Executive Officer announced that the registration for the NASRA
annual conference which will take place August 1-5, 2015 in Monterey,
California has opened. The Executive Officer requested that if any
Board members would like to attend that they notify Karen so she can
register them and book a hotel room for the conference. Al Martinez
mentioned he would like to attend.
10.4
Comments or questions from the Retirement Board members:
Vice Chairman Collins: 1.
11.
Vice Chairman Collins thanked both
Priscilla and Marty for all their assistance at
the legislature and working with the
Executive Staff on certain bills. He
mentioned that without their help PERS
would not be as successful as they have been
at the legislature.
ADJOURNMENT
The meeting was adjourned by Vice Chairman Collins at 2:51p.m.
The following is the time schedule for the meeting:
The Retirement Board education session held on May 20, 2015, was called to order at 11:21 a.m.
by Chairman Vincent and recessed at 12:07 p.m. The May 20, 2015, Retirement Board meeting
was called to order at 12:36 p.m. by Chairman Vincent. There was one break taken at 2:32 p.m.
for approximately 4 minutes. Vice Chairman Collins adjourned the meeting at 2:51 p.m.
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Retirement Board Meeting - Board
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
2015 RETIREMENT BOARD MEETING DATES
MEETING DATES – 2015
July 16
August 20
September 17
October 22
November 19
December 17
Thursday
Thursday
Thursday
Thursday
Thursday
Thursday
Las Vegas
Carson City
Carson City
Las Vegas
Carson City
Carson City
NASRA
NCTR
IFEBP (Annual Conf)
Monterey, CA
La Jolla, CA
Honolulu, HI
CONFERENCES – 2015
August 1-5
October 10-14
November 8-11
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
55
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Board
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Retirement Board Education Curriculum Calendar – 2015
January
Education Topic:
Investment Philosophy
February
Education Topic:
U.S. Bond Structure
March
Education Topic:
Police and Firefighters’ Retirement Fund Advisory
Committee Review
Education Topic:
Custody and Commercial Banking
Education Topic:
Technology Program Review
Education Topic:
Investment Program History
April
May
June
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
56
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Board
Retirement Board Education Curriculum Calendar – 2015
July
Education Topic:
PERS’ Budget Review
August
Education Topic:
PERS’ Operational Review
September
Education Topic:
Securities Litigation
October
Education Topic:
Guest Investment Speaker
November
Education Topic:
Actuarial Valuation Process Review
December
Education Topic:
Financial Statement Process Review
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Retirement Board Meeting - Administration
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 11, 2015
Re:
Segal Consulting – Actuary and Benefit Consulting Contract
Fiscal Years 2016-2017
The Retirement System’s contract with Segal Consulting for actuarial and benefit
consulting services expires June 30, 2015. Following this memorandum is a contract for fiscal
years 2016 and 2017. The proposed amount for the contract reflects a not to exceed rate of
$396,400 for fiscal year 2016 and a not to exceed rate of $408,300 for fiscal year 2017. These
rates reflect an increase of 3% per year on the base contract amount from last biennium. These
rates also reflect an increase of $35,000 for the performance of the additional valuation required
by GASB Statement 67. This is the first increase in this contract amount in six years. The
System budgeted for an increase of 5% of the base contract amount from last biennium.
The description of services to be performed over the contract period are included under
“Attachment A” of the contract. These include annual actuarial valuations of the Public
Employees’ Retirement System and the Judicial Retirement System with a biennial valuation of
the Legislators’ Retirement System. In addition to the actuarial services performed, Segal
Consulting provides many benefit consulting and governmental compliance duties under this
contract.
RECOMMENDATION:
Motion instructing staff to contract with Segal Consulting for
actuarial and benefit consulting services for fiscal years 2016 and 2017 in an amount not to
exceed $396,400 for fiscal year 2016 and in an amount not to exceed $408,300 for fiscal year
2017, subject to successful negotiations.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
58
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
CONTRACT FOR SERVICES OF INDEPENDENT CONTRACTOR
A contract between the Public Employees’ Retirement System of Nevada (PERS)
and
Segal Consulting
5990 Greenwood Plaza Boulevard, Suite 118
Greenwood Village, CO 80111
WHEREAS, NRS 286.190 authorizes the Retirement System to obtain services necessary for the
economic and efficient administration of the System and its program; and
WHEREAS, it is deemed that the services of the Contractor herein specified are both necessary and
desirable and in the best interests of the Retirement System; and
NOW, THEREFORE, in consideration of the aforesaid premise, the Parties mutually agree as follows:
1. REQUIRED APPROVAL. This contract shall not become effective until and unless approved by the Public
Employees’ Retirement Board.
2. CONTRACT TERM. This contract shall be effective from July 1, 2015, through June 30, 2017, unless
sooner revoked by either Party as set forth in this contract.
3. NOTICE. This contract may be terminated by either party prior to the date set forth in paragraph (2),
provided that a termination shall not be effective until 30 days after a party has served written notice of
default or breach upon the other party. Termination is more fully set forth below.
4. INCORPORATED DOCUMENTS. This contract incorporates the following in descending order of
constructive precedence:
ATTACHMENT A:
ATTACHMENT B:
ATTACHMENT C:
ATTACHMENT D:
Description of Services
Mandatory Terms & Conditions
Independent Contractor Screening Form
Insurance Schedule
A contractor’s attachment shall not contradict or supersede any state terms or conditions without written
evidence of mutual assent to such change appearing in this contract.
5. CONSIDERATION. Contractor agrees to provide the services set forth in Attachment A, with a total cost
not to exceed $396,400 for the period July 1, 2015, to June 30, 2016, and $408,300 for the period July 1,
2016, to June 30, 2017. PERS agrees to pay contractor quarterly in arrears for services performed in
accordance with Paragraph (4). Any intervening end to a biennial appropriation period shall be deemed
automatic renewal (not changing the overall contract term) or a termination as the result of the legislative
appropriation may require.
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Retirement Board Meeting - Administration
6. ASSENT. The parties agree that the terms and conditions listed on Attachments A through D of this
contract are also specifically a part of this contract and are limited only by their respective order of
precedence and any limitations expressly provided.
IN WITNESS WHEREOF, the Parties hereto have caused this contract to be signed and intend to be
legally bound thereby.
PUBLIC EMPLOYEES’ RETIREMENT
SYSTEM OF NEVADA
SEGAL CONSULTING
By____________________________
Tina M. Leiss, Executive Officer
______________________________
Brad Ramirez, Consulting Actuary
Date__________________________
Date_____________________________
Approved as to form by:
______________________________
Deputy Attorney General
Date_____________________________
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Retirement Board Meeting - Administration
Attachment A
Description of Services
The following services will be provided by Segal Consulting:
1.
Prepare actuarial valuations of the Public Employees' Retirement System (System) as of June 30 of each year.
2.
Submit to the Board a report on the results of each actuarial valuation of the System.
3.
Prepare actuarial valuations of the Legislators’ Retirement System as of June 30 of each even-numbered year.
4.
Prepare actuarial valuations of the Judicial Retirement System as of June 30 of each year.
5.
Submit to the Board a report on the results of each biennial actuarial valuation of the Legislators’ Retirement System.
6.
Submit to the Board a report on the results of each annual actuarial valuation of the Judicial Retirement System.
7.
Analyze implications of major proposed changes in the provisions of the Public Employees’ Retirement Act, Legislators'
Retirement Act, and Judicial Retirement Act, and prepare estimates of the actuarial cost of such proposed legislation. Discuss
possible modifications to proposed legislation with the Executive Officer and the Board when requested.
8.
Prepare actuarial tables for use by the staff of the System in determining benefit amounts that involve the application of actuarial
factors computed on the basis of assumptions approved by the Board. Consult with the Executive Officer regarding the
procedures necessary to determine such benefit amounts.
9.
Prepare an actuarial experience study of the System, Legislators’ Retirement System, and Judicial Retirement System at least
every five years and make recommendations to the System and the Board regarding any proposed changes to actuarial assumptions
as supported by the experience study.
10. Attend meetings of the Board, when requested, to review and discuss reports on actuarial valuations, legislative studies, and other
special studies.
11. Assist the Executive Officer and Board in an ongoing strategic planning effort related to pension funding, taxation, and benefits
structure issues. Plan design analysis and assessment of Internal Revenue Code compliance shall be included in the scope of the
strategic planning exercise.
12. The Actuary’s staff will be available at all reasonable times to the Board, the Executive Officer, and staff of the System for advice
concerning the orderly development of the System, the Legislators' Retirement System, and the Judicial Retirement System.
13. Prepare required actuarial valuation statements in accordance with GASB pronouncements.
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Retirement Board Meeting - Administration
ATTACHMENT B
STATE MANDATORY TERMS & CONDITIONS
1. INSPECTION & AUDIT.
a. Books and Records. Contractor agrees to keep and maintain under general accepted accounting principles full, true and complete
records, contracts, books, and documents as are necessary to fully disclose to the State or United States Government, or their authorized
representatives, upon audits or reviews, sufficient information to determine compliance with all state and federal regulations and statutes.
b. Inspection & Audit. Contractor agrees that the relevant books, records (written, electronic, computer related or otherwise), including
but not limited to relevant accounting procedures and practices of the Contractor or its subcontractors, financial statements and
supporting documentation, and documentation related to the work product shall be subject, at any reasonable time, to inspection,
examination, review, audit, and copying at any office or location of Contractor where such records may be found, with or without notice
by PERS except that documents containing the proprietary information and trade secrets of Contractor or a third party shall only be
subject to inspection, examination, review or audit after an appropriate confidentiality agreement has been entered into and shall not be
subject to copying.
c. Period of Retention. All books, records, reports, and statements relevant to this contract must be retained a minimum three years and
for five years if any federal funds are used in the contract. The retention period runs from the date of payment for the relevant goods or
services by the State, or from the date of termination of the contract, whichever is later. Retention time shall be extended when an audit
is scheduled or in progress, for a period reasonably necessary to complete an audit and/or to complete any administrative and judicial
litigation which may ensue.
2. CONTRACT TERMINATION.
a. Notice. Unless otherwise provided in this paragraph, any termination must be made only upon the specified calendar days or more,
prior written notice delivered by certified mail or in person to the other party's designated representative.
b. State Termination Without Cause. Any discretionary or vested right of renewal notwithstanding, this agreement may be terminated
upon 30 days written notice by mutual consent of both parties or unilaterally by either party without cause.
c. State Immediate Termination for Cause. The State may terminate this agreement, and Contractor waives any and all claim(s) for
damages, effective immediately without prior notice upon receipt of written notice by certified mail or in person, under the following
conditions:
i. If for any reason the Agency's funding from either state or federal sources is not obtained, continued, experiences a revenue
shortfall, or is not budgeted at levels sufficient to allow for purchase of the indicated quantity of goods or services; or
ii. If any state or federal statute, regulation, guideline, policy, or waiver expires, is modified, is amended, is repealed, or interpreted
by a third party state or federal judicial, legislative or administrative authority, in such a way that the work, goods or services are no
longer authorized for purchase or appropriate for necessary federal or State financial participation; or
iii. If any state, county, city or federal license, authorization, waiver, permit, qualification or certification required by statute,
ordinance, law, or regulation to be held by the Contractor to provide the goods or services required by this agreement is for any reason
denied, revoked, debarred, excluded, terminated, suspended, lapsed, or not renewed; or
iv. If Contractor becomes insolvent, subject to receivership, or becomes voluntarily or involuntarily subject to the jurisdiction of the
bankruptcy court; or
v. If it is found by the State that any quid pro quo or gratuities in the form of money, services, entertainment, gifts, or otherwise were
offered or given by Contractor, or any agent or representative of Contractor, to any officer or employee of the State of Nevada with a
view toward securing a contract or securing favorable treatment with respect to awarding, extending, amending, or making any
determination with respect to the performing of such contract.
d. Cause Termination for Default or Breach. A Default may be declared with or without termination. This agreement may be
terminated by either party upon 30 days written notice of default or breach to the other party as follows:
i. If the Contractor fails to provide or satisfactorily perform any of the conditions, work, deliverables, goods, or services called for by
this agreement within the time requirements specified herein or within any granted extension of those time requirements; or
ii. If the State materially breaches any material duty under this agreement and any such breach substantially impairs the Contractor's
ability to perform; or
iii. If the State exercises immediate termination for cause, a cause termination under this subparagraph may also be declared.
3. REMEDIES.
Except as otherwise provided for by law or this agreement, the rights and remedies of the State and the contractor regarding termination
shall not be exclusive and are in addition to any other rights and remedies provided by law or equity, including but not limited to actual
damages, and to a prevailing party reasonable attorneys' fees and costs. It is specifically agreed that reasonable attorneys' fees shall include
without limitation $125 per hour for State-employed attorneys.
4. LIMITED STATE LIABILITY.
PERS will not waive and intends to assert available statutory liability limitations in all cases. The liability of the State shall not be subject
to punitive damages. Actual damages for any State breach shall never exceed the amount of funds which have been appropriated for payment under this agreement, but not yet paid to the Contractor, for the fiscal year budget in existence at the time of the breach.
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Retirement Board Meeting - Administration
ATTACHMENT B (Cont’d)
MANDATORY TERMS & CONDITIONS
5. FORCE MAJEURE.
Neither party shall be deemed to be in violation of this agreement if it is prevented from performing any of its obligations hereunder for
any reason beyond its control, including, without limitation, strikes, inmate disturbances, acts of God, civil or military authority, act of
public enemy, or accidents, fires, explosions, earthquakes, floods, winds, failure of public transportation, or any other similar serious cause
beyond the reasonable control of either party. In such an event the intervening cause must not be through the fault of the party asserting
such an excuse, and the excused party is obligated promptly to perform in accordance with the terms of the agreement after the intervening
cause ceases.
6. INDEPENDENT CONTRACTOR.
The Contractor is associated with PERS only for the purposes and to the extent set forth in this agreement, and in respect to performance of
the contracted services pursuant to this agreement, Contractor is and shall be an independent contractor and, subject only to the terms of
this agreement, shall have the sole right to supervise, manage, operate, control, and direct performance of the details incident to its duties
under this agreement. Nothing contained in this agreement shall be deemed or construed to create a partnership or joint venture, to create
relationships of an employer-employee or principal-agent, or to otherwise create any liability for PERS whatsoever with respect to the
indebtedness, liabilities, and obligations of Contractor or any other party. Contractor shall be solely responsible for, and State shall have
no obligation with respect to: (1) withholding of income taxes, FICA or any other taxes or fees; (2) industrial insurance coverage; (3)
participation in any group insurance plans available to employees of PERS; (4) participation or contributions by either the contractor or the
State to the Public Employees’ Retirement System; (5) accumulation of vacation leave or sick leave; or (6) unemployment compensation
coverage provided by PERS. Contractor shall indemnify and hold PERS harmless from, and defend PERS against, any and all losses,
damages, claims, costs, penalties, liabilities, and expenses arising or incurred because of, incident to, or otherwise with respect to any such
taxes or fees. Neither the contractor nor its employees, agents, or representatives shall be considered employees, agents, or representatives
of the State.
7. INSURANCE
Unless expressly waived in writing by PERS, the Contractor, as an independent contractor and not an employee of PERS, must carry
public liability and other appropriate forms of insurance and pay all taxes and fees, incident hereunto. PERS shall have no liability except
as specifically provided in the contract. PERS shall be named as an additional insured or a loss payee as appropriate on any and all
insurance policies taken by the contractor. The insurer's evidence of PERS as an additional insured must be provided PERS for approval
prior to the effective date of the contract. The Contractor shall provide certificates of insurance in amounts set forth in the attached
insurance schedule. The insurance schedule, which is incorporated into and made part of this contract shall set forth the required types of
coverage, limits of coverage, any State waiver of insurance requirements and other relevant matters.
8. WORKER'S COMPENSATION INSURANCE.
This contract is contingent upon proof provided by the Contractor that coverage for workers' compensation insurance is being supplied or
is not required under NRS 616B.627 during the life of the contract.
9. GOVERNMENT OBLIGATIONS.
Contractor shall be responsible for all applicable federal, state, and local government obligations. Contractor will be responsible to pay all
taxes, assessments, fees, premiums, permits, and licenses required by law. Real property and personal property taxes are the responsibility
of contractor in accordance with NRS 361.157 and 361.159. Contractor warrants that it has a valid business license. Contractor agrees to
be responsible for payment of any such government obligations not paid by its subcontractors during performance of this contract.
10. NEVADA LAW/VENUE.
This agreement and the rights and obligations of the parties hereto shall be governed by, and construed according to, the laws of the State
of Nevada. Contractor consents to the jurisdiction of the Nevada district courts for enforcement of this contract.
11. ENTIRE AGREEMENT AND MODIFICATION.
This agreement and its integrated attachment(s) constitute the entire agreement of the parties and such are intended as a complete and
exclusive statement of the promises, representations, negotiations, discussions, and other agreements that may have been made in connection with the subject matter hereof. Unless an integrated attachment to this contract specifically displays a mutual intent to amend a
particular part of this contract, general conflicts in language between any such attachment and this contract shall be construed consistent
with the terms of this contract. Unless otherwise expressly authorized by the terms of this contract, no modification or amendment to this
agreement shall be binding upon the parties unless the same is in writing and signed by the respective parties hereto, approved by the
Office of the Attorney General, and when required by statute, regulation, or the State Administrative Manual, approved by the State Board
of Examiners.
12. PROPER AUTHORITY.
The parties hereto represent and warrant that the person executing this agreement on behalf of each party has full power and authority to
enter into this agreement. Contractor acknowledges that as required by statute or regulation this contract is effective only after approval by
PERS and only for the period of time set forth in the contract. Any services provided by contractor before this contract is effective or after
it ceases to be effective are provided at the sole risk of the contractor.
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ATTACHMENT B (Cont’d)
MANDATORY TERMS & CONDITIONS
13. SEVERABILITY.
If any provision contained in this agreement is held to be unenforceable by a court of law or equity, this agreement shall be construed as if
such provision did not exist and the nonenforceability of such provision shall not be held to render any other provision or provisions of this
agreement unenforceable.
14. NOTICES.
All notices or other communications required or permitted to be given under this agreement shall be in writing and shall be deemed to have
been duly given if delivered personally in hand, by telephonic facsimile or mailed certified mail, return receipt requested, postage prepaid
on the date posted, and addressed to the appropriate party at the following address, facsimile phone number or such other address or
number as may be given in writing to the parties:
a. PERS: 693 W. Nye Lane, Carson City, NV 89703
b. Contractor: Segal Consulting, 5990 Greenwood Plaza Boulevard, Suite 118, Greenwood Village, CO 80111
15. WAIVER OF BREACH.
Failure to declare a breach or the actual waiver of any particular breach of the contract or its material or nonmaterial terms by either party
shall not operate as a waiver by such party of any of its rights or remedies as to any other breach.
16. ASSIGNMENT.
The contractor shall neither assign, transfer nor delegate any rights, obligations or duties under this contract without the prior written
consent of PERS.
17. PERS OWNERSHIP OF PROPRIETARY INFORMATION.
Any reports, (which are intended to be consideration under the contract), or any other documents provided by Contractor to PERS shall be
the property of PERS Contractor shall not use, willingly allow, or cause to have such materials used for any purpose other than
performance of contractor's obligations under this agreement without the prior written consent of the State. PERS requires that Contractor
as a consultants will provide similar services to the clients without violating Section 19 of the Agreement.
18. PUBLIC RECORDS.
Pursuant to NRS 239.010, information or documents received from contractor may be open to public inspection and copying. PERS will
have the duty to disclose unless a particular record is made confidential by law or a common law balancing of interests. Contractor may
clearly label individual documents as a "trade secret" or "confidential" provided that the contractor thereby agrees to indemnify and defend
PERS for honoring such a designation. The failure to so label any document that is released by PERS shall constitute a complete waiver of
any and all claims for damages caused by any release of the records. If a public records request for a labeled document is received by
PERS, PERS will notify the contractor of the request and delay access to the material until seven working days after notification to
contractor. Within that time delay, it will be the duty of the contractor to act in protection of its labeled record. Failure to so act shall
constitute a complete waiver.
19. CONFIDENTIALITY.
Contractor shall keep confidential all information, in whatever form, produced, prepared, observed or received by Contractor to the extent
that such information is confidential by law or otherwise required by this contract.
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ATTACHMENT C
SCREENING TO DETERMINE POTENTIAL STATUS AS EMPLOYEE
OR INDEPENDENT CONTRACTOR
It is the responsibility of both the appointing authority and the contractor to evaluate the nature of services and
term negotiated in order to determine "independent contractor" status. To assist in determining the appropriate
status (employee or independent contractor), contractor shall answer each question by initialing either "yes" or
"no."
Contractor's
Initials
YES
1
Does the State Agency/Division entering into the
contract have the right to require control of
when, where and how the independent contractor
is to work?
2
Will the State Agency/Division entering into the
contract be providing training to the independent
contractor?
3
Will the State Agency/Division be furnishing the
independent contractor with worker's space,
equipment, tools, supplies or travel expenses?
4
Are any of the workers who assist the
independent contractor in performance of his/her
duties employees of the State of Nevada?
5
Does the arrangement with the independent
contractor contemplate continuing or recurring
work (even if the services are seasonal, part-time,
or of short duration)?
6
Will the State of Nevada incur an employment
liability if the independent contractor is
terminated for failure to perform?
7
Is the independent contractor restricted from
offering his/her services to the general public
while engaged in this work relationship with the
State?
NO
If any of the answers to the questions above are "yes," then you must contact your Deputy Attorney General prior
to entering into a contract for services with an independent contractor.
It is the continuing responsibility of both the appointing authority and the contractor to monitor the work
relationship throughout the term of the contract to ensure that the independent contractor relationship remains as
such.
Signature of Independent Contractor
Date
Signature of Executive Officer
Date
Signature of Deputy Attorney General
Date
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ATTACHMENT D
INSURANCE SCHEDULE
The Contractor shall provide policies of insurance in amounts set forth in this Insurance Schedule. This Insurance Schedule, which is
incorporated into this Contract shall set forth the required types of coverage, limits of coverage, any State waiver of insurance requirements
and other relevant matters.
(a) The term "insurance" as used in this Paragraph includes insurance, fidelity and surety bonds. "PERS" shall mean the Public
Employees’ Retirement System of Nevada, its officers, employees and immune Contractor as defined in NRS 41.0307. "Contractor"
shall mean the independent contractor.
(b) Without limiting any of the other obligations or liabilities of the Contractor, the Contractor shall, at the Contractor's sole expense,
procure, maintain and keep in force the amounts and types of insurance conforming to the minimum requirements set forth below,
unless otherwise agreed to by PERS in the Insurance Schedule.
(c) Unless specifically specified herein or otherwise agreed to by PERS, the required insurance shall commence prior to the
commencement of work by the Contractor and shall continue in force until the latter of:
(1) Final acceptance by PERS of the completion of this Contract; or
(2) Such time as the insurance is no longer required by PERS under the terms of this Agreement.
(d) All insurance, surety and fidelity coverage required from the Contractor shall be with (a) company(ies) having an A.M. Best and
Company Inc. policyholder rating(s) of A-VII or better.
(e) The Contractor shall not commence work before:
(1) He has provided certified copy(ies) of all insurance policies required by this Contract to:
Public Employees’ Retirement System
693 W. Nye Lane
Carson City, Nevada 89703-1527
(2) PERS has approved the insurance policies provided by the Contractor.
(3) Neither approval by PERS nor failure to disapprove the insurance furnished by the Contractor shall relieve the Contractor of
the Contractor's full responsibility to provide the insurance required by this Contract. Compliance with the insurance requirements
of this Contract shall not limit the liability of the Contractor or its sub-contractors, employees or agents to PERS or others, and
shall be in addition to and not in lieu of any other remedy available to the State under this Contract or otherwise.
(f) Contractor shall provide PERS:
(1) With forty-five (45) days notice of cancellation.
(2) With forty-five (45) days notice of any change in the policy material to this Contract.
(g) Until such time as the insurance is no longer required by PERS, the Contractor shall provide PERS with renewal or replacement
evidence of insurance on or before the expiration or replacement of the required insurance.
(h) If at any time during the period when insurance is required by the Contract, an insurer or surety shall fail to comply with the
requirements of this Contract, as soon as the Contractor has knowledge of any such failure, the Contractor shall immediately notify
PERS and immediately replace such insurance or bond with an insurer meeting the requirements.
(i) Insurance maintained by the Contractor shall apply on a first dollar basis without application of a deductible or self-insured
retention unless otherwise specifically agreed to by PERS. Such approval shall not relieve the Contractor from the obligation to pay
any deductible or self-insured retention.
(j) Any insurance that is written on a claims made form:
(1) Shall have a retroactive date prior to the date work begins under this Contract.
(2) If any insurance that is written on a claims made form is canceled or non-renewed, the Contractor shall:
(i) At his own expense, buy discovery period coverage for the period specified in the Insurance Schedule; or
(ii) Purchase coverage on the same basis from another company from the date of cancellation or non-renewal to the date
specified as the discovery period. Such replacement policy shall have a retrospective date prior to the date work began under
this Contract. The terms and conditions of the policy and the replacement company's A.M. Best Policy holder's rating shall be
as otherwise specified in the Contract.
(k) Commercial General and Umbrella Liability Insurance. If specified as required in Insurance Schedule, the Contractor shall
maintain commercial general liability ("CGL") and, if necessary, commercial umbrella insurance with limits of not less than those
shown in the Insurance Schedule. General liability insurance shall include, without limitation, civil lawsuits and claims by Inmates,
Title VII Federal actions, premises and product liability, indemnification and any other liability resulting from all facility operations
under this Management Agreement. If such CGL or umbrella liability insurance contains an aggregate limit, it shall apply separately to
this project.
(1) CGL insurance shall be written on an Insurance Services Office ("ISO") occurrence form CG 00 01 10 93 (or a substitute form
providing equivalent coverage) and shall cover liability arising from premises, operations, independent contractors,
products-completed operations, personal injury, advertising and liability assumed under an insured contract (including the tort
liability of another assumed in a business contract),
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ATTACHMENT D (Cont’d)
INSURANCE SCHEDULE
(2) PERS, its officers, employees and immune contractors shall be included as insureds under the CGL, using ISO additional
insured endorsement CG 20 10 or a substitute providing equivalent coverage, and under the commercial umbrella, if any. Any
insurance or self-insurance available to PERS shall be in excess of and non-contributing with any insurance required from the
Contractor. Contractor’s insurance policies shall apply on a primary basis.
(3) Waiver of Subrogation. Contractor waives all rights against PERS for recovery of damages to the extent these damages are
covered by the comprehensive general liability or commercial umbrella liability insurance obtained by Contractor pursuant to this
Agreement.
(l) Business Auto and Umbrella Liability Insurance. If specified as required in Insurance Schedule, Contractor shall maintain business
auto liability and, if necessary, commercial umbrella liability insurance with limits of not less than those shown in the Insurance
Schedule.
(1) Such insurance shall cover liability arising out of hired and non-owned autos used by Contractor in the performance of the
contract. Contractor represents to PERS that it does not maintain any Contractor-owned vehicles.
(2) Business auto coverage shall be written on ISO form CA 00 01, CA 00 05, CA 00 12, CA 200 20, or a substitute providing
equivalent liability coverage. If necessary, the policy shall be endorsed to provide contractual liability coverage equivalent to that
provided in the 1990 and later editions of CA 00 01.
(3) Waiver of Subrogation. Contractor waives all rights against PERS for recovery of damages to the extent these damages are
covered by the business auto liability or commercial umbrella liability insurance obtained by Contractor pursuant to this
Agreement or under any applicable auto physical damage coverage.
(m) Builders Risk Insurance. While PERS reserves the right to insure for this exposure, if specified as required in the Insurance
Schedule, Contractor shall maintain Builders Risk Insurance on the entire work. Such insurance shall be written on a completed value
form and in an amount shown on the Insurance Schedule, subject to subsequent modifications of the Contract sum, if any. The
insurance shall apply on a replacement cost basis.
(1) The insurance shall name as additional insureds the owner, the Contractor and all subcontractors and sub-subcontractors in the
work.
(2) The insurance shall cover the entire work specified in this Contract, plus reasonable compensation for architects services and
expenses made necessary by an insured loss. Insured property shall include portions of the work located away from the site but
intended for use at the site and shall also cover portions of the work in transit. The policy shall include as insured property
scaffolding, falsework, and temporary buildings located at the site. The policy shall cover the cost of removing debris, including
demolition which may be legally necessary by the operation of any law, ordinance or regulation.
(3) The insurance shall be written to cover all risks of physical loss except those specifically excluded in the policy, and shall
insure at least against the perils of fire and extended coverage, theft, vandalism, malicious mischief, collapse, testing, flood and
earthquake.
(4) Payment of an applicable deductible shall be the responsibility of the insured making the claim. However, if the insured making
the claim is PERS, payment of the deductible shall be the Contractor's responsibility.
(5) Builders Risk Insurance shall be maintained in effect, unless otherwise provided for in the contract documents, until the earliest
of the following dates:
(i) the date on which all persons and organizations who are insureds under the policy agree that it shall be terminated;
(ii) the date on which final payment, as provided for in the event of non-renewal or completion of this Contract, had been
made; or
(iii) the date on which the insurable interests in the property of all insured other than PERS have ceased.
(6) If PERS is damaged by the failure of the Contractor to maintain Builders Risk Insurance when required in the Insurance
Schedule, then the Contractor shall bear all reasonable costs properly attributable to that failure.
(7) Waiver of Subrogation. PERS and the Contractor waive all rights against each other and each of their subcontractors,
sub-subcontractors, officers, agents, employees and immune contractors for recovery for damages caused by fire and/or other perils
to the extent covered by the Builders Risk Insurance or any other property insurance applicable to the work.
(8) Partial Occupancy. Partial occupancy or use of the work shall not commence until the insurance company or companies
providing Builders Risk Insurance have consented to such partial occupancy or use. PERS and the Contractor shall take
reasonable steps to obtain consent of the insurance company or companies and agree to take no action, other than upon mutual
written consent, with respect to occupancy or use of the work that could lead to cancellation, lapse or reduction of insurance.
(n) Professional Liability. If specified as required in the Insurance Schedule, Contractor shall maintain professional liability insurance
with limits of not less than those shown in the Insurance Schedule.
(1) Professional liability coverage shall cover all anticipated services.
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ATTACHMENT D (Cont’d)
INSURANCE SCHEDULE
(2) Waiver of Subrogation. Contractor waives all rights against PERS, its officers, employees and immune contractors for
recovery of damages to the extent these damages are covered by the professional liability insurance obtained by Contractor
pursuant to this Agreement.
(o) Worker's Compensation Insurance. Evidence of compliance with NRS 616B.627 required.
(p) Insurance Schedule. Coverage with the "Limits Required" paragraph filled on this schedule are required at the limits, terms and
conditions specified. A deductible or self-insured retention is permitted if an amount is entered under the applicable coverage.
Each category must contain either a dollar amount or the word "waived" or "N/A" (not applicable) and PERS shall initial in the left
margin, indicating an acceptable evidence of insurance has been received or waived.
______________
PERS INITIAL
______________
PERS INITIAL
PERS INITIAL
1. Commercial General and Umbrella Liability Insurance.
Limits required,
1,000,000
$
500,000
per accident.
Deductible/SIR permitted $
-0per occurrence.
If the CGL or umbrella liability insurance contains a general aggregate limit, it shall be endorsed to apply
separately to this project.
2. Business Auto and Umbrella Liability Insurance.
Limits required,
1,000,000
$
500,000
per accident.
Deductible/SIR permitted $
-0per accident.
3. Professional Liability Insurance.
Limits required, $12.5 million
$
12.5 million
per occurrence.
Deductible/SIR permitted $
-0per occurrence.
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Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 4, 2015
Re:
Apex Support Agreement for Fiscal Year 2016
Immediately following this memorandum is a proposed contract with APEX Computing,
Inc. (Apex), a local vendor, to provide technical assistance to the System’s staff. The proposed
agreement encompasses security, programming, network support, and other technical support at
the System’s main offices.
Apex has worked with PERS staff to develop the knowledge needed to effectively plan,
diagnose, and document our information technology system. Apex has the skills necessary to
intelligently guide technical solutions to fit the business needs of PERS. Apex has demonstrated
the ability to keep key personnel on PERS projects. Some of the technical expertise that Apex
has provided in the past and that we see for the future is the ability to diagnose our CARSON
and web systems along with numerous subsystems accurately and efficiently, allowing us to
quickly resolve situations and giving PERS maximum usage of all pertinent systems. Apex has
already made many modifications to these systems giving us a more reliable, efficient, and
manageable environment.
The services provided by Apex to date have been efficient and extremely beneficial to the
System. The Apex staff has an excellent working relationship with PERS’ staff.
Attachment “A” to the proposed contract outlines the description of services and hourly
rates. These services are included in the System’s legislatively approved budget for fiscal year
2016.
RECOMMENDATION:
Motion approving the consulting contract with APEX Computing,
Inc., for the System’s main offices, in an amount not to exceed $886,800.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
69
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
CONTRACT FOR SERVICES OF INDEPENDENT CONTRACTOR
A contract between the Public Employees Retirement System of Nevada (PERS)
and
APEX Computing, Inc. (hereinafter “Contractor”)
WHEREAS, NRS 286.190 authorizes the Retirement System to obtain services necessary for the
economic and efficient administration of the System and its program; and
WHEREAS, it is deemed that the services of the Contractor herein specified are both necessary and
desirable and in the best interests of the Retirement System; and
NOW, THEREFORE, in consideration of the aforesaid premise, the Parties mutually agree as follows:
1. REQUIRED APPROVAL. This contract shall not become effective until and unless approved by the Public
Employees Retirement Board.
2. CONTRACT TERM. This contract shall be effective from July 1, 2015, through June 30, 2016, unless
sooner revoked by either Party as set forth in this contract.
3. NOTICE. This contract may be terminated by either party prior to the date set forth in paragraph (2),
provided that a termination shall not be effective until 30 days after a party has served written notice of
default or breach upon the other party. Termination is more fully set forth below.
4. INCORPORATED DOCUMENTS. This contract incorporates the following in descending order of
constructive precedence:
ATTACHMENT A:
ATTACHMENT B:
ATTACHMENT C:
ATTACHMENT D:
Description of Services
Mandatory Terms & Conditions
Independent Contractor Screening Form
Insurance Schedule
A contractor’s attachment shall not contradict or supersede any state terms or conditions without written
evidence of mutual assent to such change appearing in this contract.
5. CONSIDERATION. Contractor agrees to provide the services set forth in paragraph (4) at a cost in
accordance with Attachment A, with a total cost not to exceed $886,800.00. PERS agrees to pay contractor
for services performed in accordance with Paragraph (4).
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6. ASSENT. The parties agree that the terms and conditions listed on Attachments A through D of this
contract are also specifically a part of this contract and are limited only by their respective order of
precedence and any limitations expressly provided.
IN WITNESS WHEREOF, the Parties hereto have caused this contract to be signed and intend to be
legally bound thereby.
PUBLIC EMPLOYEES’ RETIREMENT
SYSTEM OF NEVADA
CONTRACTOR
By____________________________
Tina Leiss, Executive Officer
_________________________________
Date__________________________
Date_____________________________
Approved as to form by:
______________________________
Jennifer Chisel
Deputy Attorney General
Date_____________________________
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Attachment A
Description of Services
1. Apex will provide the following services:
Network support for the PERS infrastructure, programming services related to resolving issues on the
CARSON system, network security, web services, support for third-party software used by PERS,
provide guidance to less experienced PERS employees, and provide documentation on the resolution of
all significant issues.
2. PERS will pay a fee to Apex for the Services based on one-hundred-twenty ($120) per hour for
programming services, ninety-five dollars ($95) per hour for networking services and eighty dollars
($80) an hour for administrative services. Hours worked will be compiled bi-weekly and invoiced for
payment.
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Attachment B
PERS Mandatory Terms & Conditions
1. INSPECTION & AUDIT.
a. Books and Records. Contractor agrees to keep and maintain under general accepted accounting principles full, true and complete
records, contracts, books, and documents as are necessary to fully disclose to PERS or United States Government, or their authorized
representatives, upon audits or reviews, sufficient information to determine compliance with all state and federal regulations and
statutes.
b. Inspection & Audit. Contractor agrees that the relevant books, records (written, electronic, computer related or otherwise),
including but not limited to relevant accounting procedures and practices of the Contractor or its subcontractors, financial statements
and supporting documentation, and documentation related to the work product shall be subject, at any reasonable time, to inspection,
examination, review, audit, and copying at any office or location of Contractor where such records may be found, with or without
notice by PERS
c. Period of Retention. All books, records, reports, and statements relevant to this contract must be retained a minimum three years
and for five years if any federal funds are used in the contract. The retention period runs from the date of payment for the relevant
goods or services by PERS, or from the date of termination of the contract, whichever is later. Retention time shall be extended when
an audit is scheduled or in progress, for a period reasonably necessary to complete an audit and/or to complete any administrative and
judicial litigation which may ensue.
2. CONTRACT TERMINATION.
a. Notice. Unless otherwise provided in this paragraph, any termination must be made only upon the specified calendar days or more,
prior written notice delivered by certified mail or in person to the other party's designated representative.
b. PERS Termination Without Cause. Any discretionary or vested right of renewal notwithstanding, this agreement may be terminated
upon thirty (30) days advance written notice by mutual consent of both parties or unilaterally by either party without cause.
c. PERS Immediate Termination for Cause. PERS may terminate this agreement, and Contractor waives any and all claim(s) for
damages, effective immediately without prior notice upon receipt of written notice by certified mail or in person, under the following
conditions:
i. If for any reason the Agency's funding from either state or federal sources is not obtained, continued, experiences a revenue
shortfall, or is not budgeted at levels sufficient to allow for purchase of the indicated quantity of goods or services; or
ii. If any state or federal statute, regulation, guideline, policy, or waiver expires, is modified, is amended, is repealed, or interpreted
by a third party state or federal judicial, legislative or administrative authority, in such a way that the work, goods or services are no
longer authorized for purchase or appropriate for necessary federal or State financial participation; or
iii. If any state, county, city or federal license, authorization, waiver, permit, qualification or certification required by statute,
ordinance, law, or regulation to be held by the Contractor to provide the goods or services required by this agreement is for any
reason denied, revoked, debarred, excluded, terminated, suspended, lapsed, or not renewed; or
iv. If Contractor becomes insolvent, subject to receivership, or becomes voluntarily or involuntarily subject to the jurisdiction of the
bankruptcy court; or
v. If it is found by PERS that any quid pro quo or gratuities in the form of money, services, entertainment, gifts, or otherwise were
offered or given by Contractor, or any agent or representative of Contractor, to any officer or employee PERS with a view toward
securing a contract or securing favorable treatment with respect to awarding, extending, amending, or making any determination
with respect to the performing of such contract.
d. Cause Termination for Default or Breach. A Default may be declared with or without termination. This agreement may be
terminated by either party upon written notice of default or breach to the other party as follows:
i. If the Contractor fails to provide or satisfactorily perform any of the conditions, work, deliverables, goods, or services called for
by this agreement within the time requirements specified herein or within any granted extension of those time requirements; or
ii. If PERS materially breaches any material duty under this agreement and any such breach substantially impairs the Contractor's
ability to perform; or
iii. If PERS exercises immediate termination for cause, a cause termination under this subparagraph may also be declared.
iv. Notwithstanding the above, termination is not in effect if Contractor has cured default within ten (10) days after receipt of written
notice of such default (or such additional cure period as the non-defaulting party may authorize).
3. REMEDIES.
Except as otherwise provided for by law or this agreement, the rights and remedies of PERS and the contractor regarding termination
shall not be exclusive and are in addition to any other rights and remedies provided by law or equity, including but not limited to actual
damages, and to a prevailing party reasonable attorneys' fees and costs. It is specifically agreed that reasonable attorneys' fees shall
include without limitation $125 per hour for State-employed attorneys.
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Attachment B (Cont’d)
PERS Mandatory Terms & Conditions
4. LIMITED STATE LIABILITY.
a. PERS will not waive and intends to assert available statutory liability limitations in all cases. The liability of PERS shall not be
subject to punitive damages. Actual damages for any PERS breach shall never exceed the amount of funds which have been
appropriated for payment under this agreement, but not yet paid to the Contractor, for the fiscal year budget in existence at the time
of the breach.
b. Limitation of APEX liability. Consultant’s liability to PERS under or relating to this agreement or for personal injury or property
damage arising from the services provided under this agreement, regardless of whether such claims are based in contract, tort or any
other theory of recovery, shall in no event exceed three times (3x) the amounts paid by PERS to consultant under this agreement, and
in no event shall either party be liable to the other party for any indirect, special, incidental, exemplary or consequential damages
(including, without limitation, lost profits or good will) related to this agreement.
5. FORCE MAJEURE.
Neither party shall be deemed to be in violation of this agreement if it is prevented from performing any of its obligations hereunder for
any reason beyond its control, including, without limitation, strikes, inmate disturbances, acts of God, civil or military authority, act of
public enemy, or accidents, fires, explosions, earthquakes, floods, winds, failure of public transportation, or any other similar serious
cause beyond the reasonable control of either party. In such an event the intervening cause must not be through the fault of the party
asserting such an excuse, and the excused party is obligated promptly to perform in accordance with the terms of the agreement after the
intervening cause ceases.
6. INDEMNIFICATION.
To the fullest extent permitted by law Contractor shall indemnify, hold harmless and defend, not excluding the PERS’ right to participate,
PERS from and against all liability, claims, actions, damages, losses, and expenses, including, without limitation, reasonable attorneys’
fees and costs, arising out of any alleged negligent or willful acts or omissions of Contractor, its officers, employees and agents.
7. INDEPENDENT CONTRACTOR.
The Contractor is associated with PERS only for the purposes and to the extent set forth in this agreement, and in respect to performance
of the contracted services pursuant to this agreement, Contractor is and shall be an independent contractor and, subject only to the terms
of this agreement, shall have the sole right to supervise, manage, operate, control, and direct performance of the details incident to its
duties under this agreement. Nothing contained in this agreement shall be deemed or construed to create a partnership or joint venture, to
create relationships of an employer-employee or principal-agent, or to otherwise create any liability for PERS whatsoever with respect to
the indebtedness, liabilities, and obligations of Contractor or any other party. Contractor shall be solely responsible for, and PERS shall
have no obligation with respect to: (1) withholding of income taxes, FICA or any other taxes or fees; (2) industrial insurance coverage; (3)
participation in any group insurance plans available to employees of PERS; (4) participation or contributions by either the contractor or
PERS to the Public Employees Retirement System; (5) accumulation of vacation leave or sick leave; or (6) unemployment compensation
coverage provided by PERS. Contractor shall indemnify and hold PERS harmless from, and defend PERS against, any and all losses,
damages, claims, costs, penalties, liabilities, and expenses arising or incurred because of, incident to, or otherwise with respect to any
such taxes or fees. Neither the contractor nor its employees, agents, or representatives shall be considered employees, agents, or representatives of PERS.
8. INSURANCE
Unless expressly waived in writing by PERS, the Contractor, as an independent contractor and not an employee of PERS, must carry
public liability and other appropriate forms of insurance and pay all taxes and fees, incident hereunto. PERS shall have no liability except
as specifically provided in the contract. PERS shall be named as an additional insured or a loss payee as appropriate on any and all
insurance policies taken by the contractor. The insurer's evidence of PERS as an additional insured must be provided PERS for approval
prior to the effective date of the contract. Prior written approval of the insurance policies by PERS shall be a condition precedent to the
effective date of this contract and PERS’ approval of any changes to insurance coverage during the course of performance shall constitute
an ongoing condition subsequent to this contract. The Contractor shall provide policies of insurance in amounts set forth in the attached
insurance schedule. The insurance schedule, which is incorporated into and made part of this contract shall set forth the required types of
coverage, limits of coverage, any State waiver of insurance requirements and other relevant matters.
9. WORKER'S COMPENSATION INSURANCE.
This contract is contingent upon proof provided by the Contractor that coverage for workers' compensation insurance is being supplied or
is not required under NRS 616B.627 during the life of the contract.
10. GOVERNMENT OBLIGATIONS.
Contractor shall be responsible for all applicable federal, state, and local government obligations. Contractor will be responsible to pay
all taxes, assessments, fees, premiums, permits, and licenses required by law. Real property and personal property taxes are the responsibility of contractor in accordance with NRS 361.157 and 361.159. Contractor warrants that it has a valid business license. Contractor
agrees to be responsible for payment of any such government obligations not paid by its subcontractors during performance of this
contract.
11. NEVADA LAW/VENUE.
This agreement and the rights and obligations of the parties hereto shall be governed by, and construed according to, the laws of the State
of Nevada. Contractor consents to the jurisdiction of the Nevada district courts for enforcement of this contract.
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Attachment B (Cont’d)
PERS Mandatory Terms & Conditions
12. ENTIRE AGREEMENT AND MODIFICATION.
This agreement and its integrated attachment(s) constitute the entire agreement of the parties and such are intended as a complete and
exclusive statement of the promises, representations, negotiations, discussions, and other agreements that may have been made in connection with the subject matter hereof. Unless an integrated attachment to this contract specifically displays a mutual intent to amend a
particular part of this contract, general conflicts in language between any such attachment and this contract shall be construed consistent
with the terms of this contract. Unless otherwise expressly authorized by the terms of this contract, no modification or amendment to this
agreement shall be binding upon the parties unless the same is in writing and signed by the
respective parties hereto, approved by the Office of the Attorney General, and when required by statute, regulation, or the State
Administrative Manual, approved by the State Board of Examiners.
13. PROPER AUTHORITY.
The parties hereto represent and warrant that the person executing this agreement on behalf of each party has full power
and authority to enter into this agreement. Contractor acknowledges that as required by statute or regulation
this contract is effective only after approval by PERS and only for the period of time set forth in the contract. Any services
provided by contractor before this contract is effective or after it ceases to be effective are provided at the sole risk of the
contractor.
14. SEVERABILITY.
If any provision contained in this agreement is held to be unenforceable by a court of law or equity, this agreement shall be construed as if
such provision did not exist and the nonenforceability of such provision shall not be held to render any other provision or provisions of
this agreement unenforceable.
15. NOTICES.
All notices or other communications required or permitted to be given under this agreement shall be in writing and shall be deemed to
have been duly given if delivered personally in hand, by telephonic facsimile or mailed certified mail, return receipt requested, postage
prepaid on the date posted, and addressed to the appropriate party at the following address, facsimile phone number or such other address
or number as may be given in writing to the parties:
a. PERS: 693 W. Nye Lane, Carson City, NV 89703
b. Contractor: Apex Computing, Inc, 896 W. Nye Lane, Suite 201, Carson City, NV 89703
16. WAIVER OF BREACH.
Failure to declare a breach or the actual waiver of any particular breach of the contract or its material or nonmaterial terms by either party
shall not operate as a waiver by such party of any of its rights or remedies as to any other breach.
17. ASSIGNMENT.
The contractor shall neither assign, transfer nor delegate any rights, obligations or duties under this contract without the prior written
consent of PERS.
18. PERS OWNERSHIP OF PROPRIETARY INFORMATION.
Any reports, histories, studies, tests, manuals, instructions, photographs, negatives, blue prints, plans, maps, data, system designs,
computer code (which is intended to be consideration under the contract), or any other documents or drawings, prepared or in the course
of preparation by contractor (or its subcontractors) in performance of its obligations under this agreement shall be the exclusive property
of PERS and all such materials shall be remitted to PERS by Contractor upon completion, termination, or cancellation of this contract.
Contractor shall not use, willingly allow, or cause to have such materials used for any purpose other than performance of contractor's
obligations under this agreement without the prior written consent of PERS. The parties acknowledge that the Work of Hire delivered by
Contractor hereunder may contain preexisting material developed by Contractor under similar terms and conditions for other, and
Contractor shall retain all right title and interest in such pre-existing material. Contractor does, however, grant PERS an irrevocable,
nonexclusive, world with royalty free license to use copy and authorize other to use such pre-existing material (other than commercially
available Contractor products and Contractor training material) in connection with the project for which such material was delivered.
Nothing contained in this agreement shall restrain Contractor or its personnel in the use of the techniques and skills of computer
operation, system design and programming acquired in the performance of service hereunder, and Contractor retains the unrestricted right
to use, copy and authorize other to use any material developed by Contractor hereunder which is generic in nature and not specifically
related to a PERS project.
19. PUBLIC RECORDS.
Pursuant to NRS 239.010, information or documents received from contractor may be open to public inspection and copying. PERS will
have the duty to disclose unless a particular record is made confidential by law or a common law balancing of interests. Contractor may
clearly label individual documents as a "trade secret" or "confidential" provided that the contractor thereby agrees to indemnify and
defend PERS for honoring such a designation. The failure to so label any document that is released by PERS shall constitute a complete
waiver of any and all claims for damages caused by any release of the records. If a public records request for a labeled document is
received by PERS, PERS will notify the contractor of the request and delay access to the material until seven working days after
notification to contractor. Within that time delay, it will be the duty of the contractor to act in protection of its labeled record. Failure to
so act shall constitute a complete waiver.
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Attachment B (Cont’d)
PERS Mandatory Terms & Conditions
20. CONFIDENTIALITY.
Contractor shall keep confidential all information, in whatever form, produced, prepared, observed or received by Contractor to the extent
that such information is confidential by law or otherwise required by this contract. Any portion of such confidential information that:
(a) is rightfully received by the receiving party from a third party without accompanying markings or disclosure restrictions; or
(b) is independently developed by employees of the receiving party who have not had access to such confidential information; or
(c ) is or becomes publicly available through no wrongful act of the receiving party; or
(d) is already known by the receiving party as evidenced by documentation bearing a date prior to the date of disclosure; or
(e) is approved for release in writing by an authorized representative of the disclosing party;
is not entitled to the protection provided herein. Notwithstanding the foregoing, nothing herein shall restrict the right of either party to
disclose such confidential information that is disclosed pursuant to a judicial order, but only to the extent so ordered, provided, however
that the party receiving such order shall notify the other party of such order in sufficient time to permit such other party to intervene in
response to such order, and provided that the confidential proprietary marking remain on the information disclosed. The right and
obligations of both parties with respect to all such confidential information that is disclosed under this agreement shall remain in effect for
a period of five (5) years from the date of first disclosure of such confidential information that is disclosed during the term of this
agreement.
21. Warranty.Contractor warrants that the Services will be performed in a workmanlike and professional manner consistent with the
level of care and skill ordinarily exercised by providers of similar services under similar conditions. Except as expressly provided in the
preceding subpart, Contractor makes no other warranties and expressly disclaims all other warranties, whether written, oral or implied,
including without limitation, any warranty of merchantability or fitness for a particular purpose, or any other warranty with respect to the
quality accuracy or freedom from error of the operations, user and/or function of the services or deliverables.
22. Bilateral no hire agreement.
Without the prior written consent of the other party PERS and APEX each agree to refrain from
conducting employment discussions with, or hiring, directly, or indirectly, the other party’s employees, agents and subcontractors
(“Personnel”) who have worked on the contract, until twelve (12) months after the date the Personnel were last involved in any activity
related to the contract.
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Attachment C
Screening to Determine Potential Status as Employee
Or Independent Contractor
It is the responsibility of both the appointing authority and the contractor to evaluate the nature of services and
term negotiated in order to determine "independent contractor" status. To assist in determining the appropriate
status (employee or independent contractor), contractor shall answer each question by initialing either "yes" or
"no."
Contractor's
Initials
YES
1
Does PERS have the right to require control of
when, where and how the independent
contractor is to work?
2
Will PERS be providing training to the
independent contractor?
3
Will PERS be furnishing the independent
contractor with worker's space, equipment, tools,
supplies or travel expenses?
4
Are any of the workers who assist the
independent contractor in performance of his/her
duties employees of PERS?
5
Does the arrangement with the independent
contractor contemplate continuing or recurring
work (even if the services are seasonal,
part-time, or of short duration)?
6
Will PERS incur an employment liability if the
independent contractor is terminated for failure
to perform?
NO
7
Is the independent contractor restricted from
offering his/her services to the general public
while engaged in this work relationship with
PERS?
If any of the answers to the questions above are "yes," then you must contact your Deputy Attorney General prior
to entering into a contract for services with an independent contractor.
It is the continuing responsibility of both the appointing authority and the contractor to monitor the work
relationship throughout the term of the contract to ensure that the independent contractor relationship remains as
such.
Signature of Independent Contractor
Date
Signature of Executive Officer
Date
Signature of Deputy Attorney General
Date
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Attachment D
Insurance Schedule
The Contractor shall provide policies of insurance in amounts set forth in this Insurance Schedule. This Insurance Schedule, which is
incorporated into this Contract shall set forth the required types of coverage, limits of coverage, any State waiver of insurance
requirements and other relevant matters.
(a) The term "insurance" as used in this Paragraph includes insurance, fidelity and surety bonds. "PERS" shall mean the Public
Employees Retirement System of Nevada, its officers, employees and immune Contractor as defined in NRS 41.0307. "Contractor"
shall mean the independent contractor.
(b) Without limiting any of the other obligations or liabilities of the Contractor, the Contractor shall, at the Contractor's sole expense,
procure, maintain and keep in force the amounts and types of insurance conforming to the minimum requirements set forth below,
unless otherwise agreed to by PERS in the Insurance Schedule.
(c) Unless specifically specified herein or otherwise agreed to by PERS, the required insurance shall commence prior to the
commencement of work by the Contractor and shall continue in force until the latter of:
(1) Final acceptance by PERS of the completion of this Contract; or
(2) Such time as the insurance is no longer required by PERS under the terms of this Agreement.
(d) All insurance, surety and fidelity coverage required from the Contractor shall be with (a) company(ies) having an A.M. Best and
Company Inc. policyholder rating(s) of A-VII or better.
(e) The Contractor shall not commence work before:
(1) He has provided certified copy(ies) of all insurance, fidelity and surety policies required by this Contract to:
Public Employees’ Retirement System
693 W. Nye Lane
Carson City, Nevada 89703
(2) PERS has approved the insurance policies provided by the Contractor.
(3) Neither approval by PERS nor failure to disapprove the insurance furnished by the Contractor shall relieve the Contractor of
the Contractor's full responsibility to provide the insurance required by this Contract. Compliance with the insurance requirements
of this Contract shall not limit the liability of the Contractor or its sub-contractors, employees or agents to PERS or others, and
shall be in addition to and not in lieu of any other remedy available to PERS under this Contract or otherwise.
(f) All insurance policies required from the Contractor shall be endorsed to provide PERS:
(1) With sixty (60) days notice of cancellation.
(2) With sixty (60) days notice of any change in the policy material to this Contract.
(3) This endorsement shall further provide that the notices required by this paragraph shall be sent by certified mailed to the
address shown above.
(g) Until such time as the insurance is no longer required by PERS, the Contractor shall provide PERS with renewal or replacement
evidence of insurance no less than thirty (30) days before the expiration or replacement of the required insurance.
(h) If at any time during the period when insurance is required by the Contract, an insurer or surety shall fail to comply with the
requirements of this Contract, as soon as the Contractor has knowledge of any such failure, the Contractor shall immediately notify
PERS and immediately replace such insurance or bond with an insurer meeting the requirements.
(i) Insurance maintained by the Contractor shall apply on a first dollar basis without application of a deductible or self-insured
retention unless otherwise specifically agreed to by PERS. Such approval shall not relieve the Contractor from the obligation to pay
any deductible or self-insured retention.
(j) Any insurance that is written on claims made form:
(1) Shall have a retroactive date prior to the date work begins under this Contract.
(2) If any insurance that is written on a claims made form is canceled or non-renewed, the Contractor shall:
(i) At his own expense, buy discovery period coverage for the period specified in the Insurance Schedule; or
(ii) Purchase coverage on the same basis from another company from the date of cancellation or non-renewal to the date
specified as the discovery period. Such replacement policy shall have a retrospective date prior to the date work began under
this Contract. The terms and conditions of the policy and the replacement company's A.M. Best Policy holder's rating shall
be as otherwise specified in the Contract.
(k) Commercial General and Umbrella Liability Insurance. If specified as required in Insurance Schedule, the Contractor shall
maintain commercial general liability ("CGL") and, if necessary, commercial umbrella insurance with limits of not less than those
shown in the Insurance Schedule. General liability insurance shall include, without limitation, civil lawsuits and claims by Inmates,
Title VII Federal actions, premises and product liability, indemnification and any other liability resulting from all facility operations
under this Management Agreement. If such CGL or umbrella liability insurance contains an aggregate limit, it shall apply separately
to this project.
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Attachment D (Cont’d)
Insurance Schedule
CGL insurance shall be written on an Insurance Services Office ("ISO") occurrence form CG 00 01 10 93 (or a substitute form providing
equivalent coverage) and shall cover liability arising from premises, operations, independent contractors,
(1) products-completed operations, personal injury, advertising and liability assumed under an insured contract (including the tort
liability of another assumed in a business contract),
(2) PERS, its officers, employees and immune contractors shall be included as insureds under the CGL, using ISO additional
insured endorsement CG 20 10 or a substitute providing equivalent coverage, and under the commercial umbrella, if any. Any
insurance or self-insurance available to PERS shall be in excess of and non-contributing with any insurance required from the
Contractor.
(3) Waiver of Subrogation. Contractor waives all rights against PERS for recovery of damages to the extent these damages are
covered by the comprehensive general liability or commercial umbrella liability insurance obtained by Contractor pursuant to this
Agreement.
(l) Business Auto and Umbrella Liability Insurance. If specified as required in Insurance Schedule, Contractor shall maintain
business auto liability and, if necessary, commercial umbrella liability insurance with limits of not less than those shown in the
Insurance Schedule.
(1) Such insurance shall cover liability arising out of any auto (including owned, hired and non-owned autos).
(2) Business auto coverage shall be written on ISO form CA 00 01, CA 00 05, CA 00 12, CA 200 20, or a substitute providing
equivalent liability coverage. If necessary, the policy shall be endorsed to provide contractual liability coverage equivalent to that
provided in the 1990 and later editions of CA 00 01.
(3) Waiver of Subrogation. Contractor waives all rights against PERS for recovery of damages to the extent these damages are
covered by the business auto liability or commercial umbrella liability insurance obtained by Contractor pursuant to this
Agreement or under any applicable auto physical damage coverage.
(m) Builders Risk Insurance. While PERS reserves the right to insure for this exposure, if specified as required in the Insurance
Schedule, Contractor shall maintain Builders Risk Insurance on the entire work. Such insurance shall be written on a completed
value form and in an amount shown on the Insurance Schedule, subject to subsequent modifications of the Contract sum, if any. The
insurance shall apply on a replacement cost basis.
(1) The insurance shall name as additional insureds the owner, the Contractor and all subcontractors and sub-subcontractors in the
work.
(2) The insurance shall cover the entire work specified in this Contract, plus reasonable compensation for architects services and
expenses made necessary by an insured loss. Insured property shall include portions of the work located away from the site but
intended for use at the site and shall also cover portions of the work in transit. The policy shall include as insured property
scaffolding, falsework, and temporary buildings located at the site. The policy shall cover the cost of removing debris, including
demolition which may be legally necessary by the operation of any law, ordinance or regulation.
(3) The insurance shall be written to cover all risks of physical loss except those specifically excluded in the policy, and shall
insure at least against the perils of fire and extended coverage, theft, vandalism, malicious mischief, collapse, testing, flood and
earthquake.
(4) Payment of an applicable deductible shall be the responsibility of the insured making the claim. However, if the insured
making the claim is PERS, payment of the deductible shall be the Contractor's responsibility.
(5) Builders Risk Insurance shall be maintained in effect, unless otherwise provided for in the contract documents, until the
earliest of the following dates:
(i) the date on which all persons and organizations who are insureds under the policy agree that it shall be terminated;
(ii) the date on which final payment, as provided for in the event of non-renewal or completion of this Contract, had been
made; or
(iii) the date on which the insurable interests in the property of all insured other than PERS have ceased.
(6) If PERS is damaged by the failure of the Contractor to maintain Builders Risk Insurance when required in the Insurance
Schedule, then the Contractor shall bear all reasonable costs properly attributable to that failure.
(7) Waiver of Subrogation. PERS and the Contractor waive all rights against each other and each of their subcontractors,
sub-subcontractors, officers, agents, employees and immune contractors for recovery for damages caused by fire and/or other
perils to the extent covered by the Builders Risk Insurance or any other property insurance applicable to the work.
(8) Partial Occupancy. Partial occupancy or use of the work shall not commence until the insurance company or companies
providing Builders Risk Insurance have consented to such partial occupancy or use. PERS and the Contractor shall take
reasonable steps to obtain consent of the insurance company or companies and agree to take no action, other than upon mutual
written consent, with respect to occupancy or use of the work that could lead to cancellation, lapse or reduction of insurance.
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Attachment D (Cont’d)
Insurance Schedule
(n) Professional and Umbrella Liability Insurance. If specified as required in the Insurance Schedule, Contractor shall maintain
professional liability and, if necessary, commercial umbrella insurance with limits of not less than those shown in the Insurance
Schedule.
(1) This insurance shall apply as primary insurance with respect to any other insurance or self-insurance afforded to PERS.
(2) Professional liability coverage shall cover all anticipated services including, without limitation, malpractice for medical,
dental, optometry, ophthalmology, psychology and psychiatry.
(3) Waiver of Subrogation. Contractor waives all rights against PERS, its officers, employees and immune contractors for
recovery of damages to the extent these damages are covered by the professional liability or commercial umbrella liability
insurance obtained by Contractor pursuant to this Agreement.
(o) Worker's Compensation Insurance. Evidence of compliance with NRS 616B.627 required.
(p) Insurance Schedule. Coverage with the "Limits Required" paragraph filled on this schedule is required at the limits, terms and
conditions specified. A deductible or self-insured retention is permitted if an amount is entered under the applicable coverage.
Each category must contain either a dollar amount or the word "waived" or "N/A" (not applicable) and PERS shall initial in the
left margin, indicating an acceptable evidence of insurance has been received or waived.
______________
PERS INITIAL
I
______________
PERS INITIAL
1. Commercial General and Umbrella Liability Insurance.
Limits required,
1,000,000
$
500,000
per accident.
Deductible/SIR permitted $
-0per occurrence.
If the CGL or umbrella liability insurance contains a general aggregate limit, it shall be endorsed to apply
separately to this project.
2. Business Auto and Umbrella Liability Insurance.
Limits required,
1,000,000
$
500,000
per accident.
Deductible/SIR permitted $
-0per accident.
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Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 4, 2015
Re:
Disaster Recovery Support Agreement for Fiscal Year 2016
Attached to this memorandum is a proposed support contract with APEX Computing,
Inc., a local vendor, to provide technical support to the System’s Information Technology staff at
the disaster recovery site for fiscal year 2016. This will encompass validation and development
of documentation, policy review, procedure updates and validation, security, programming,
network engineering and support, and other technical support.
The continuous modification to our production site for security vulnerabilities,
enhancements, code changes, SQL modifications, environment enhancements, and the unique
nature of the disaster recovery site itself, creates the need for continuous updates to our disaster
recovery site. Due to the multiple environments and the need to create and document the
modifications developed for production and plan them for disaster recovery, we need a strong
technical resource with the experience to cover all facets of PERS technology.
The process to implement all or parts of our disaster recovery site is detailed and will be
continually tested, improved and documented to ensure usability of the disaster recovery site
should a need arise. Attachment “A” to the proposed contract outlines the description of services
and hourly rates. These services are included in the System’s legislatively approved budget for
fiscal year 2016.
RECOMMENDATION:
exceed $223,600.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
Motion approving the contract with APEX in an amount not to
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
81
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
CONTRACT FOR SERVICES OF INDEPENDENT CONTRACTOR
A contract between the Public Employees Retirement System of Nevada (PERS)
and
APEX Computing, Inc. (hereinafter “Contractor”)
WHEREAS, NRS 286.190 authorizes the Retirement System to obtain services necessary for the
economic and efficient administration of the System and its program; and
WHEREAS, it is deemed that the services of the Contractor herein specified are both necessary and
desirable and in the best interests of the Retirement System; and
NOW, THEREFORE, in consideration of the aforesaid premise, the Parties mutually agree as follows:
1. REQUIRED APPROVAL. This contract shall not become effective until and unless approved by the Public
Employees Retirement Board.
2. CONTRACT TERM. This contract shall be effective from July 1, 2015, through June 30, 2016, unless
sooner revoked by either Party as set forth in this contract.
3. NOTICE. This contract may be terminated by either party prior to the date set forth in paragraph (2),
provided that a termination shall not be effective until 30 days after a party has served written notice of
default or breach upon the other party. Termination is more fully set forth below.
4. INCORPORATED DOCUMENTS. This contract incorporates the following in descending order of
constructive precedence:
ATTACHMENT A:
ATTACHMENT B:
ATTACHMENT C:
ATTACHMENT D:
Description of Services
Mandatory Terms & Conditions
Independent Contractor Screening Form
Insurance Schedule
A contractor’s attachment shall not contradict or supersede any state terms or conditions without written
evidence of mutual assent to such change appearing in this contract.
5. CONSIDERATION. Contractor agrees to provide the services set forth in paragraph (4) at a cost in
accordance with Attachment A, with a total cost not to exceed $223,600.00. PERS agrees to pay contractor
for services performed in accordance with Paragraph (4).
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6. ASSENT. The parties agree that the terms and conditions listed on Attachments A through D of this
contract are also specifically a part of this contract and are limited only by their respective order of
precedence and any limitations expressly provided.
IN WITNESS WHEREOF, the Parties hereto have caused this contract to be signed and intend to be
legally bound thereby.
PUBLIC EMPLOYEES’ RETIREMENT
SYSTEM OF NEVADA
CONTRACTOR
By____________________________
Tina Leiss, Executive Officer
_________________________________
Date__________________________
Date_____________________________
Approved as to form by:
______________________________
Jennifer Chisel
Deputy Attorney General
Date_____________________________
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Attachment A
Description of Services
1. Apex will provide the following services:
Network support for the Disaster Recovery infrastructure, programming services related to resolving
issues related to Disaster Recovery, network security, web services, support for third-party software
used by Disaster Recovery, training related to Disaster Recovery, and provide documentation on the
resolution of all significant issues and processes related to Disaster Recovery.
2. PERS will pay a fee to Apex for the Services based on one-hundred-twenty ($120) per hour for
programming services and ninety-five dollars ($95) per hour for networking services. Hours worked
will be compiled bi-weekly and invoiced for payment.
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Attachment B
PERS Mandatory Terms & Conditions
1. INSPECTION & AUDIT.
a. Books and Records. Contractor agrees to keep and maintain under general accepted accounting principles full, true and complete
records, contracts, books, and documents as are necessary to fully disclose to PERS or United States Government, or their authorized
representatives, upon audits or reviews, sufficient information to determine compliance with all state and federal regulations and
statutes.
b. Inspection & Audit. Contractor agrees that the relevant books, records (written, electronic, computer related or otherwise),
including but not limited to relevant accounting procedures and practices of the Contractor or its subcontractors, financial statements
and supporting documentation, and documentation related to the work product shall be subject, at any reasonable time, to inspection,
examination, review, audit, and copying at any office or location of Contractor where such records may be found, with or without
notice by PERS
c. Period of Retention. All books, records, reports, and statements relevant to this contract must be retained a minimum three years
and for five years if any federal funds are used in the contract. The retention period runs from the date of payment for the relevant
goods or services by PERS, or from the date of termination of the contract, whichever is later. Retention time shall be extended when
an audit is scheduled or in progress, for a period reasonably necessary to complete an audit and/or to complete any administrative and
judicial litigation which may ensue.
2. CONTRACT TERMINATION.
a. Notice. Unless otherwise provided in this paragraph, any termination must be made only upon the specified calendar days or more,
prior written notice delivered by certified mail or in person to the other party's designated representative.
b. PERS Termination Without Cause. Any discretionary or vested right of renewal notwithstanding, this agreement may be terminated
upon thirty (30) days advance written notice by mutual consent of both parties or unilaterally by either party without cause.
c. PERS Immediate Termination for Cause. PERS may terminate this agreement, and Contractor waives any and all claim(s) for
damages, effective immediately without prior notice upon receipt of written notice by certified mail or in person, under the following
conditions:
i. If for any reason the Agency's funding from either state or federal sources is not obtained, continued, experiences a revenue
shortfall, or is not budgeted at levels sufficient to allow for purchase of the indicated quantity of goods or services; or
ii. If any state or federal statute, regulation, guideline, policy, or waiver expires, is modified, is amended, is repealed, or interpreted
by a third party state or federal judicial, legislative or administrative authority, in such a way that the work, goods or services are no
longer authorized for purchase or appropriate for necessary federal or State financial participation; or
iii. If any state, county, city or federal license, authorization, waiver, permit, qualification or certification required by statute,
ordinance, law, or regulation to be held by the Contractor to provide the goods or services required by this agreement is for any
reason denied, revoked, debarred, excluded, terminated, suspended, lapsed, or not renewed; or
iv. If Contractor becomes insolvent, subject to receivership, or becomes voluntarily or involuntarily subject to the jurisdiction of the
bankruptcy court; or
v. If it is found by PERS that any quid pro quo or gratuities in the form of money, services, entertainment, gifts, or otherwise were
offered or given by Contractor, or any agent or representative of Contractor, to any officer or employee PERS with a view toward
securing a contract or securing favorable treatment with respect to awarding, extending, amending, or making any determination
with respect to the performing of such contract.
d. Cause Termination for Default or Breach. A Default may be declared with or without termination. This agreement may be
terminated by either party upon written notice of default or breach to the other party as follows:
i. If the Contractor fails to provide or satisfactorily perform any of the conditions, work, deliverables, goods, or services called for
by this agreement within the time requirements specified herein or within any granted extension of those time requirements; or
ii. If PERS materially breaches any material duty under this agreement and any such breach substantially impairs the Contractor's
ability to perform; or
iii. If PERS exercises immediate termination for cause, a cause termination under this subparagraph may also be declared.
iv. Notwithstanding the above, termination is not in effect if Contractor has cured default within ten (10) days after receipt of written
notice of such default (or such additional cure period as the non-defaulting party may authorize).
3. REMEDIES.
Except as otherwise provided for by law or this agreement, the rights and remedies of PERS and the contractor regarding termination
shall not be exclusive and are in addition to any other rights and remedies provided by law or equity, including but not limited to actual
damages, and to a prevailing party reasonable attorneys' fees and costs. It is specifically agreed that reasonable attorneys' fees shall
include without limitation $125 per hour for State-employed attorneys.
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Attachment B (Cont’d)
PERS Mandatory Terms & Conditions
4. LIMITED STATE LIABILITY.
a. PERS will not waive and intends to assert available statutory liability limitations in all cases. The liability of PERS shall not be
subject to punitive damages. Actual damages for any PERS breach shall never exceed the amount of funds which have been
appropriated for payment under this agreement, but not yet paid to the Contractor, for the fiscal year budget in existence at the time
of the breach.
b. Limitation of APEX liability. Consultant’s liability to PERS under or relating to this agreement or for personal injury or property
damage arising from the services provided under this agreement, regardless of whether such claims are based in contract, tort or any
other theory of recovery, shall in no event exceed three times (3x) the amounts paid by PERS to consultant under this agreement, and
in no event shall either party be liable to the other party for any indirect, special, incidental, exemplary or consequential damages
(including, without limitation, lost profits or good will) related to this agreement.
5. FORCE MAJEURE.
Neither party shall be deemed to be in violation of this agreement if it is prevented from performing any of its obligations hereunder for
any reason beyond its control, including, without limitation, strikes, inmate disturbances, acts of God, civil or military authority, act of
public enemy, or accidents, fires, explosions, earthquakes, floods, winds, failure of public transportation, or any other similar serious
cause beyond the reasonable control of either party. In such an event the intervening cause must not be through the fault of the party
asserting such an excuse, and the excused party is obligated promptly to perform in accordance with the terms of the agreement after the
intervening cause ceases.
6. INDEMNIFICATION.
To the fullest extent permitted by law Contractor shall indemnify, hold harmless and defend, not excluding the PERS’ right to participate,
PERS from and against all liability, claims, actions, damages, losses, and expenses, including, without limitation, reasonable attorneys’
fees and costs, arising out of any alleged negligent or willful acts or omissions of Contractor, its officers, employees and agents.
7. INDEPENDENT CONTRACTOR.
The Contractor is associated with PERS only for the purposes and to the extent set forth in this agreement, and in respect to performance
of the contracted services pursuant to this agreement, Contractor is and shall be an independent contractor and, subject only to the terms
of this agreement, shall have the sole right to supervise, manage, operate, control, and direct performance of the details incident to its
duties under this agreement. Nothing contained in this agreement shall be deemed or construed to create a partnership or joint venture, to
create relationships of an employer-employee or principal-agent, or to otherwise create any liability for PERS whatsoever with respect to
the indebtedness, liabilities, and obligations of Contractor or any other party. Contractor shall be solely responsible for, and PERS shall
have no obligation with respect to: (1) withholding of income taxes, FICA or any other taxes or fees; (2) industrial insurance coverage; (3)
participation in any group insurance plans available to employees of PERS; (4) participation or contributions by either the contractor or
PERS to the Public Employees Retirement System; (5) accumulation of vacation leave or sick leave; or (6) unemployment compensation
coverage provided by PERS. Contractor shall indemnify and hold PERS harmless from, and defend PERS against, any and all losses,
damages, claims, costs, penalties, liabilities, and expenses arising or incurred because of, incident to, or otherwise with respect to any
such taxes or fees. Neither the contractor nor its employees, agents, or representatives shall be considered employees, agents, or representatives of PERS.
8. INSURANCE
Unless expressly waived in writing by PERS, the Contractor, as an independent contractor and not an employee of PERS, must carry
public liability and other appropriate forms of insurance and pay all taxes and fees, incident hereunto. PERS shall have no liability except
as specifically provided in the contract. PERS shall be named as an additional insured or a loss payee as appropriate on any and all
insurance policies taken by the contractor. The insurer's evidence of PERS as an additional insured must be provided PERS for approval
prior to the effective date of the contract. Prior written approval of the insurance policies by PERS shall be a condition precedent to the
effective date of this contract and PERS’ approval of any changes to insurance coverage during the course of performance shall constitute
an ongoing condition subsequent to this contract. The Contractor shall provide policies of insurance in amounts set forth in the attached
insurance schedule. The insurance schedule, which is incorporated into and made part of this contract shall set forth the required types of
coverage, limits of coverage, any State waiver of insurance requirements and other relevant matters.
9. WORKER'S COMPENSATION INSURANCE.
This contract is contingent upon proof provided by the Contractor that coverage for workers' compensation insurance is being supplied or
is not required under NRS 616B.627 during the life of the contract.
10. GOVERNMENT OBLIGATIONS.
Contractor shall be responsible for all applicable federal, state, and local government obligations. Contractor will be responsible to pay
all taxes, assessments, fees, premiums, permits, and licenses required by law. Real property and personal property taxes are the responsibility of contractor in accordance with NRS 361.157 and 361.159. Contractor warrants that it has a valid business license. Contractor
agrees to be responsible for payment of any such government obligations not paid by its subcontractors during performance of this
contract.
11. NEVADA LAW/VENUE.
This agreement and the rights and obligations of the parties hereto shall be governed by, and construed according to, the laws of the State
of Nevada. Contractor consents to the jurisdiction of the Nevada district courts for enforcement of this contract.
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Attachment B (Cont’d)
PERS Mandatory Terms & Conditions
12. ENTIRE AGREEMENT AND MODIFICATION.
This agreement and its integrated attachment(s) constitute the entire agreement of the parties and such are intended as a complete and
exclusive statement of the promises, representations, negotiations, discussions, and other agreements that may have been made in connection with the subject matter hereof. Unless an integrated attachment to this contract specifically displays a mutual intent to amend a
particular part of this contract, general conflicts in language between any such attachment and this contract shall be construed consistent
with the terms of this contract. Unless otherwise expressly authorized by the terms of this contract, no modification or amendment to this
agreement shall be binding upon the parties unless the same is in writing and signed by the
respective parties hereto, approved by the Office of the Attorney General, and when required by statute, regulation, or the State
Administrative Manual, approved by the State Board of Examiners.
13. PROPER AUTHORITY.
The parties hereto represent and warrant that the person executing this agreement on behalf of each party has full power
and authority to enter into this agreement. Contractor acknowledges that as required by statute or regulation
this contract is effective only after approval by PERS and only for the period of time set forth in the contract. Any services
provided by contractor before this contract is effective or after it ceases to be effective are provided at the sole risk of the
contractor.
14. SEVERABILITY.
If any provision contained in this agreement is held to be unenforceable by a court of law or equity, this agreement shall be construed as if
such provision did not exist and the nonenforceability of such provision shall not be held to render any other provision or provisions of
this agreement unenforceable.
15. NOTICES.
All notices or other communications required or permitted to be given under this agreement shall be in writing and shall be deemed to
have been duly given if delivered personally in hand, by telephonic facsimile or mailed certified mail, return receipt requested, postage
prepaid on the date posted, and addressed to the appropriate party at the following address, facsimile phone number or such other address
or number as may be given in writing to the parties:
a. PERS: 693 W. Nye Lane, Carson City, NV 89703
b. Contractor: Apex Computing, Inc, 896 W. Nye Lane, Suite 201, Carson City, NV 89703
16. WAIVER OF BREACH.
Failure to declare a breach or the actual waiver of any particular breach of the contract or its material or nonmaterial terms by either party
shall not operate as a waiver by such party of any of its rights or remedies as to any other breach.
17. ASSIGNMENT.
The contractor shall neither assign, transfer nor delegate any rights, obligations or duties under this contract without the prior written
consent of PERS.
18. PERS OWNERSHIP OF PROPRIETARY INFORMATION.
Any reports, histories, studies, tests, manuals, instructions, photographs, negatives, blue prints, plans, maps, data, system designs,
computer code (which is intended to be consideration under the contract), or any other documents or drawings, prepared or in the course
of preparation by contractor (or its subcontractors) in performance of its obligations under this agreement shall be the exclusive property
of PERS and all such materials shall be remitted to PERS by Contractor upon completion, termination, or cancellation of this contract.
Contractor shall not use, willingly allow, or cause to have such materials used for any purpose other than performance of contractor's
obligations under this agreement without the prior written consent of PERS. The parties acknowledge that the Work of Hire delivered by
Contractor hereunder may contain preexisting material developed by Contractor under similar terms and conditions for other, and
Contractor shall retain all right title and interest in such pre-existing material. Contractor does, however, grant PERS an irrevocable,
nonexclusive, world with royalty free license to use copy and authorize other to use such pre-existing material (other than commercially
available Contractor products and Contractor training material) in connection with the project for which such material was delivered.
Nothing contained in this agreement shall restrain Contractor or its personnel in the use of the techniques and skills of computer
operation, system design and programming acquired in the performance of service hereunder, and Contractor retains the unrestricted right
to use, copy and authorize other to use any material developed by Contractor hereunder which is generic in nature and not specifically
related to a PERS project.
19. PUBLIC RECORDS.
Pursuant to NRS 239.010, information or documents received from contractor may be open to public inspection and copying. PERS will
have the duty to disclose unless a particular record is made confidential by law or a common law balancing of interests. Contractor may
clearly label individual documents as a "trade secret" or "confidential" provided that the contractor thereby agrees to indemnify and
defend PERS for honoring such a designation. The failure to so label any document that is released by PERS shall constitute a complete
waiver of any and all claims for damages caused by any release of the records. If a public records request for a labeled document is
received by PERS, PERS will notify the contractor of the request and delay access to the material until seven working days after
notification to contractor. Within that time delay, it will be the duty of the contractor to act in protection of its labeled record. Failure to
so act shall constitute a complete waiver.
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Attachment B (Cont’d)
PERS Mandatory Terms & Conditions
20. CONFIDENTIALITY.
Contractor shall keep confidential all information, in whatever form, produced, prepared, observed or received by Contractor to the extent
that such information is confidential by law or otherwise required by this contract. Any portion of such confidential information that:
(a) is rightfully received by the receiving party from a third party without accompanying markings or disclosure restrictions; or
(b) is independently developed by employees of the receiving party who have not had access to such confidential information; or
(c ) is or becomes publicly available through no wrongful act of the receiving party; or
(d) is already known by the receiving party as evidenced by documentation bearing a date prior to the date of disclosure; or
(e) is approved for release in writing by an authorized representative of the disclosing party;
is not entitled to the protection provided herein. Notwithstanding the foregoing, nothing herein shall restrict the right of either party to
disclose such confidential information that is disclosed pursuant to a judicial order, but only to the extent so ordered, provided, however
that the party receiving such order shall notify the other party of such order in sufficient time to permit such other party to intervene in
response to such order, and provided that the confidential proprietary marking remain on the information disclosed. The right and
obligations of both parties with respect to all such confidential information that is disclosed under this agreement shall remain in effect for
a period of five (5) years from the date of first disclosure of such confidential information that is disclosed during the term of this
agreement.
21. Warranty.Contractor warrants that the Services will be performed in a workmanlike and professional manner consistent with the
level of care and skill ordinarily exercised by providers of similar services under similar conditions. Except as expressly provided in the
preceding subpart, Contractor makes no other warranties and expressly disclaims all other warranties, whether written, oral or implied,
including without limitation, any warranty of merchantability or fitness for a particular purpose, or any other warranty with respect to the
quality accuracy or freedom from error of the operations, user and/or function of the services or deliverables.
22. Bilateral no hire agreement.
Without the prior written consent of the other party PERS and APEX each agree to refrain from
conducting employment discussions with, or hiring, directly, or indirectly, the other party’s employees, agents and subcontractors
(“Personnel”) who have worked on the contract, until twelve (12) months after the date the Personnel were last involved in any activity
related to the contract.
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Attachment C
Screening to Determine Potential Status as Employee
Or Independent Contractor
It is the responsibility of both the appointing authority and the contractor to evaluate the nature of services and
term negotiated in order to determine "independent contractor" status. To assist in determining the appropriate
status (employee or independent contractor), contractor shall answer each question by initialing either "yes" or
"no."
Contractor's
Initials
YES
1
Does PERS have the right to require control of
when, where and how the independent
contractor is to work?
2
Will PERS be providing training to the
independent contractor?
3
Will PERS be furnishing the independent
contractor with worker's space, equipment, tools,
supplies or travel expenses?
4
Are any of the workers who assist the
independent contractor in performance of his/her
duties employees of PERS?
5
Does the arrangement with the independent
contractor contemplate continuing or recurring
work (even if the services are seasonal,
part-time, or of short duration)?
6
Will PERS incur an employment liability if the
independent contractor is terminated for failure
to perform?
7
Is the independent contractor restricted from
offering his/her services to the general public
while engaged in this work relationship with
PERS?
NO
If any of the answers to the questions above are "yes," then you must contact your Deputy Attorney General prior
to entering into a contract for services with an independent contractor.
It is the continuing responsibility of both the appointing authority and the contractor to monitor the work
relationship throughout the term of the contract to ensure that the independent contractor relationship remains as
such.
Signature of Independent Contractor
Date
Signature of Executive Officer
Date
Signature of Deputy Attorney General
Date
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Attachment D
Insurance Schedule
The Contractor shall provide policies of insurance in amounts set forth in this Insurance Schedule. This Insurance Schedule, which is
incorporated into this Contract shall set forth the required types of coverage, limits of coverage, any State waiver of insurance
requirements and other relevant matters.
(a) The term "insurance" as used in this Paragraph includes insurance, fidelity and surety bonds. "PERS" shall mean the Public
Employees Retirement System of Nevada, its officers, employees and immune Contractor as defined in NRS 41.0307. "Contractor"
shall mean the independent contractor.
(b) Without limiting any of the other obligations or liabilities of the Contractor, the Contractor shall, at the Contractor's sole expense,
procure, maintain and keep in force the amounts and types of insurance conforming to the minimum requirements set forth below,
unless otherwise agreed to by PERS in the Insurance Schedule.
(c) Unless specifically specified herein or otherwise agreed to by PERS, the required insurance shall commence prior to the
commencement of work by the Contractor and shall continue in force until the latter of:
(1) Final acceptance by PERS of the completion of this Contract; or
(2) Such time as the insurance is no longer required by PERS under the terms of this Agreement.
(d) All insurance, surety and fidelity coverage required from the Contractor shall be with (a) company(ies) having an A.M. Best and
Company Inc. policyholder rating(s) of A-VII or better.
(e) The Contractor shall not commence work before:
(1) He has provided certified copy(ies) of all insurance, fidelity and surety policies required by this Contract to:
Public Employees’ Retirement System
693 W. Nye Lane
Carson City, Nevada 89703
(2) PERS has approved the insurance policies provided by the Contractor.
(3) Neither approval by PERS nor failure to disapprove the insurance furnished by the Contractor shall relieve the Contractor of
the Contractor's full responsibility to provide the insurance required by this Contract. Compliance with the insurance requirements
of this Contract shall not limit the liability of the Contractor or its sub-contractors, employees or agents to PERS or others, and
shall be in addition to and not in lieu of any other remedy available to PERS under this Contract or otherwise.
(f) All insurance policies required from the Contractor shall be endorsed to provide PERS:
(1) With sixty (60) days notice of cancellation.
(2) With sixty (60) days notice of any change in the policy material to this Contract.
(3) This endorsement shall further provide that the notices required by this paragraph shall be sent by certified mailed to the
address shown above.
(g) Until such time as the insurance is no longer required by PERS, the Contractor shall provide PERS with renewal or replacement
evidence of insurance no less than thirty (30) days before the expiration or replacement of the required insurance.
(h) If at any time during the period when insurance is required by the Contract, an insurer or surety shall fail to comply with the
requirements of this Contract, as soon as the Contractor has knowledge of any such failure, the Contractor shall immediately notify
PERS and immediately replace such insurance or bond with an insurer meeting the requirements.
(i) Insurance maintained by the Contractor shall apply on a first dollar basis without application of a deductible or self-insured
retention unless otherwise specifically agreed to by PERS. Such approval shall not relieve the Contractor from the obligation to pay
any deductible or self-insured retention.
(j) Any insurance that is written on claims made form:
(1) Shall have a retroactive date prior to the date work begins under this Contract.
(2) If any insurance that is written on a claims made form is canceled or non-renewed, the Contractor shall:
(i) At his own expense, buy discovery period coverage for the period specified in the Insurance Schedule; or
(ii) Purchase coverage on the same basis from another company from the date of cancellation or non-renewal to the date
specified as the discovery period. Such replacement policy shall have a retrospective date prior to the date work began under
this Contract. The terms and conditions of the policy and the replacement company's A.M. Best Policy holder's rating shall
be as otherwise specified in the Contract.
(k) Commercial General and Umbrella Liability Insurance. If specified as required in Insurance Schedule, the Contractor shall
maintain commercial general liability ("CGL") and, if necessary, commercial umbrella insurance with limits of not less than those
shown in the Insurance Schedule. General liability insurance shall include, without limitation, civil lawsuits and claims by Inmates,
Title VII Federal actions, premises and product liability, indemnification and any other liability resulting from all facility operations
under this Management Agreement. If such CGL or umbrella liability insurance contains an aggregate limit, it shall apply separately
to this project.
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Attachment D (Cont’d)
Insurance Schedule
CGL insurance shall be written on an Insurance Services Office ("ISO") occurrence form CG 00 01 10 93 (or a substitute form providing
equivalent coverage) and shall cover liability arising from premises, operations, independent contractors,
(1) products-completed operations, personal injury, advertising and liability assumed under an insured contract (including the tort
liability of another assumed in a business contract),
(2) PERS, its officers, employees and immune contractors shall be included as insureds under the CGL, using ISO additional
insured endorsement CG 20 10 or a substitute providing equivalent coverage, and under the commercial umbrella, if any. Any
insurance or self-insurance available to PERS shall be in excess of and non-contributing with any insurance required from the
Contractor.
(3) Waiver of Subrogation. Contractor waives all rights against PERS for recovery of damages to the extent these damages are
covered by the comprehensive general liability or commercial umbrella liability insurance obtained by Contractor pursuant to this
Agreement.
(l) Business Auto and Umbrella Liability Insurance. If specified as required in Insurance Schedule, Contractor shall maintain
business auto liability and, if necessary, commercial umbrella liability insurance with limits of not less than those shown in the
Insurance Schedule.
(1) Such insurance shall cover liability arising out of any auto (including owned, hired and non-owned autos).
(2) Business auto coverage shall be written on ISO form CA 00 01, CA 00 05, CA 00 12, CA 200 20, or a substitute providing
equivalent liability coverage. If necessary, the policy shall be endorsed to provide contractual liability coverage equivalent to that
provided in the 1990 and later editions of CA 00 01.
(3) Waiver of Subrogation. Contractor waives all rights against PERS for recovery of damages to the extent these damages are
covered by the business auto liability or commercial umbrella liability insurance obtained by Contractor pursuant to this
Agreement or under any applicable auto physical damage coverage.
(m) Builders Risk Insurance. While PERS reserves the right to insure for this exposure, if specified as required in the Insurance
Schedule, Contractor shall maintain Builders Risk Insurance on the entire work. Such insurance shall be written on a completed
value form and in an amount shown on the Insurance Schedule, subject to subsequent modifications of the Contract sum, if any. The
insurance shall apply on a replacement cost basis.
(1) The insurance shall name as additional insureds the owner, the Contractor and all subcontractors and sub-subcontractors in the
work.
(2) The insurance shall cover the entire work specified in this Contract, plus reasonable compensation for architects services and
expenses made necessary by an insured loss. Insured property shall include portions of the work located away from the site but
intended for use at the site and shall also cover portions of the work in transit. The policy shall include as insured property
scaffolding, falsework, and temporary buildings located at the site. The policy shall cover the cost of removing debris, including
demolition which may be legally necessary by the operation of any law, ordinance or regulation.
(3) The insurance shall be written to cover all risks of physical loss except those specifically excluded in the policy, and shall
insure at least against the perils of fire and extended coverage, theft, vandalism, malicious mischief, collapse, testing, flood and
earthquake.
(4) Payment of an applicable deductible shall be the responsibility of the insured making the claim. However, if the insured
making the claim is PERS, payment of the deductible shall be the Contractor's responsibility.
(5) Builders Risk Insurance shall be maintained in effect, unless otherwise provided for in the contract documents, until the
earliest of the following dates:
(i) the date on which all persons and organizations who are insureds under the policy agree that it shall be terminated;
(ii) the date on which final payment, as provided for in the event of non-renewal or completion of this Contract, had been
made; or
(iii) the date on which the insurable interests in the property of all insured other than PERS have ceased.
(6) If PERS is damaged by the failure of the Contractor to maintain Builders Risk Insurance when required in the Insurance
Schedule, then the Contractor shall bear all reasonable costs properly attributable to that failure.
(7) Waiver of Subrogation. PERS and the Contractor waive all rights against each other and each of their subcontractors,
sub-subcontractors, officers, agents, employees and immune contractors for recovery for damages caused by fire and/or other
perils to the extent covered by the Builders Risk Insurance or any other property insurance applicable to the work.
(8) Partial Occupancy. Partial occupancy or use of the work shall not commence until the insurance company or companies
providing Builders Risk Insurance have consented to such partial occupancy or use. PERS and the Contractor shall take
reasonable steps to obtain consent of the insurance company or companies and agree to take no action, other than upon mutual
written consent, with respect to occupancy or use of the work that could lead to cancellation, lapse or reduction of insurance.
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Attachment D (Cont’d)
Insurance Schedule
(n) Professional and Umbrella Liability Insurance. If specified as required in the Insurance Schedule, Contractor shall maintain
professional liability and, if necessary, commercial umbrella insurance with limits of not less than those shown in the Insurance
Schedule.
(1) This insurance shall apply as primary insurance with respect to any other insurance or self-insurance afforded to PERS.
(2) Professional liability coverage shall cover all anticipated services including, without limitation, malpractice for medical,
dental, optometry, ophthalmology, psychology and psychiatry.
(3) Waiver of Subrogation. Contractor waives all rights against PERS, its officers, employees and immune contractors for
recovery of damages to the extent these damages are covered by the professional liability or commercial umbrella liability
insurance obtained by Contractor pursuant to this Agreement.
(o) Worker's Compensation Insurance. Evidence of compliance with NRS 616B.627 required.
(p) Insurance Schedule. Coverage with the "Limits Required" paragraph filled on this schedule is required at the limits, terms and
conditions specified. A deductible or self-insured retention is permitted if an amount is entered under the applicable coverage.
Each category must contain either a dollar amount or the word "waived" or "N/A" (not applicable) and PERS shall initial in the
left margin, indicating an acceptable evidence of insurance has been received or waived.
______________
PERS INITIAL
I
______________
PERS INITIAL
1. Commercial General and Umbrella Liability Insurance.
Limits required,
1,000,000
$
500,000
per accident.
Deductible/SIR permitted $
-0per occurrence.
If the CGL or umbrella liability insurance contains a general aggregate limit, it shall be endorsed to apply
separately to this project.
2. Business Auto and Umbrella Liability Insurance.
Limits required,
1,000,000
$
500,000
per accident.
Deductible/SIR permitted $
-0per accident.
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Retirement Board Meeting - Administration
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 3, 2015
Re:
Proposed Revisions to Public Employees’ Retirement System Official Policies
NRS 286.200(2)(d) provides as follows:
There must likewise be posted a notice stating that, at a
specifically designated time and place at least 15 days after the
delivery of the copy of the proposed rule or summary, a hearing on
the proposed rule will be held, at which hearing all interested
persons have an opportunity to be heard and after which the Board
may adopt the proposed rule in the form in which it is originally
proposed or with such amendments as are deemed necessary by the
Board as a result of the hearing.
In accordance with NRS 286.200 and the Board’s action regarding the proposed revisions
at its May meeting, staff sent a notice of a public hearing on the proposed policy revisions to
liaison officers, employee associations, and employer associations on June 2, 2015. Attached to
this memorandum is a copy of the notice and the proposed policies. Deletions have a
strikethrough line (Example: deletions). Additions to the policies are underlined (Example:
additions). Staff will review the proposed revisions at the June meeting.
The hearing on the revised policies will take place no earlier than 1:00 p.m. on June 17,
2015. The hearing will be held in the PERS’ Board Room, 693 West Nye Lane, Carson City.
After the hearing, the Board may adopt the policies as proposed or with such amendments as are
deemed necessary.
RECOMMENDATION:
Motion approving the proposed revisions to PERS’ Official
Policies, as submitted or amended, and directing staff to file the policy revisions with the
Secretary of State in accordance with NRS 286.200 to become effective July 1, 2015.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
93
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Liaison Officers
From:
Cheryl Price, Operations Officer
Date:
June 2, 2015
Re:
Proposed Revisions to Public Employees’ Retirement System Official Policies
The Public Employees’ Retirement Board has approved for notice the adoption of new
policies and the re-adoption of all previously adopted policies of the Board in accordance with
NRS 286.200(2)(b), which states:
As soon as a public employer receives a copy of the proposed rule, the
public employer immediately shall cause the copy to be posted on a
bulletin board or in some conspicuous place in or near its headquarters.
Please comply with this statute.
The public hearing on the revised policies will take place no earlier than 1:00 p.m. on
June 17, 2015. The June meeting will be held in the PERS’ Board Room, 693 West Nye Lane,
Carson City. Any person wishing to testify should be in attendance at the meeting. The revised
policies may be adopted at the June 17, 2015, meeting and become effective July 1, 2015, if
Senate Bill 406 is signed by the Governor.
The following pages include the proposed changes to the policies; additions are
underlined and deletions have a strikethrough line.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
94
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
DEFINITIONS
286.017
1.1
ACTUARIAL COMPUTATION - The computation based on benefits
earned and life expectancy of member and beneficiary to determine
necessary reduction of benefits under retirement options or to
determine cost of purchasing additional benefits.
286.6703
1.2
ALTERNATE PAYEE - The spouse, former spouse, registered
domestic partner, former registered domestic partner, child, or other
dependent of a member or retired employee who, pursuant to a
judgment, decree, or order relating to child support, alimony, or the
disposition of community property, is entitled to receive all or a portion
of the allowance or benefit of a member or retired member from the
System.
286.551(5)
1.3
ASSIGNMENT-RELATED COMPENSATION – Compensation paid
to the member for shift differential, hazardous duty, standby pay, or
extra duty assignments.
286.551(3)
1.4
AVERAGE COMPENSATION –The average of a member's 36
consecutive months of highest compensation as certified by the public
employer except that the average compensation of an employee who
becomes a member on or after January 1, 2010 is limited by the
provisions of NRS 286.551(4) and (5).
286.551
1.5
BASE BENEFIT - The original monthly benefit from a member or
retired employee.
286.590
286.667
286.671286.677
1.6
BENEFICIARY - A person eligible for a survivor benefit or as a result
of an option selection by a retired employee.
286.200
1.7
BENEFIT CANCELLATION - Discontinuance of a benefit with no
possible reinstatement.
286.200
1.8
BENEFIT SUSPENSION - Temporary withdrawal of benefit with
possible reinstatement when certain conditions are met.
286.020
1.9
BOARD - The Public Employees' Retirement Board.
286.297
1.10
BOARD OR COMMISSION - Members of boards or commissions of
the State of Nevada or of its political subdivisions when such boards or
commissions are advisory or directive and when membership thereon is
not compensated except for fees for attendance at meetings and
expenses incurred.
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286.025(2)
1.11
CALL-BACK PAY –
a.
b.
c.
d.
286.025(2)
1.11
Except as it may conflict with the Nevada Administrative Code at
284.214, call-back pay is defined as compensation earned for
returning to duty after a member has completed his regular shift,
is off duty for any period of time, and is requested to return to
duty with less than 12 hours’ notice.
Scheduling the 12-hour rule set forth in subsection (a) will be
activated by the electronic call-out required for the shift
scheduling from the public employer. Any electronic response
system must comply with the 12-hour rule and not allow the
employee call-in response to govern notification for purposes of
the 12-hour rule.
An employer may not convert what would otherwise be an
overtime shift to a call-back shift by waiting until there is less
than 12 hours’ notice to request a return to duty, if the employer
has knowledge more than 12-hours before the start of the shift to
be staffed, either through notification or through normal staffing
policies, of the staffing need.
This policy applies to all members with an effective date of
membership on or before June 30, 2008.
CALL-BACK PAY –
a.
b.
c.
d.
Except as it may conflict with the Nevada Administrative Code at
284.214, call-back pay is defined as compensation earned for
returning to duty after a member has completed his regular shift
and is requested to return to duty with less than 12 hours’ notice
to respond to an emergency, except for any member who is (1)
called into work while on standby status, (2) not required to leave
the premises where he is residing or located at the time of
notification in order to respond, or (3) called back to work if the
work begins 1 hour or less before or after his scheduled work
shift.
For the purposes of this Policy 1.11, “emergency” means a
sudden, unexpected occurrence that involves clear and imminent
danger and requires immediate action to prevent or mitigate the
endangerment of lives, health, or property. Such an emergency
must be declared by the governing body or chief administrative
officer of the public employer.
Scheduling the 12-hour rule set forth in subsection (a) will be
activated by the electronic call-out required for the shift
scheduling from the public employer. Any electronic response
system must comply with the 12-hour rule and not allow the
employee call-in response to govern notification for purposes of
the 12-hour rule.
An employer may not convert what would otherwise be an
overtime shift to a call-back shift by waiting until there is less
than 12 hours’ notice to request a return to duty, if the employer
has knowledge more than 12-hours before the start of the shift to
be staffed, either through notification or through normal staffing
policies, of the staffing need.
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Retirement Board Meeting - Administration
e.
286.025
1.11
This policy applies to all members with an effective date of
membership on or after July 1, 2008.
CALL-BACK PAY –
a.
b.
c.
Returning to duty within 12 hours after one’s regular working
hours to respond to an emergency.
As used in this Policy 1.11(a), “emergency” means a sudden,
unexpected occurrence that is declared by the governing body or
chief administrative officer of the public employer to involve
clear and imminent danger and require immediate action to
prevent and mitigate the endangerment of lives, health or
property.
This policy applies to all members with an effective date of
membership on or after January 1, 2010.
286.671(1)
1.12
CHILD - An unmarried person under 18 years of age who is the issue
or legally adopted child of a deceased member. As used in this policy,
"issue" means the progeny or biological offspring of the deceased
member.
286.025(1)
1.13
COMPENSATION - The salary paid to a member by the member's
public employer which is subject to contribution.
286.551
1.14
CONSECUTIVE MONTHS - The months, one following the other, in
which some compensation is reported or service credit received,
whether any actual work was performed or not. For the calculation of
average compensation, compensation reported shall not be prorated to
reflect the portion of the month that the reported compensation
represents. Months for which a member does not receive service credit
shall be spanned and not included in determining average
compensation.
1.15
CONTRIBUTION PLANS –
286.450
a.
286.421
b.
1.16
Employee/Employer: The employee and employer pay
equivalent contributions.
Employer Pay:
The employer pays the entire contribution
on behalf of the employee. The employees' portion must be in
lieu of an equivalent salary increase or by salary reduction, except
when the employee is a local elected official or district judge or a
justice of the Supreme Court.
CONTRIBUTIONS –
286.410
a.
286.450
b.
Employee:
Deductions made from the employee's salary,
paid to the System and credited to the employee's member
account. Employees do not earn interest on any employee
contributions credited to their member accounts.
Employer:
Payments made by employers to this System
under the employee/employer contribution plan.
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Retirement Board Meeting - Administration
286.421
286.523
c.
1.17
Employer Pay: Payments made by employers on behalf of
those employees under the employer-pay contribution plan.
CRITICAL LABOR SHORTAGE POSITION - A position determined
by a participating public employer's governing body to be experiencing
a critical labor shortage after taking into account the following criteria:
(a) The history of the rate of turnover for the position;
(b) The number of openings for the position and the number
of qualified candidates for those openings;
(c) The length of time the position has been vacant; and
(d) The success of recruiting persons in other states to fill the
position.
This Policy 1.17 applies to those positions designated as a critical labor
shortage position on or before June 30, 2009.
286.523
1.17
CRITICAL LABOR SHORTAGE POSITION – A position determined
by a participating public employer’s designating authority in an open
public meeting as a position for which a critical labor shortage exists
after making findings based upon the following criteria:
(a) The history of the rate of turnover for the position;
(b) The number of openings for the position and the number
of qualified candidates for those openings after all other
efforts of recruitment have been exhausted;
(c) The length of time the position has been vacant;
(d) The difficulty in filling the position due to special
circumstances, including, without limitation, special
educational or experience requirements for the position;
and
(e) The history and success of the efforts to recruit for the
position, including, without limitation, advertising,
recruitment outside of this State and all other efforts made.
This Policy 1.17 applies to those positions designated as a critical labor
shortage position on or after July 1, 2009.
286.671
1.18
DEPENDENT PARENT - The surviving parent of a deceased member
who was dependent upon the deceased member for at least 50% of the
parent's support for at least 6 months immediately preceding the death
of the member.
286.620
1.19
DISABILITY RETIREMENT - Benefit provided to an eligible member
who becomes totally unable to perform his current or any comparable
job for which he is qualified by his training and experience because of
injury or physical or mental illness of a permanent nature.
286.200
1.20
DISTRIBUTION –
a.
b.
Initial: A distribution to the member of the portion of mandatory
employer-pay contributions submitted on his behalf by his public
employer as of the date of termination of employment.
Final: A distribution to the member of the portion of mandatory
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Retirement Board Meeting - Administration
employer-pay contributions submitted on his behalf by his public
employer which are credited after termination of employment.
286.671(1-3)
286.6767
1.21
ELIGIBLE SURVIVORS - Child, spouse, registered domestic partner,
survivor beneficiary of an unmarried member, or dependent parent
eligible to receive survivor benefits if the eligible member should die.
286.040
1.22
EMPLOYEE – a. A public officer of the State of Nevada or its
political subdivisions.
b. Any person employed in a position which is normally considered
half time or more according to the full-time work schedule of the
public employer and is under the direction and control of officers
of the public employer.
286.025
286.293
1.23
EMPLOYMENT –
a.
b.
Primary: Public employment which is half time or more upon
which retirement contributions must be paid. In the event of
employment in two or more eligible positions, the position paying
the greatest salary shall be primary.
Secondary: In the event of concurrent public employment, the
lesser salaried position.
286.160
1.24
EXECUTIVE OFFICER - Administrator of the Public Employees'
Retirement System appointed by the Board.
286.042
1.25
FIREFIGHTER – See Policy 11.6.
286.293
1.26
HALF-TIME POSITION - A position which requires an employee to
work half time according to the full-time work schedule of the public
employer, for a duration exceeding six months.
286.025
1.27
HAZARDOUS-DUTY PAY - Regular additional compensation paid to
all eligible employees of a public employer for performing dangerous
duty.
286.025
1.28
HOLIDAY PAY - Compensation for work actually performed during
an official holiday as defined by NRS 236.015 which is in addition to
the compensation paid to all employees who do not work, providing the
total working hours do not exceed the working hours of a normal
workweek or pay period as certified by the public employer.
286.045
1.29
INDEPENDENT CONTRACTOR - Any person who renders specified
services for a stipulated fee who is not under the control of a public
employer, except as regards the result of the work, and who does not
receive customary employee benefits provided by the public employer.
286.293
286.297
1.30
INTERMITTENT POSITION - A position for which no regular work
schedule exists.
1.31
KILLED IN THE COURSE OF EMPLOYMENT – For regular
members, death that occurs as a direct or proximate result of the
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Retirement Board Meeting - Administration
performance of the duty. In the event of heart attack or stroke, the
member shall be presumed to have died as a direct or proximate result
of the personal injury sustained in the line of duty if:
1. While on duty –
a. Engaged in a situation, and such engagement involved nonroutine stressful or strenuous physical activity, or,
b. Participated in a training exercise, and such participation
involved non-routine stressful or strenuous physical activity,
2. Member died as a result of a heart attack or stroke suffered –
a. Engaged in a situation, and such engagement involved nonroutine stressful or strenuous physical activity, or,
b. While still on that duty after so engaging or participating in
such an activity, or
c. Not later than 24 hours after so engaging or participating in
such an activity; and
3. Such presumption is not overcome by competent medical
evidence to the contrary.
1.32
KILLED IN THE LINE OF DUTY – For police and firefighter
members, death that occurs as a direct or proximate result of the
performance of the duty. In the event of heart attack or stroke, the
member shall be presumed to have died as a direct or proximate result
of the personal injury sustained in the line of duty if:
1. While on duty –
a. Engaged in a situation, and such engagement involved nonroutine stressful or strenuous physical law enforcement, fire
suppression, rescue, hazardous material response,
emergency medical services, prison security, disaster relief,
or other emergency response activity, or,
b. Participated in a training exercise, and such participation
involved non-routine stressful or strenuous physical activity,
2. Member died as a result of a heart attack or stroke suffered a. While engaging or participating in such activity as described
above,
b. While still on that duty after so engaging or participating in
such an activity, or
c. Not later than 24 hours after so engaging or participating in
such an activity; and
3. Such presumption is not overcome by competent medical
evidence to the contrary.
286.288
1.313
LIAISON OFFICER - An employee selected by a public employer or
group of such employers to certify records and coordinate retirement
matters between the System and members of participating public
employers. The employee selected must be a member of the System
through his employment with the public employer.
1.34
LINE OF DUTY – Any action the member was obligated or authorized
to perform by rule, regulation, condition of employment or service, or
law.
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286.025
1.325
LONGEVITY PAY - Additional compensation provided to all eligible
employees by a public employer based on years of service not
including any payment based, in whole or in part, upon any pay type
that does not meet the definition of compensation in NRS 286.025.
286.200
1.336
MANDATORY EMPLOYER-PAY CONTRIBUTION PLAN Required public employers who did not elect participation under the
employer-pay contribution plan for certain employees prior to July 1,
1983, to pay the entire retirement contribution on behalf of their
employees:
a.
b.
c.
d.
For all police/fire employees with the Nevada Highway Patrol,
Motor Carrier Division, and Division of Forestry employed on or
after July 1, 1983.
As of July 1, 1985, if the employee had ten or more years of
accredited, contributing service;
On the date after July 1, 1985, that the employee had ten years of
accredited, contributing service; or
As of the hire date for individuals employed on or after July 1,
1985, who did not already have active or inactive membership in
the System.
286.050
1.347
MEMBER –
a. Active: A member who is in the employ of a participating public
employer and whose employee contributions are currently being
paid to the System or is in a leave without pay status.
b. Inactive: A member who has been reported as terminated from
public employment and who has not withdrawn his employee
contributions and/or the portion of mandatory employer-pay
contributions submitted on his behalf.
286.260
1.358
MEMBER ACCOUNT - The individual account maintained for each
member of the System.
286.025
1.369
OVERTIME PAY - Except as it may conflict with the Nevada Revised
Statutes at 284.180 and the Nevada Administrative Code at 284.250,
overtime pay is defined as additional pay earned by a member who is
held over on his regular shift or is requested to return to duty under
conditions that do not meet the definition of call-back pay applicable to
that member.
286.225
1.3740 POLICE AND FIREFIGHTERS’ RETIREMENT FUND Accumulation of all contributions, return on investments, and interest
received from or on behalf of police and fire members of the System.
286.227
1.3841 POLICE AND FIREFIGHTERS’ RETIREMENT FUND ADVISORY
COMMITTEE - Committee appointed by the Board to make
recommendations concerning the administration of and benefits
payable from the Police and Firefighters’ Retirement Fund.
286.061
1.3942 POLICE OFFICER – See Policy 11.5.
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Retirement Board Meeting - Administration
286.200
1.403
POSITION - An employment berth with a public employer.
286.065
1.414
POST-RETIREMENT INCREASE - The increase paid monthly to
eligible benefit recipients.
286.551(5)
1.425
PROMOTION – The advancement of the member, including
advancement between two public employers, to a position which has a
higher level of base pay than the position held by the member
immediately prior to the advancement.
286.070
1.436
PUBLIC EMPLOYER - State agency, political subdivision, or other
public or quasi-public entity which has met the requirements for
membership and is participating in the System.
286.050
1.447
REGULAR MEMBER - A member of the System who is not a police
officer or a firefighter.
286.430
1.458
REFUND –
a.
b.
Initial: The return to a member of all employee contributions
credited to the member's account as of the date of termination of
employment.
Final: The return to a member of all employee contributions
which are credited after termination of employment.
286.200
1.469
286.460
1.4750 REPORTING PERIOD - The calendar month for which member's
compensation and service credit are reported and certified by the
participating public employer.
286.541
286.620
1.4851 RETIRED EMPLOYEE - Person who is receiving a retirement benefit
on his own behalf from the System.
286.025(2)(a) 1.52
REGISTERED DOMESTIC PARTNERS – Persons who have a valid
domestic partnership pursuant to Section 6 of Senate Bill 283 (2009)
and who have not terminated that domestic partnership pursuant to
Section 9 of Senate Bill 283 (2009).
SALARY – As used in section 4 [16] [27] of SB 406, “salary” is the
compensation reported for the member by the member’s public
employer in the last full month of employment preceding the member’s
death, except that if the member was not paid on a monthly or semimonthly schedule, the compensation shall be converted to a monthly
schedule.
286.078
1.4953 SERVICE - The total years, months, and days of credit which an
employee has earned in the System.
286.025
1.504
SHIFT DIFFERENTIAL PAY - Additional compensation paid to all
eligible employees by a public employer for employment in a shift
other than the regular shift.
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286.671
1.515
SPOUSE - The husband or wife of a member.
286.025(2)
1.526
STANDBY PAY - Compensation earned for holding oneself ready for
duty while off duty.
286.297(5)
1.537
SUBSTITUTE TEACHER – A person employed by a school district to
fill the position of a licensed teacher under contract on a limited basis
and who is performing work for which licensure as a substitute teacher
is required.
286.6767
1.548
SURVIVOR BENEFICIARY - Beneficiary of a member who was
unmarried at the time of his death, had met the minimum eligibility
requirements, and had designated a beneficiary to receive payments.
286.6767
1.559
SURVIVOR BENEFICIARY ADDITIONAL PAYEE(S) – Person(s)
designated to receive direct payment of a portion of the survivor
beneficiary benefit.
286.673-7
1.5660 SURVIVOR BENEFIT - Monthly allowance paid to eligible
survivor(s) of a deceased member.
286.100
1.5761 SYSTEM - The Public Employees' Retirement System.
286.297(9)
1.5862 TEMPORARY POSITION - A position that will be staffed for six
months or less.
286.200
1.5963 TERMINAL LEAVE - All accumulated leave or bonus payments that
are made upon the termination of employment for any cause including
death.
286.200
1.604
TWELVE-MONTH SCHOOL DISTRICT EMPLOYEE - A member
who is employed by a school district in a position requiring that the
member work a full 12-month period.
286.6793
1. 615
VESTING - The attainment of creditable service which guarantees to a
member those benefits accrued as of that date.
286.367(1)
1. 626
VOLUNTEER FIREFIGHTER - A volunteer member of a regularly
organized and recognized fire department that is participating in the
System.
286.293
1. 637
WORKDAY - Official, regular, full-time workday certified by a public
employer.
286.293
1. 648
WORKWEEK - Official, regular, full-time workweek certified by a
public employer.
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Retirement Board Meeting - Administration
SB 173
(1973)
286.200
9.4
A surviving spouse or survivor beneficiary of an unmarried member
whose benefits were canceled before July 1, 1977, because of
restrictions on the amount of permissible earnings, which were
removed in 1975, is entitled to the reinstatement of monthly benefits as
of the date of application if the refund of unused employee
contributions is repaid to the System including interest at the rate of 8%
per annum from the date of the refund.
KILLED IN THE LINE OF DUTY
9.5
The spouse, registered domestic partner, or survivor beneficiary of an
unmarried member of a deceased person whose death occurred on or
after July 1, 2013, while in the line of duty as the direct or proximate
result of the performance out of their duty shall be entitled effective
July 1, 2015 to receive: (1) fifty percent of the salary of the member on
the date of the member’s death; or (2) one hundred percent of the
retirement allowance that the member was eligible to receive based on
the member’s years of service obtained before the member’s death
without any reduction for age for the deceased member.
CHILD
286.673(1)
9.56
Each child of an eligible deceased member is entitled to receive a
cumulative monthly benefit of $400 per month.
286.673(2)
9.67
Survivor benefits paid to a child pursuant to NRS 286.673 shall be
canceled as of the end of the month in which any one of the following
occurs:
a.
b.
c.
d.
286.673(3)
9.78
Except as otherwise provided in Policy 9.89, survivor benefits may be
paid until the last day of the month of his 23rd birthday if, at the time
that he attains 18 years, he is, and continues thereafter to be, a full-time
student in any accredited high school, vocational or technical school,
college, or university. Certification must be received that indicates that
he was a full-time student as of:
a.
b.
286.673
9.89
The child is adopted.
The child dies.
The child marries.
Except as otherwise provided in Policy 9.78, 9.112 or 9.123, the
child attains the age of 18 years.
His 18th birthday; or
The last day of the previous semester if his birthday falls during
the summer and he certifies that he intends to return to school fulltime for the fall semester.
A school certification shall be required at least two times each year, and
a letter signed by the student declaring his intent to return to school as
of the next regular enrollment period shall be required once each year to
ensure that the child has been and will continue to be a full-time
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Retirement Board Meeting - Administration
student. Failure to comply with this requirement, or failure to remain a
full-time student for the period of certification, shall cause the benefit to
be suspended as of the end of the month in which full-time enrollment
was last certified and completed.
286.673
9.910
The determination of what constitutes full-time student status shall be
according to the policy of the particular school.
286.673
9.101
A child who provides certification of his intent to enroll the following
semester and then fails to enroll must reimburse the System for benefits
paid retroactively to the end of the month in which he turned 18 or in
which he ceased to be a full-time student.
286.673(4)
9.112
If the payment of benefits are ceased to a child of a deceased member
who received benefits pursuant to Policy 9.78 because the child ceased
being a full-time student, payments may be resumed until the last day of
the month of the child’s 23rd birthday if the child returns to full-time
status at an accredited high school, vocational or technical school,
college or university.
286.673(5)
9.123
Survivor benefits paid to a child may be commenced or extended
indefinitely beyond the child's 18th birthday if, and as long as, the child
is determined by the Board to be:
a.
b.
Financially dependent; and
Physically or mentally incompetent.
DEPENDENT PARENT
286.677
9.134
If there are no other eligible survivors at the time of the member's
death, each dependent parent is entitled to receive $400 per month.
286.677
9.145
Survivor benefits paid to a dependent parent shall be canceled at the
end of the month in which that dependent parent marries or dies.
286.200
9.156
Cancellation of benefits to any one survivor will not affect benefits to
other eligible survivors.
GENERAL
286.6775
(1 & 2)
9.167
The total amount of the base allowance of survivor benefits, including
any other survivor benefits received from any other source purchased
by the expenditure of money of a public employer in this state, except
for lump-sum payments under a group insurance or similar program,
shall not exceed average compensation. Benefit payments made to
eligible survivors that are capped by average compensation, must be
adjusted based on the benefits provided by statute, should any other
recipient become ineligible for benefits.
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Retirement Board Meeting - Administration
286.575
286.5756
286.577 286.579
9.178
Survivor benefit recipients shall receive post-retirement increases in the
same manner as provided to retired employees.
PROCEDURES
286.200
9.189
An application for survivor benefits form must be completed and
submitted by the eligible survivor or guardian, together with required
documents, including but not limited to, as applicable, marriage
certificate, registration of domestic partnership, and birth certificate(s).
If a member had designated one or more payees in addition to the
survivor beneficiary, required forms and documents must be received
from the survivor beneficiary prior to payment to any additional payee.
286.674(1)
286.676
9.1920 Monthly survivor benefit payments shall begin on the first day of the
month following the death of the member, except for Option 2 or
Option 3 payments, which begin on the day after the member's death
unless service credit is extended beyond date of death.
286.673
9.201
The payment of survivor benefits to a minor child shall be paid on
behalf of the minor child to the surviving parent or legally appointed
guardian. If the payment of survivor benefits to a child is extended
beyond the date the child attains age 18 in accordance with NRS
286.673(3) or resumed after the date the child attains age 18 in
accordance with NRS 286.673(4), the payment of survivor benefits may
be made directly to the child.
286.679(1)
9.212
If payments to a survivor cease before the total contributions of a
deceased member have been paid in benefits and there is no person
entitled to receive benefits under any provision of this Chapter, the
surplus of employee contributions and/or the portion of mandatory
employer-pay contributions submitted on his behalf over the benefits
actually received may be paid in a lump sum to:
a.
b.
c.
286.679(2)
9.223
The beneficiary whom the deceased member designated for this
purpose in writing on a form approved by the System.
If no such designation was made or the person designated is
deceased, the beneficiary who previously received the payments.
If no payment may be made pursuant to paragraphs (a) and (b), the
person entitled as heirs or residuary legatees to the estate of the
deceased member.
A lump-sum payment made pursuant to Policy 9.212 fully discharges
the obligations of the System.
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Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 3, 2015
Re:
Proposed Revisions to Legislators’ Retirement System Official Policies
In accordance with NRS 218C.150 and NRS 218C.180 and the Board’s action regarding
the proposed revisions at its May meeting, staff sent a notice of a public hearing on the proposed
policy revisions to liaison officers on June 2, 2015. Attached to this memorandum is a copy of
the notice and the proposed policies.
The hearing on the policies will take place no earlier than 1:00 p.m. on June 17, 2015.
The hearing will be held in the PERS’ Board Room, 693 West Nye Lane, Carson City. After the
hearing, the Board may adopt the policies as proposed or with such amendments as are deemed
necessary.
RECOMMENDATION:
Motion approving the proposed revisions to the LRS Official
Policies, as submitted or amended, and directing staff to file the policy revisions with the
Secretary of State in accordance with NRS 218C.150 and NRS 218C.180 to become effective
July 1, 2015.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
107
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Liaison Officers
From:
Cheryl Price, Operations Officer
Date:
June 2, 2015
Re:
Proposed Revisions to Legislators’ Retirement System Official Policies
The Public Employees’ Retirement Board has approved for notice the adoption of new
policies and the re-adoption of all previously adopted policies of the Board in accordance with
NRS 218C.150 and NRS 218C.180. Please immediately cause a copy of this notice to be posted
on a bulletin board or in some conspicuous place in your office.
The public hearing on the revised policies will take place no earlier than 1:00 p.m. on
June 17, 2015. The June meeting will be held in the PERS’ Board Room, 693 West Nye Lane,
Carson City. Any person wishing to testify should be in attendance at the meeting. The revised
policies may be adopted at the June 17, 2015, meeting and become effective July 1, 2015, if
Senate Bill 406 is signed by the Governor.
The following pages include the proposed changes to the policies; additions are
underlined and deletions have a strikethrough line.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
108
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
DEFINITIONS
218C.150
1.1
ACTUARIAL COMPUTATION - The computation based on benefits
earned and life expectancy of member and beneficiary to determine
necessary reduction of benefits under retirement options or to
determine cost of purchasing additional benefits.
218C.150
218C.200
1.2
ALTERNATE PAYEE - The spouse, former spouse, registered
domestic partner, former registered domestic partner, child, or other
dependent of a member or retired employee who, pursuant to a
judgment, decree, or order relating to child support, alimony, or the
disposition of community property, is entitled to receive all or a portion
of the allowance or benefit of a member or retired member from the
System.
218C.150
1.3
BASE BENEFIT - The original monthly benefit from a member or
retired employee.
218C.570
1.4
BENEFICIARY - A person eligible for a survivor benefit or as a result
of an option selection by a retired employee.
218C.150
1.5
BENEFIT CANCELLATION - Discontinuance of a benefit with no
possible reinstatement.
218C.150
1.6
BENEFIT SUSPENSION - Temporary withdrawal of benefit with
possible reinstatement when certain conditions are met.
218C.040
1.7
BOARD - The Public Employees’ Retirement Board.
218C.580
1.8
CHILD - An unmarried person under 18 years of age who is the issue
or legally adopted child of a deceased member. As used in this policy,
“issue” means the progeny or biological offspring of the deceased
member.
218C.150
1.9
COMPENSATION - The salary paid to a member by the member’s
public employer which is subject to contribution.
218C.580
1.10
DEPENDENT PARENT - The surviving parent of a deceased member
who was dependent upon the deceased member for at least 50% of the
parent’s support for at least 6 months immediately preceding the death
of the member.
218C.580
1.11
ELIGIBLE SURVIVORS - Child, spouse, registered domestic partner,
survivor beneficiary of an unmarried member, or dependent parent
eligible to receive survivor benefits if the eligible member should die.
218C.390
1.12
EMPLOYER – The Legislative Counsel Bureau, on behalf of the State
of Nevada, shall act as the employer.
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Retirement Board Meeting - Administration
218C.150
1.13
EXECUTIVE OFFICER - Administrator of the Public Employees’
Retirement System appointed by the Board.
1.14
KILLED IN THE COURSE OF LEGISLATIVE SERVICE – For
legislative members, death that occurs as a direct or proximate result of
the performance of the duty. In the event of heart attack or stroke, the
member shall be presumed to have died as a direct or proximate result
of the personal injury sustained in the line of duty if:
1. While on duty –
a. Engaged in a situation, and such engagement involved nonroutine stressful or strenuous physical activity, or,
b. Participated in a training exercise, and such participation
involved non-routine stressful or strenuous physical activity,
2. Member died as a result of a heart attack or stroke suffered –
a. While engaging or participating in such activity as described
above, or
b. While still on that duty after so engaging or participating in
such an activity, or
c. Not later than 24 hours after so engaging or participating in
such an activity; and
3. Such presumption is not overcome by competent medical
evidence to the contrary.
218A.072
1.145
LEGISLATOR – A Senator or Assemblyman elected or appointed to
the Legislature of the State of Nevada.
218C.150
1.156
LIAISON OFFICER - An employee selected by the Director of the
Legislative Counsel Bureau to certify records and coordinate retirement
matters between the System and members of the System.
1.17
LINE OF DUTY – Any action the member was obligated or authorized
to perform by rule, regulation, condition of employment or service, or
law.
1.168
MEMBER –
218C.320
a.
b.
Active: Each Legislator is a member of the System unless he has
elected not to participate in the System pursuant to NRS
218.23813(1) or NRS 286.385 or has terminated his participation
pursuant to NRS 218.23813(2).
Inactive: A member who has been reported as terminated from
being a Legislator and who has not withdrawn his employee
contributions.
218C.200
1.179
MEMBER ACCOUNT - The individual account maintained for each
member of the System.
218C.510
1.1820 POST-RETIREMENT INCREASE - The increase paid monthly to
eligible benefit recipients.
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218C.200
1.1921 REFUND –
a.
Initial: The return to a member of all employee contributions
credited to the member’s account as of the date of termination.
b.
Final: The return to a member of all employee contributions
which are credited after termination.
218C.150
1.202
REGISTERED DOMESTIC PARTNERS – Persons who have a valid
domestic partnership pursuant to Section 6 of Senate Bill 283 (2009)
and who have not terminated that domestic partnership pursuant to
Section 9 of Senate Bill 283 (2009).
218C.150
1.213
RETIRED EMPLOYEE - Person who is receiving a retirement benefit
on his own behalf from the System.
1.24
SALARY - As used in section 4 [16] [27] of SB 406, “salary” is the
compensation reported for the member by the member’s public
employer in the last full month of employment preceding the member’s
death, except that if the member was not paid on a monthly or semimonthly schedule, the compensation shall be converted to a monthly
schedule.
218C.200
1.225
SERVICE - The total years, months, and days of credit which a
member has earned in the System.
218C.200
1.236
SPOUSE - The husband or wife of a member.
218C.580
1.247
SURVIVOR BENEFICIARY - Beneficiary of a member who was
unmarried at the time of his death, had met the minimum eligibility
requirements, and had designated a beneficiary to receive payments.
218C.580
1.258
SURVIVOR BENEFICIARY ADDITIONAL PAYEE(S) – Person(s)
designated to receive direct payment of a portion of the survivor
beneficiary benefit.
218C.580
1.269
SURVIVOR BENEFIT - Monthly allowance paid to eligible
survivor(s) of a deceased member.
218C.100
1.2730 SYSTEM - The Legislators’ Retirement System.
218C.450
1.2831 VESTING - The attainment of creditable service which guarantees to a
member those benefits accrued as of that date.
218C.580
7.3
The spouse, registered domestic partner, or survivor beneficiary of an
unmarried member of a deceased member with ten or more years of
accredited contributing service may elect one of the following:
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Retirement Board Meeting - Administration
a.
b.
c.
d.
e.
f.
A cumulative monthly benefit of $450. This benefit shall be paid
until the end of the month in which the spouse, registered
domestic partner, or survivor beneficiary of an unmarried member
dies.
The benefit provided by Retirement Option 3 for a beneficiary, if
the deceased member had less than 15 years of service credit at
the time of his death. The benefit shall be calculated as if the
deceased member retired on the day of death and named the
spouse, registered domestic partner, or survivor beneficiary of an
unmarried member as beneficiary with no reduction for the
deceased member’s age. This benefit shall be paid until the end
of the month in which the spouse, registered domestic partner, or
survivor beneficiary of an unmarried member dies.
The benefit provided by Retirement Option 2 for a beneficiary, if
the deceased member had 15 years of service at the time of his
death. The benefit shall be calculated as if the deceased member
retired on the day of his death and named the spouse, registered
domestic partner, or survivor beneficiary of an unmarried member
as beneficiary with no reduction for the deceased member’s age.
This benefit shall be paid until the end of the month in which the
spouse, registered domestic partner, or survivor beneficiary of an
unmarried member dies.
The benefit provided by Retirement Option 2 for a beneficiary of a
deceased member who was fully eligible to retire both as to
service and age at the time of death. The benefit shall be
calculated as if the deceased member retired on the day of death
and named the spouse, registered domestic partner, or survivor
beneficiary of an unmarried member as beneficiary. This benefit
shall be paid until the end of the month in which the spouse,
registered domestic partner, or survivor beneficiary of an
unmarried member dies.
If the member has designated one or more payees in addition to
the survivor beneficiary, the monthly allowance to which a
survivor beneficiary is entitled must be divided between the
survivor beneficiary and any additional payee in the proportion
designated by the member. If an additional payee predeceases the
survivor beneficiary, the payment made to that additional payee
must be evenly distributed to the survivor beneficiary and any
other additional payees beginning the first of the month following
the additional payee’s death.
If there are no other eligible survivors, the spouse, registered
domestic partner, or survivor beneficiary of an unmarried member
may waive the monthly benefit in (a), (b), (c), or (d) above and
receive a refund of the deceased member’s employee
contributions, plus the portion of the mandatory employer-pay
contributions submitted on behalf of the deceased member, plus
50% of any employer-pay contributions made during the period of
time for which the employee was not mandated under the
employer-pay contribution plan.
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KILLED IN THE LINE OF DUTY
7.4
The spouse, registered domestic partner, or survivor beneficiary of an
unmarried member of a deceased person whose death occurred on or
after July 1, 2013, while in the line of duty as the direct or proximate
result of the performance out of their duty shall be entitled effective
July 1, 2015 to receive: (1) fifty percent of the salary of the member on
the date of the member’s death; or (2) one hundred percent of the
retirement allowance that the member was eligible to receive based on
the member’s years of service obtained before the member’s death
without any reduction for age for the deceased member.
CHILD
218C.580
7.45
Each child of an eligible deceased member is entitled to receive a
cumulative monthly benefit of $400 per month.
218C.580
7.56
Survivor benefits paid to a child pursuant to NRS 218.2392 and NRS
286.673 shall be canceled as of the end of the month in which any one
of the following occurs:
a.
b.
c.
d.
218C.580
7.67
The child is adopted.
The child dies.
The child marries.
Except as otherwise provided in Policy 7.67, 7.101, or 7.112, the
child attains the age of 18 years.
Except as otherwise provided in Policy 7.78, survivor benefits may be
paid until the last day of the month of his 23rd birthday if, at the time
that he attains 18 years, he is, and continues thereafter to be, a full-time
student in any accredited high school, vocational or technical school,
college, or university. Certification must be received that indicates that
he was a full-time student as of:
a.
b.
His 18th birthday; or
The last day of the previous semester if his birthday falls during
the summer and he certifies that he intends to return to school fulltime for the fall semester.
218C.580
7.78
A school certification shall be required at least two times each year, and
a letter signed by the student declaring his intent to return to school as
of the next regular enrollment period shall be required once each year to
ensure that the child has been and will continue to be a full-time
student. Failure to comply with this requirement, or failure to remain a
full-time student for the period of certification, shall cause the benefit to
be suspended as of the end of the month in which full-time enrollment
was last certified and completed.
218C.580
7.89
The determination of what constitutes full-time student status shall be
according to the policy of the particular school.
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218C.580
7.910
A child who provides certification of his intent to enroll the following
semester and then fails to enroll must reimburse the System for benefits
paid retroactively to the end of the month in which he turned 18 or in
which he ceased to be a full-time student.
218C.580
7.101
If the payment of benefits are ceased to a child of a deceased member
who received benefits pursuant to Policy 7.67 because the child ceased
being a full-time student, payments may be resumed until the last day of
the month of the child’s 23rd birthday if the child returns to full-time
status at an accredited high school, vocational or technical school,
college, or university.
218C.580
7.112
Survivor benefits paid to a child may be commenced or extended
indefinitely beyond the child’s 18th birthday if, and as long as, the child
is determined by the Board to be:
a.
b.
Financially dependent; and
Physically or mentally incompetent.
DEPENDENT PARENT
218C.580
7.123
If there are no other eligible survivors at the time of the member’s
death, each dependent parent is entitled to receive $400 per month.
218C.580
7.134
Survivor benefits paid to a dependent parent shall be canceled at the
end of the month in which that dependent parent marries or dies.
218C.580
7.145
Cancellation of benefits to any one survivor will not affect benefits to
other eligible survivors.
GENERAL
218C.580
7.156
Survivor benefit recipients shall receive post-retirement increases in the
same manner as provided to retired employees.
PROCEDURES
218C.580
7.167
An application for survivor benefits form must be completed and
submitted by the eligible survivor or guardian, together with required
documents, including but not limited to, as applicable, marriage
certificate, registration of domestic partnership, and birth certificate(s).
If a member had designated one or more payees in addition to the
survivor beneficiary, required forms and documents must be received
from the survivor beneficiary prior to payment to any additional payee.
218C.580
7.178
Monthly survivor benefit payments shall begin on the first day of the
month following the death of the member, except for Option 2 or
Option 3 payments, which begin on the day after the member’s death
unless service credit is extended beyond date of death.
218C.580
7.189
The payment of survivor benefits to a minor child shall be paid on
behalf of the minor child to the surviving parent or legally appointed
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Retirement Board Meeting - Administration
guardian. If the payment of survivor benefits to a child is extended
beyond the date the child attains age 18 in accordance with NRS
286.673(3) or resumed after the date the child attains age 18 in
accordance with NRS 286.673(4), the payment of survivor benefits may
be made directly to the child.
218C.580
7.1920 If payments to a survivor cease before the total contributions of a
deceased member have been paid in benefits and there is no person
entitled to receive benefits under any provision of this Chapter, the
surplus of employee contributions over the benefits actually received
may be paid in a lump sum to:
a.
b.
c.
218C.580
7.201
The beneficiary whom the deceased member designated for this
purpose in writing on a form approved by the System.
If no such designation was made or the person designated is
deceased, the beneficiary who previously received the payments.
If no payment may be made pursuant to paragraphs (a) and (b), the
person entitled as heirs or residuary legatees to the estate of the
deceased member.
A lump-sum payment made pursuant to Policy 7.1920 fully discharges
the obligations of the System.
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Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 3, 2015
Re:
Proposed Revisions to Judicial Retirement System Official Policies
In accordance with NRS 1A.100 and the Board’s action regarding the proposed revisions
at its May meeting, staff sent a notice of a public hearing on the proposed policy revisions to
liaison officers on June 2, 2015. Attached to this memorandum is a copy of the notice and the
proposed policies.
The hearing on the revised policies will take place no earlier than 1:00 p.m. on June 17,
2015. The hearing will be held in the PERS’ Board Room, 693 West Nye Lane, Carson City.
After the hearing, the Board may adopt the policies as proposed or with such amendments as are
deemed necessary.
RECOMMENDATION:
Motion approving the proposed revisions to the JRS Official Policies,
as submitted or amended, and directing staff to file the policy revisions with the Secretary of State
in accordance with NRS 1A.100 to become effective July 1, 2015.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
116
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Liaison Officers
From:
Cheryl Price, Operations Officer
Date:
June 2, 2015
Re:
Proposed Revisions to Judicial Retirement System Official Policies
The Public Employees’ Retirement Board has approved for notice the adoption of new
policies and the re-adoption of all previously adopted policies of the Board in accordance with
NRS 1A.100. Please immediately cause a copy of this notice to be posted on a bulletin board or
in some conspicuous place in your office.
The public hearing on the revised policies will take place no earlier than 1:00 p.m. on
June 17, 2015. The June meeting will be held in the PERS’ Board Room, 693 West Nye Lane,
Carson City. Any person wishing to testify should be in attendance at the meeting. The revised
policies may be adopted at the June 17, 2015, meeting and become effective July 1, 2015, if
Senate Bill 406 is signed by the Governor.
The following pages include the proposed changes to the policies; additions are
underlined and deletions have a strikethrough line.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
117
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Administration
DEFINITIONS
1A.230
1.1
ACTUARIAL COMPUTATION – The computation based on benefits
earned and life expectancy of member and beneficiary to determine
necessary reduction of benefits under retirement options or to determine
cost of purchasing additional benefits.
1A.520
1.2
ALTERNATE PAYEE – The spouse, former spouse, registered
domestic partner, former registered domestic partner, child, or other
dependent of a member or retired justice or judge who, pursuant to a
judgment, decree, or order relating to child support, alimony, or the
disposition of community property, is entitled to receive all or a portion
of the allowance or benefit of a member or retired member from the
System.
1A.440
1.3
AVERAGE COMPENSATION – The average of a member’s 36
consecutive months of highest compensation as certified by the Court
Administrator if the member is a justice of the Supreme Court or a
district judge, by the county if the member is a justice of the peace, or
by the city if the member is a municipal judge.
1A.100
1.4
BASE BENEFIT – The original monthly benefit from a member or
retired justice or judge.
1A.450
1.5
BENEFICIARY – A person eligible for a survivor benefit or as a result
of an option selection by a retired justice or judge.
1A.100
1.6
BENEFIT CANCELLATION – Discontinuance of a benefit with no
possible reinstatement.
1A.100
1.7
BENEFIT SUSPENSION – Temporary withdrawal of benefit with
possible reinstatement when certain conditions are met.
1A.020
1.8
BOARD – The Public Employees’ Retirement Board.
1A.540
1.9
CHILD – An unmarried person under 18 years of age who is the issue
or legally adopted child of a deceased member. As used in this policy,
“issue” means the progeny or biological offspring of the deceased
member.
1A.030
1.10
COMPENSATION – The salary paid to a member by the member’s
public employer which is subject to contribution.
1A.100
1.11
CONSECUTIVE MONTHS – The months, one following the other, in
which some compensation is reported or service credit received,
whether any actual work was performed or not. For the calculation of
average compensation, compensation reported shall not be prorated to
reflect the portion of the month that the reported compensation
represents. Months for which a member does not receive service credit
shall be spanned and not included in determining average
compensation.
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1A.550
1.12
DEPENDENT PARENT – The surviving parent of a deceased member
of the Plan who was dependent upon the deceased member for at least
50% of the parent’s support for at least 6 months immediately preceding
the death of the member.
1A.480
1.13
DISABILITY RETIREMENT – Benefit provided to an eligible member
who becomes totally unable to perform his current or any comparable
job for which he is qualified by his training and experience because of
injury or physical or mental illness of a permanent nature.
1A.5501A.660
1.14
ELIGIBLE SURVIVORS – Child, spouse, registered domestic partner,
survivor beneficiary of an unmarried member, or dependent parent
eligible to receive survivor benefits if the eligible member should die.
1A.100
1.15
EXECUTIVE OFFICER – Administrator of the Public Employees’
Retirement System appointed by the Board.
1A.160
1.16
FUND – The Judicial Retirement Fund established by NRS 1A.160(1).
1.17
KILLED IN THE COURSE OF JUDICIAL SERVICE – For judicial
members, death that occurs as a direct or proximate result of the
performance of the duty. In the event of heart attack or stroke, the
member shall be presumed to have died as a direct or proximate result
of the personal injury sustained in the line of duty if:
1. While on duty –
a. Engaged in a situation, and such engagement involved nonroutine stressful or strenuous physical activity, or,
b. Participated in a training exercise, and such participation
involved non-routine stressful or strenuous physical activity,
2. Member died as a result of a heart attack or stroke suffered –
a. While engaging or participating in such activity as described
above, or
b. While still on that duty after so engaging or participating in
such an activity, or
c. Not later than 24 hours after so engaging or participating in
such an activity; and
3. Such presumption is not overcome by competent medical
evidence to the contrary.
1A.100
1A.030
1.178
LIAISON OFFICER – An employee selected by the Court
Administrator, city, or county to certify records and coordinate
retirement matters between the System and members of participating
public employers.
1.19
LINE OF DUTY – Any action the member was obligated or authorized
to perform by rule, regulation, condition of employment or service, or
law.
1.1820 LONGEVITY PAY – Additional compensation based on years of
service not including any payment based, in whole or in part, upon any
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pay type that does not meet the definition of compensation in NRS
1A.030.
1A.260
1.1921 MEMBER – A justice of the Supreme Court or district judge, if not a
member of the Public Employees’ Retirement System, or a justice of
the peace or municipal judge who is allowed and elects to participate in
the Plan pursuant to NRS 1A.285.
1A.050
1.202
PLAN – The retirement plan established pursuant to NRS 1A.300.
1A.240
1.213
POST-RETIREMENT INCREASE – The increase paid monthly to
eligible benefit recipients.
1A.100
1A.180
1.224
PUBLIC EMPLOYER – The State, through the Court Administrator, in
the case of a justice of the Supreme Court or a district judge, the county
in the case of a justice of the peace, and the city in the case of a
municipal judge.
1A.100
1.235
REGISTERED DOMESTIC PARTNERS – Persons who have a valid
domestic partnership pursuant to Section 6 of Senate Bill 283 (2009)
and who have not terminated that domestic partnership pursuant to
Section 9 of Senate Bill 283 (2009).
1A.180
1.246
REPORTING PERIOD – The calendar month for which member’s
compensation and service credit are reported and certified by the
participating public employer.
1A.060
1.257
RETIRED JUSTICE OR JUDGE – A justice of the Supreme Court,
district judge, justice of the peace, or municipal judge who was a
member of the Plan at the time he retired or a justice of the Supreme
Court or district judge who decides, pursuant to NRS 1A.270 or
1A.280, to receive benefits for retirement pursuant to the Plan.
1.28
SALARY - As used in section 4 [16] [27] of SB 406, “salary” is the
compensation reported for the member by the member’s public
employer in the last full month of employment preceding the member’s
death, except that if the member was not paid on a monthly or semimonthly schedule, the compensation shall be converted to a monthly
schedule.
1A.560
1.269
SPOUSE – The husband or wife of a member of the Plan.
1A.620
1.2730 SURVIVOR BENEFICIARY – Beneficiary of a member who was
unmarried at the time of his death, had met the minimum eligibility
requirements, and had designated a beneficiary to receive payments.
1A.620
1.2831 SURVIVOR BENEFICIARY ADDITIONAL PAYEE(S) – Person(s)
designated to receive direct payment of a portion of the survivor
beneficiary benefit.
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1A.5301A.660
1.2932 SURVIVOR BENEFIT – Monthly allowance paid to eligible
survivor(s) of a deceased member.
1A.090
1.303
SYSTEM – The Judicial Retirement System established pursuant to
NRS chapter 1A.
1A.100
1.314
TERMINAL LEAVE – All accumulated leave or bonus payments that
are made upon the termination of employment for any cause including
death.
1A.340
1.325
VESTING – The attainment of creditable service which guarantees to a
member those benefits accrued as of that date.
1A.600
1A.640
8.3
The spouse, registered domestic partner, or survivor beneficiary of an
unmarried member of a deceased member with ten or more years of
accredited, contributing service may elect one of the following:
a.
b.
c.
d.
e.
A cumulative monthly benefit of $450. This benefit shall be paid
until the end of the month in which the spouse, registered domestic
partner, or survivor beneficiary of an unmarried member dies.
The benefit provided by Retirement Option 3 for a beneficiary, if
the deceased member had less than 15 years of service credit at the
time of his death. The benefit shall be calculated as if the deceased
member retired on the day of death and named the spouse,
registered domestic partner, or survivor beneficiary of an
unmarried member as beneficiary with no reduction for the
deceased member’s age. This benefit shall be paid until the end of
the month in which the spouse, registered domestic partner, or
survivor beneficiary of an unmarried member dies.
The benefit provided by Retirement Option 2 for a beneficiary, if
the deceased member had 15 years of service at the time of his
death. The benefit shall be calculated as if the deceased member
retired on the day of his death and named the spouse, registered
domestic partner, or survivor beneficiary of an unmarried member
as beneficiary with no reduction for the deceased member’s age.
This benefit shall be paid until the end of the month in which the
spouse, registered domestic partner, or survivor beneficiary of an
unmarried member dies.
The benefit provided by Retirement Option 2 for a beneficiary of a
deceased member who was fully eligible to retire both as to service
and age at the time of death. The benefit shall be calculated as if
the deceased member retired on the day of death and named the
spouse, registered domestic partner, or survivor beneficiary of an
unmarried member as beneficiary. This benefit shall be paid until
the end of the month in which the spouse, registered domestic
partner, or survivor beneficiary of an unmarried member dies.
If the member has designated one or more payees in addition to the
survivor beneficiary, the monthly allowance to which a survivor
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beneficiary is entitled must be divided between the survivor
beneficiary and any additional payee in the proportion designated
by the member. If an additional payee predeceases the survivor
beneficiary, the payment made to that additional payee must be
evenly distributed to the survivor beneficiary and any other
additional payees beginning the first of the month following the
additional payee’s death.
KILLED IN THE LINE OF DUTY
8.4
The spouse, registered domestic partner, or survivor beneficiary of an
unmarried member of a deceased person whose death occurred on or
after July 1, 2013, while in the line of duty as the direct or proximate
result of the performance out of their duty shall be entitled effective
July 1, 2015 to receive: (1) fifty percent of the salary of the member on
the date of the member’s death; or (2) one hundred percent of the
retirement allowance that the member was eligible to receive based on
the member’s years of service obtained before the member’s death
without any reduction for age for the deceased member.
CHILD
1A.580
8.45
Each child of an eligible deceased member is entitled to receive a
cumulative monthly benefit of $400 per month.
1A.580
8.56
Survivor benefits paid to a child pursuant to NRS 1A.580 shall be
canceled as of the end of the month in which any one of the following
occurs:
a.
b.
c.
d.
1A.580
8.67
Except as otherwise provided in Official Policy 8.78, survivor benefits
may be paid until the last day of the month of his 23rd birthday if, at the
time that he attains 18 years, he is, and continues thereafter to be, a fulltime student in any accredited high school, vocational or technical
school, college, or university. Certification must be received that
indicates that he was a full-time student as of:
a.
b.
1A.580
8.78
The child is adopted.
The child dies.
The child marries.
Except as otherwise provided in Official Policy 8.67, 8.101 or
8.112, the child attains the age of 18 years.
His 18th birthday; or
The last day of the previous semester if his birthday falls during
the summer and he certifies that he intends to return to school fulltime for the fall semester.
A school certification shall be required at least two times each year, and
a letter signed by the student declaring his intent to return to school as
of the next regular enrollment period shall be required once each year to
ensure that the child has been and will continue to be a full-time
student. Failure to comply with this requirement, or failure to remain a
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full-time student for the period of certification, shall cause the benefit to
be suspended as of the end of the month in which full-time enrollment
was last certified and completed.
1A.580
8.89
The determination of what constitutes full-time student status shall be
according to the policy of the particular school.
1A.580
8.910
A child who provides certification of his intent to enroll the following
semester and then fails to enroll must reimburse the System for benefits
paid retroactively to the end of the month in which he turned 18 or in
which he ceased to be a full-time student.
1A.580
8.101
If the payment of benefits are ceased to a child of a deceased member
who received benefits pursuant to Official Policy 8.67 because the child
ceased being a full-time student, payments may be resumed until the
last day of the month of the child’s 23rd birthday if the child returns to
full-time status at an accredited high school, vocational or technical
school, college, or university.
1A.580
8.112
Survivor benefits paid to a child may be commenced or extended
indefinitely beyond the child’s 18th birthday if, and as long as, the child
is determined by the Board to be:
a.
b.
Financially dependent; and
Physically or mentally incompetent.
DEPENDENT PARENT
1A.660
8.123
If there are no other eligible survivors at the time of the member’s
death, each dependent parent is entitled to receive $400 per month.
1A.660
8.134
Survivor benefits paid to a dependent parent shall be canceled at the end
of the month in which that dependent parent dies.
1A.660
8.145
Cancellation of benefits to any one survivor will not affect benefits to
other eligible survivors.
GENERAL
1A.670
8.156
The total amount of the base allowance of survivor benefits, including
any other survivor benefits received from any other source purchased
by the expenditure of money of a public employer in this state, except
for lump-sum payments under a group insurance or similar program,
shall not exceed average compensation. Benefit payments made to
eligible survivors that are capped by average compensation must be
adjusted based on the benefits provided by statute should any other
recipient become ineligible for benefits.
1A.240
8.167
Survivor benefit recipients shall receive post-retirement increases in the
same manner as provided to retired justices or judges.
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PROCEDURES
1A.100
8.178
An application for survivor benefits form must be completed and
submitted by the eligible survivor or guardian, together with required
documents, including but not limited to, as applicable, marriage
certificate, registration of domestic partnership, and birth certificate(s).
If a member had designated one or more payees in addition to the
survivor beneficiary, required forms and documents must be received
from the survivor beneficiary prior to payment to any additional payee.
1A.630
1A.640
8.189
Monthly survivor benefit payments shall begin on the first day of the
month following the death of the member, except for Option 2 or
Option 3 payments, which begin on the day after the member’s death.
1A.580
8.1920 The payment of survivor benefits to a minor child shall be paid on
behalf of the minor child to the surviving parent or legally appointed
guardian. If the payment of survivor benefits to a child is extended
beyond the date the child attains age 18 in accordance with NRS
286.673(3) or resumed after the date the child attains age 18 in
accordance with NRS 286.673(4), the payment of survivor benefits may
be made directly to the child.
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2015 – Legislative Report Card
Bill Number
Assembly Bill 3
Assembly Bill 105
Assembly Bill 180
Assembly Bill 190
Assembly Bill 312
Assembly Bill 363
Assembly Bill 378
Sponsor / Description of Bill
Assemblyman Kirner – Revises
provisions governing the Public
Employees’ Retirement Board.
Assembly Committee on
Government Affairs (Treasurer) –
Revises provisions governing the
membership of the Public
Employees’ Retirement Board.
Assemblyman Armstrong –
Revises provisions governing the
biennial audit requirements for the
Public Employees’ Retirement
System.
Assemblyman Kirner – Revises
provisions governing public
employees’ retirement. (Hybrid
Plan)
Assemblyman Trowbridge –
Revises provisions governing the
Public Employees’ Retirement
System.
Assemblywoman Diaz – Provides
an optional benefit to the surviving
spouse or survivor beneficiary of
certain deceased members of the
Public Employees’ Retirement
System.
Assemblywomen Dooling and
Shelton – Makes various changes
relating to education.
Board Position
Opposed-January 21st meeting
Final Status of Bill
Failed
Opposed-February 18th meeting Failed
Support-March 18th meeting
Passed
Opposed-March 18th meeting
Failed
Neutral-April 8th meeting
Failed
Neutral-April 8th meeting
Failed
Opposed-Section 14-April 8th
meeting
Failed-Amended Section 14 out of
the final bill.
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2015 – Legislative Report Card
Bill Number
Assembly Bill 387
Senate Bill 12
Senate Bill 69
Senate Bill 356
Senate Bill 406
Senate Bill 420
Sponsor / Description of Bill
Assemblywoman Kirkpatrick –
Revises provisions relating to the
calculation of the years of service
of certain members of the Public
Employees’ Retirement System, the
Judicial Retirement Plan, and the
Legislators’ Retirement System.
Senate Committee on Government
Affairs (PERS) – Revises
provisions governing certain
personnel of the Public Employees’
Retirement System.
Senate Committee on Finance
(NV Supreme Court) – Revises
provisions governing judicial
retirement.
Senator Smith – Revises
provisions governing the Public
Employees’ Retirement System.
Senator Roberson – Revises
provisions relating to public
retirement systems.
Senate Committee on Finance
(PERS) – Revises provisions
governing the executive staff of the
Public Employees’ Retirement
System.
Board Position
Neutral-April 8th meeting
Final Status of Bill
Failed
Support-January 21st meeting
Passed
Opposed-March 18th meeting
(as written)
Passed
Support-April 8th meeting
Failed
Neutral-April 8th meeting
Passed
Support-This position was
included with the Retirement
Board’s biennial budget
request.
Passed
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Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 12, 2015
Re:
Personnel Update
Personnel action since the last report was as follows:

Jordan Marsh terminated her position as Administrate Assistant I Support
Services, Carson City office

Mary Anaya was selected to fill the vacant Administrate Assistant I position in
Support Services, Carson City office

John Van Horn was selected to fill the vacant Accountant III position in the
Accounting Division, Carson City office
The following positions are currently vacant:

Administrative Aid, Support Services Division
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
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7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Ratification Agenda
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 4, 2015
Re:
Contract for Medical Consultant
NRS 286.630(1) authorizes the Retirement Board to designate medical advisers to review
information which has been submitted by the private physician of a member in conjunction with
a disability application and to make recommendations and consult with the Board concerning
applications for disability retirement. B Bottenberg, D.O., has been performing this service since
March 28, 2014. His current contract ends June 30, 2015.
Dr. Bottenberg’s current contract is paid at a rate of $2,873 monthly. Funding is
available to pay Dr. Bottenberg at the monthly rate of $3,017 for fiscal years 2016 and 2017.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
135
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Ratification Agenda
CONTRACT FOR SERVICES OF INDEPENDENT CONTRACTOR
A Contract Between
The Public Employees’ Retirement System
and
B Bottenberg, D.O. (Contractor)
WHEREAS, NRS 286.190 authorizes the Public Employees’ Retirement Board (hereinafter referred to as
“PERS”), to enter into contracts for services of persons as independent contractors; and
WHEREAS, it is deemed that the services of B Bottenberg, D.O. (hereinafter referred to as “Contractor”) are
both necessary and in the best interests of PERS; and
NOW, THEREFORE, in consideration of the aforesaid premises, the parties mutually agree as follows:
1. REQUIRED APPROVAL. This contract shall not become effective until and unless approved by the Board.
2. CONTRACT TERM. This contract shall be effective from July 1, 2015, to June 30, 2017, unless sooner
terminated by either party as set forth in this contract.
3. NOTICE. This contract may be terminated by either party prior to the date set forth in paragraph (2), provided
that a termination shall not be effective until
60
days after a party has served written notice of default or
breach upon the other party. Termination is more fully set forth below.
4. INCORPORATED DOCUMENTS. The parties agree that the services to be performed shall be specifically
described, including, when applicable, the number of hours or the number of times the service is to be performed,
or when appropriate, a description of the finished product or result to be provided; this contract incorporates the
following in descending order of constructive precedence; a Contractor's Attachment shall not contradict or
supersede any State terms or conditions without written evidence of mutual assent to such change appearing in
this Contract:
ATTACHMENT A:
ATTACHMENT B:
ATTACHMENT C:
ATTACHMENT D:
MANDATORY TERMS & CONDITIONS
INDEPENDENT CONTRACTOR SCREENING FORM
INSURANCE SCHEDULE
DESCRIPTION OF SERVICES
5. CONSIDERATION. Contractor agrees to provide the services set forth in paragraph (4) at a cost in accordance
with Attachment D, with a total cost not to exceed $36,204 for the period July 1, 2015, through June 30, 2017.
PERS agrees to pay Contractor monthly for services in accordance with paragraph (4).
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6. ASSENT. The parties agree that the terms and conditions listed on Attachments A, B, C, & D of this contract
are also specifically a part of this contract and are limited only by their respective order of precedence and any
limitations expressly provided.
IN WITNESS WHEREOF, the parties hereto have caused this contract to be signed and intend to be legally bound
thereby.
PUBLIC EMPLOYEES’ RETIREMENT
SYSTEM OF NEVADA
CONTRACTOR
By____________________________
Tina Leiss, Executive Officer
_________________________________
B Bottenberg, D.O.
Date__________________________
Date_____________________________
Approved as to form by:
______________________________
Deputy Attorney General
Date_____________________________
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MANDATORY TERMS & CONDITIONS
ATTACHMENT A
agreement within the time requirements specified herein or within
any granted extension of those time requirements; or
ii. If PERS materially breaches any material duty under this agreement and any such breach substantially impairs the Contractor's
ability to perform; or
iii. If PERS exercises immediate termination for cause, a cause
termination under this subparagraph may also be declared.
9. REMEDIES.
Except as otherwise provided for by law or this agreement, the rights and
remedies of PERS and the contractor regarding termination shall not be
exclusive and are in addition to any other rights and remedies provided by
law or equity, including but not limited to actual damages, and to a
prevailing party reasonable attorneys' fees and costs. It is specifically
agreed that reasonable attorneys' fees shall include without limitation
$125 per hour for State-employed attorneys.
10. LIMITED STATE LIABILITY.
PERS will not waive and intends to assert available statutory liability
limitations in all cases. The liability of PERS shall not be subject to
punitive damages. Actual damages for any PERS breach shall never
exceed the amount of funds, which have been appropriated for payment
under this agreement, but not yet paid to the Contractor, for the fiscal year
budget in existence at the time of the breach.
11. FORCE MAJEURE.
Neither party shall be deemed to be in violation of this agreement if it is
prevented from performing any of its obligations hereunder for any
reason beyond its control, including, without limitation, strikes, acts of
God, civil or military authority, act of public enemy, or accidents, fires,
explosions, earthquakes, floods, winds, failure of public transportation, or
any other similar serious cause beyond the reasonable control of either
party. In such an event the intervening cause must not be through the
fault of the party asserting such an excuse, and the excused party is
obligated promptly to perform in accordance with the terms of the
agreement after the intervening cause ceases.
If Contractor’s
performance is delayed by Force Majeure, the time for performance shall
be extended for a period equal to the event of the intervening cause.
12. INDEMNIFICATION.
a. To the fullest extent permitted by law, the Contractor shall
indemnify, hold harmless and defend, not excluding PERS' right to
participate, PERS, its officers, employees, agents, and immune contractors as defined in NRS 41.0307(3), from and against all liability,
claims, actions, damages, losses, and expenses, including but not
limited to attorneys' fees and costs, arising out of the work. Claims,
damages, and losses include, but are not limited to, bodily injury,
sickness, disease or death, or injury to or destruction of tangible
property (other than the work itself) including loss of use resulting
therefrom and caused in whole or in part by any act, negligence, or
omission of the Contractor, any subcontractor, anyone directly or
indirectly employed by any of them or anyone for whose acts any of
them may be liable, regardless of whether or not it is caused in part by
a party indemnified hereunder. PERS may set-off its rights in whole
or in part against any consideration due. Such obligation shall not be
construed to negate, abridge, or otherwise reduce any other right or
obligation of indemnity which would otherwise exist as to any party or
person described in this paragraph.
b. In any and all claims against PERS, its officers, employees, agents,
or immune contractors as defined in NRS 41.0307(3), by any
employee of the contractor, or any subcontractor, anyone directly
or indirectly employed by any of them or anyone for whose acts
any of them may be liable, the indemnification obligation under
this paragraph shall not be limited in any way by any limitation
on the amount or type of damages, compensation or benefits
payable by or for the Contractor or any subcontractor under
workers' compensation acts, disability benefit acts, or other
employee benefit acts.
7. INSPECTION & AUDIT.
a. Books and Records. Contractor agrees to keep and maintain under general
accepted accounting principles full, true and complete records, contracts,
books, and documents as are necessary to fully disclose to PERS or United
States Government, or their authorized representatives, upon audits or reviews, sufficient information to determine compliance with all state and
federal regulations and statutes.
b. Inspection & Audit. Contractor agrees that the relevant books, records
(written, electronic, computer related or otherwise), including but not limited
to relevant accounting procedures and practices of the Contractor or its
subcontractors, financial statements and supporting documentation, and
documentation related to the work product shall be subject, at any reasonable
time, to inspection, examination, review, audit, and copying at any office or
location of Contractor where such records may be found, with or without
notice by PERS.
c. Period of Retention. All books, records, reports, and statements relevant
to this contract must be retained a minimum three years. The retention period
runs from the date of payment for the relevant goods or services by PERS, or
from the date of termination of the contract, whichever is later. Retention
time shall be extended when an audit is scheduled or in progress, for a period
reasonably necessary to complete an audit and/or to complete any
administrative and judicial litigation which may ensue.
8. CONTRACT TERMINATION.
a. Notice. Unless otherwise provided in this paragraph, any termination
must be made only upon the specified calendar days or more, prior written
notice delivered by certified mail, Federal Express or equivalent, signature
required, or in person to the other party's designated representative.
b. PERS Termination Without Cause. Any discretionary or vested right of
renewal notwithstanding, this agreement may be terminated upon written
notice by mutual consent of both parties or unilaterally by either party
without cause.
c. PERS Immediate Termination for Cause. PERS may terminate this
agreement, and Contractor waives any and all claim(s) for damages, effective
immediately without prior notice upon receipt of written notice by certified
mail, Federal Express or equivalent, signature required, or in person, under
the following conditions:
i. If for any reason the Agency's funding from either state or federal
sources is not obtained, continued, experiences a revenue shortfall, or is
not budgeted at levels sufficient to allow for purchase of the indicated
quantity of goods or services; or
ii. If any state or federal statute, regulation, guideline, policy, or waiver
expires, is modified, is amended, is repealed, or interpreted by a third
party state or federal judicial, legislative or administrative authority, in
such a way that the work, goods or services are no longer authorized for
purchase or appropriate for necessary federal or PERS financial
participation; or
iii. If any state, county, city or federal license, authorization, waiver,
permit, qualification or certification required by statute, ordinance, law, or
regulation to be held by the Contractor to provide the goods or services
required by this agreement is for any reason denied, revoked, debarred,
excluded, terminated, suspended, lapsed, or not renewed; or
iv. If Contractor becomes insolvent, subject to receivership, or becomes
voluntarily or involuntarily subject to the jurisdiction of the bankruptcy
court; or
v. If it is found by PERS that any quid pro quo or gratuities in the form of
money, services, entertainment, gifts, or otherwise were offered or given
by Contractor, or any agent or representative of Contractor, to any officer
or employee of the State of Nevada with a view toward securing a contract
or securing favorable treatment with respect to awarding, extending,
amending, or making any determination with respect to the performing of
such contract.
d. Cause Termination for Default or Breach. A Default may be declared
with or without termination. This agreement may be terminated by either
party upon written notice of default or breach to the other party as follows:
i. If the Contractor fails to provide or satisfactorily perform any of the
conditions, work, deliverables, goods, or services called for by this
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this contract is effective only after approval by PERS and only for the
period of time set forth in the contract. Any services provided by
contractor before this contract is effective or after it ceases to be effective
are provided at the sole risk of the contractor.
20. SEVERABILITY.
If any provision contained in this agreement is held to be unenforceable
by a court of law or equity, this agreement shall be construed as if such
provision did not exist and the nonenforceability of such provision shall
not be held to render any other provision or provisions of this agreement
unenforceable.
21. NOTICES.
All notices or other communications required or permitted to be given
under this agreement shall be in writing and shall be deemed to have been
duly given if delivered personally in hand, by Federal Express, signature
required, or mailed certified mail, return receipt requested, postage
prepaid on the date posted, and addressed to the appropriate party at the
following address, facsimile phone number or such other address or
number as may be given in writing to the parties:
a. PERS: 693 West Nye Lane, Carson City, NV 89703
b. Contractor: 550 West Washington Street, Suite 1, Carson City,
NV 89703
13. INDEPENDENT CONTRACTOR. The Contractor is associated with PERS
only for the purposes and to the extent set forth in this agreement, and in respect
to performance of the contracted services pursuant to this agreement, Contractor
is and shall be an independent contractor and, subject only to the terms of this
agreement, shall have the sole right to supervise, manage, operate, control, and
direct performance of the details incident to its duties under this agreement.
Nothing contained in this agreement shall be deemed or construed to create a
partnership or joint venture, to create relationships of an employer-employee or
principal-agent, or to otherwise create any liability for PERS whatsoever with
respect to the indebtedness, liabilities, and obligations of Contractor or any other
party. Contractor shall be solely responsible for, and PERS shall have no
obligation with respect to: (1) withholding of income taxes, FICA or any other
taxes or fees; (2) industrial insurance coverage; (3) participation in any group
insurance plans available to employees of PERS; (4) participation or
contributions by the contractor to the Public Employees Retirement System; (5)
accumulation of vacation leave or sick leave; or (6) unemployment
compensation coverage provided by PERS. Contractor shall indemnify and hold
PERS harmless from, and defend PERS against, any and all losses, damages,
claims, costs, penalties, liabilities, and expenses arising or incurred because of,
incident to, or otherwise with respect to any such taxes or fees. Neither the
contractor nor its employees, agents, or representatives shall be considered
employees, agents, or representatives of PERS.
14. INSURANCE.
Unless expressly waived in writing by PERS, the Contractor, as an independent
contractor and not an employee of PERS, must carry public liability and other
appropriate forms of insurance and pay all taxes and fees, incident hereunto.
PERS shall have no liability except as specifically provided in the contract.
PERS shall be named as an additional insured or a loss payee as appropriate on
any and all insurance policies taken by the contractor. The insurer's evidence of
PERS as an additional insured must be provided to PERS for approval prior to
the effective date of the contract. The Contractor shall provide policies of
insurance in amounts set forth in the attached insurance schedule. The insurance
schedule, which is incorporated into and made part of this contract, shall set
forth the required types of coverage, limits of coverage, any State waiver of
insurance requirements and other relevant matters.
15. WORKER'S COMPENSATION INSURANCE.
This contract is contingent upon proof provided by the Contractor that coverage
for workers' compensation insurance is being supplied or is not required under
NRS 616B.627 during the life of the contract.
16. GOVERNMENT OBLIGATIONS.
Contractor shall be responsible for all applicable federal, state, and local
government obligations. Contractor will be responsible to pay all taxes,
assessments, fees, premiums, permits, and licenses required by law. Real
property and personal property taxes are the responsibility of contractor in
accordance with NRS 361.157 and 361.159. Contractor warrants that it has a
valid business license. Contractor agrees to be responsible for payment of any
such government obligations not paid by its subcontractors during performance
of this contract.
17. NEVADA LAW/VENUE.
This agreement and the rights and obligations of the parties hereto shall be
governed by, and construed according to, the laws of the State of Nevada.
Contractor consents to the jurisdiction of the Nevada district courts for
enforcement of this contract.
18. ENTIRE AGREEMENT AND MODIFICATION.
This agreement and its integrated attachment(s) constitute the entire agreement
of the parties and such are intended as a complete and exclusive statement of the
promises, representations, negotiations, discussions, and other agreements that
may have been made in connection with the subject matter hereof. Unless an
integrated attachment to this contract specifically displays a mutual intent to
amend a particular part of this contract, general conflicts in language between
any such attachment and this contract shall be construed consistent with the
terms of this contract. Unless otherwise expressly authorized by the terms of
this contract, no modification or amendment to this agreement shall be binding
upon the parties unless the same is in writing and signed by the respective parties
hereto, approved by PERS.
19. PROPER AUTHORITY.
The parties hereto represent and warrant that the person executing this
agreement on behalf of each party has full power and authority to enter into this
agreement. Contractor acknowledges that as required by statute or regulation
22. WAIVER OF BREACH.
Failure to declare a breach or the actual waiver of any particular breach of
the contract or its material or nonmaterial terms by either party shall not
operate as a waiver by such party of any of its rights or remedies as to any
other breach.
23. ASSIGNMENT.
The contractor shall neither assign, transfer nor delegate any rights,
obligations or duties under this contract without the prior written consent
of PERS.
24. PERS OWNERSHIP OF PROPRIETARY INFORMATION.
Any reports, histories, studies, tests, manuals, instructions, photographs,
negatives, blue prints, plans, maps, data, system designs, computer code
(which is intended to be consideration under the contract), or any other
documents or drawings, prepared or in the course of preparation by
contractor (or its subcontractors) in performance of its obligations under
this agreement shall be the exclusive property of PERS and all such
materials shall be remitted to PERS by Contractor upon completion,
termination, or cancellation of this contract. Contractor shall not use,
willingly allow, or cause to have such materials used for any purpose
other than performance of contractor's obligations under this agreement
without the prior written consent of PERS.
25. PUBLIC RECORDS.
Pursuant to NRS 239.010, information or documents received from
contractor may be open to public inspection and copying. PERS will
have the duty to disclose unless a particular record is made confidential
by law or a common law balancing of interests. Contractor may clearly
label individual documents as a "trade secret" or "confidential" provided
that the contractor thereby agrees to indemnify and defend PERS for
honoring such a designation. The failure to so label any document that is
released by PERS shall constitute a complete waiver of any and all claims
for damages caused by any release of the records. If a public records
request for a labeled document is received by PERS, PERS will notify the
contractor of the request and delay access to the material until seven
working days after notification to contractor. Within that time delay, it
will be the duty of the contractor to act in protection of its labelled record.
Failure to so act shall constitute a complete waiver.
26. CONFIDENTIALITY.
Contractor shall keep confidential all information, in whatever form,
produced, prepared, observed or received by Contractor to the extent that
such information is confidential by law or otherwise required by this
contract.
27. SCOPE OF WORK & WARRANTIES.
Contractor warrants: That the work shall be done with its best efforts and
the work product and any goods that may be produced under the scope of
work shall be fit for the purpose intended, meeting or exceeding the
standards, specifications and description for the work, fit for ordinary use,
merchantable, of good quality and having no defects.
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SCREENING TO DETERMINE POTENTIAL STATUS AS EMPLOYEE
OR INDEPENDENT CONTRACTOR
ATTACHMENT B
It is the responsibility of both the appointing authority and the contractor to evaluate the nature of services and term
negotiated in order to determine "independent contractor" status. To assist in determining the appropriate status
(employee or independent contractor), contractor shall answer each question by initialing either "yes" or "no."
Contractor's Initials
YES
1.
Does PERS in entering into the contract have the right to
require control of when, where and how the independent
contractor is to work?
2.
Will PERS in entering into the contract be providing training to
the independent contractor?
3.
Will PERS be furnishing the independent contractor with
worker's space, equipment, tools, supplies or travel expenses?
4.
Are any of the workers who assist the independent contractor in
performance of his/her duties employees of PERS?
5.
Does the arrangement with the independent contractor
contemplate continuing or recurring work (even if the services
are seasonal, part-time, or of short duration)?
6.
Will PERS incur an employment liability if the independent
contractor is terminated for failure to perform?
7.
Is the independent contractor restricted from offering his/her
services to the general public while engaged in this work
relationship with PERS?
NO
If any of the answers to the questions above are "yes," then you must contact your Deputy Attorney General prior to
entering into a contract for services with an independent contractor.
It is the continuing responsibility of both the appointing authority and the contractor to monitor the work relationship
throughout the term of the contract to ensure that the independent contractor relationship remains as such.
Signature of Independent Contractor
Date
Signature of Executive Officer
Date
Signature of Deputy Attorney General
Date
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INSURANCE SCHEDULE
ATTACHMENT C
The Contractor shall provide policies of insurance in amounts set forth in this
Insurance Schedule. This Insurance Schedule, which is incorporated into this
Contract shall set forth the required types of coverage, limits of coverage, any
PERS waiver of insurance requirements and other relevant matters.
(a) The term "insurance" as used in this Paragraph includes insurance,
fidelity and surety bonds. "PERS" shall mean the Public Employees
Retirement System of Nevada, its officers, employees and immune
Contractor as defined in NRS 41.0307. "Contractor" shall mean the
independent contractor.
(b) Without limiting any of the other obligations or liabilities of the
Contractor, the Contractor shall, at the Contractor's sole expense, procure,
maintain and keep in force the amounts and types of insurance conforming
to the minimum requirements set forth below, unless otherwise agreed to by
PERS in the Insurance Schedule.
(c) Unless specifically specified herein or otherwise agreed to by PERS, the
required insurance shall commence prior to the commencement of work by
the Contractor and shall continue in force until the latter of:
(1) Final acceptance by PERS of the completion of this Contract; or
(2) Such time as the insurance is no longer required by PERS under
the terms of this Agreement.
(d) All insurance, surety and fidelity coverage required from the Contractor
shall be with (a) company(ies) having an A.M. Best and Company Inc.
policyholder rating(s) of A-VII or better.
(e) The Contractor shall not commence work before:
(1) He has provided certified copy(ies) of all insurance, fidelity and
surety policies required by this Contract to:
Public Employees Retirement System
693 West Nye Lane
Carson City, Nevada 89703
(2) PERS has approved the insurance policies provided by the
Contractor.
(3) Neither approval by PERS nor failure to disapprove the insurance
furnished by the Contractor shall relieve the Contractor of the
Contractor's full responsibility to provide the insurance required by
this Contract. Compliance with the insurance requirements of this
Contract shall not limit the liability of the Contractor or its
sub-contractors, employees or agents to PERS or others, and shall be
in addition to and not in lieu of any other remedy available to PERS
under this Contract or otherwise.
(f) All insurance policies required from the Contractor shall be endorsed to
provide PERS:
(1) With sixty (60) days notice of cancellation.
(2) With sixty (60) days notice of any change in the policy material to
this Contract.
(3) This endorsement shall further provide that the notices required by
this paragraph shall be sent by certified mailed to the PERS address
shown above.
(g) Until such time as the insurance is no longer required by PERS, the
Contractor shall provide PERS with renewal or replacement evidence of
insurance no less than thirty (30) days before the expiration or replacement
of the required insurance.
(h) If at any time during the period when insurance is required by the
Contract, an insurer or surety shall fail to comply with the requirements of
this Contract, as soon as the Contractor has knowledge of any such failure,
the Contractor shall immediately notify PERS and immediately replace
such insurance or bond with an insurer meeting the requirements.
(i) Insurance maintained by the Contractor shall apply on a first dollar basis
without application of a deductible or self-insured retention unless
otherwise specifically agreed to by the State. Such approval shall not
relieve the Contractor from the obligation to pay any deductible or
self-insured retention.
(j) Any insurance that is written on a claims made form:
(1) Shall have a retroactive date prior to the date work begins under
this Contract.
(2) If any insurance that is written on a claims made form is canceled
or non-renewed, the Contractor shall:
(i) At his own expense, buy discovery period coverage for the
period specified in the Insurance Schedule; or
(ii) Purchase coverage on the same basis from another company
from the date of cancellation or non-renewal to the date specified
as the discovery period. Such replacement policy shall have a
retrospective date prior to the date work began under this
Contract. The terms and conditions of the policy and the
replacement company's A.M. Best Policy holder's rating shall be
as otherwise specified in the Contract.
(k) Commercial General and Umbrella Liability Insurance. If specified as
required in Insurance Schedule, the Contractor shall maintain commercial
general liability ("CGL") and, if necessary, commercial umbrella insurance
with limits of not less than those shown in the Insurance Schedule. General
liability insurance shall include, without limitation, Title VII Federal
actions, premises and product liability, indemnification and any other
liability resulting from all facility operations under this Agreement. If such
CGL or umbrella liability insurance contains an aggregate limit, it shall
apply separately to this project.
(1) CGL insurance shall be written on an Insurance Services Office
("ISO") occurrence form CG 00 01 10 93 (or a substitute form
providing equivalent coverage) and shall cover liability arising from
premises, operations, independent contractors, products-completed
operations, personal injury, advertising and liability assumed under an
insured contract (including the tort liability of another assumed in a
business contract),
(2) PERS, its officers, employees and immune contractors shall be
included as insureds under the CGL, using ISO additional insured
endorsement CG 20 10 or a substitute providing equivalent coverage,
and under the commercial umbrella, if any. Any insurance or
self-insurance available to the State shall be in excess of and
non-contributing with any insurance required from the Contractor.
(3) Contractor waives all rights against PERS for recovery of damages
to the extent these damages are covered by the comprehensive general
liability or commercial umbrella liability insurance obtained by
Contractor pursuant to this Agreement.
(l) Business Auto and Umbrella Liability Insurance. If specified as
required in Insurance Schedule, Contractor shall maintain business auto
liability and, if necessary, commercial umbrella liability insurance with
limits of not less than those shown in the Insurance Schedule.
(1) Such insurance shall cover liability arising out of any auto
(including owned, hired and non-owned autos).
(2) Business auto coverage shall be written on ISO form CA 00 01,
CA 00 05, CA 00 12, CA 200 20, or a substitute providing equivalent
liability coverage. If necessary, the policy shall be endorsed to
provide contractual liability coverage equivalent to that provided in
the 1990 and later editions of CA 00 01.
(3) Contractor waives all rights against PERS for recovery of damages
to the extent these damages are covered by the business auto liability
or commercial umbrella liability insurance obtained by Contractor
pursuant to this Agreement or under any applicable auto physical
damage coverage.
(m) Worker's Compensation Insurance. Evidence of compliance with NRS
616B.627 required.
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(n) Insurance Schedule. Coverage with the "Limits Required" paragraph filled on this schedule are required at the limits, terms and conditions specified. A deductible
or self-insured retention is permitted if an amount is entered under the applicable coverage. Each category must contain either a dollar amount or the word "waived" or
"N/A" (not applicable) and the State shall initial in the left margin, indicating an acceptable evidence of insurance has been received or waived.
INITIAL
INITIAL
1. Commercial General and Umbrella Liability Insurance.
Limits required,
1,000,000
$ 500,000
per occurrence.
Deductible/SIR permitted $
-0per occurrence.
If the CGL or umbrella liability insurance contains a general aggregate limit, it shall be endorsed to apply separately to this project.
2. Business Auto and Umbrella Liability Insurance.
Limits required,
1,000,000
$
500,000
per accident.
Deductible/SIR permitted $
-0per accident.
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DESCRIPTION OF SERVICES
ATTACHMENT D
The following services will be provided by B Bottenberg, D.O.
1.
Monthly review of medical documentation and other information provided by public
employers and staff regarding disability applications.
2.
As necessary, review of medical documentation and other information by public employers
and staff regarding requests for employment of disabled retired employees.
3.
As necessary, review of medical documentation and other information provided by public
employers and staff regarding requests for survivor benefits on behalf of physically or
mentally incompetent children of deceased members.
4.
As requested by the Board, or whenever contractor feels appropriate, request independent
examination of applicants to substantiate a recommendation of approval or denial.
5.
Dictate letters recommending approval or disapproval of requests, with layman’s terms of
explanation of the medical condition of the applicant.
6.
Monthly attend meeting of the Retirement Board and be prepared to discuss the physical or
mental conditions of disability applicants, disabled retired employees who are requesting
approval to work, and children of deceased members on whose behalf survivor benefits are
requested.
This work will be paid at a monthly rate of $3,017 from July 1, 2015, through June 30, 2017.
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Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 4, 2015
Re:
Contract for Medical Consultant
NRS 286.630(1) authorizes the Retirement Board to designate medical advisers to review
information which has been submitted by the private physician of a member in conjunction with
a disability application and to make recommendations and consult with the Board concerning
applications for disability retirement. Kathy Stoner, RN, CCM, has been performing this service
since July 16, 2014. Her current contract ends June 30, 2015.
Ms. Stoner’s current contract is paid at an hourly rate of $60 with a total cost not to
exceed $2,000 per month. Funding is available to pay Ms. Stoner at the same hourly rate for
fiscal years 2016 and 2017.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
144
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Ratification Agenda
CONTRACT FOR SERVICES OF INDEPENDENT CONTRACTOR
A Contract Between
The Public Employees’ Retirement System
and
Kathy Stoner, RN, CCM (Contractor)
WHEREAS, NRS 286.190 authorizes the Public Employees’ Retirement Board (hereinafter referred to as
“PERS”), to enter into contracts for services of persons as independent contractors; and
WHEREAS, it is deemed that the services of Kathy Stoner, RN, CCM (hereinafter referred to as “Contractor”)
are both necessary and in the best interests of PERS; and
NOW, THEREFORE, in consideration of the aforesaid premises, the parties mutually agree as follows:
1. REQUIRED APPROVAL. This contract shall not become effective until and unless approved by the Board.
2. CONTRACT TERM. This contract shall be effective from July 1, 2015, to June 30, 2017, unless sooner
terminated by either party as set forth in this contract.
3. NOTICE. This contract may be terminated by either party prior to the date set forth in paragraph (2), provided
that a termination shall not be effective until
60
days after a party has served written notice of default or
breach upon the other party. Termination is more fully set forth below.
4. INCORPORATED DOCUMENTS. The parties agree that the services to be performed shall be specifically
described, including, when applicable, the number of hours or the number of times the service is to be performed,
or when appropriate, a description of the finished product or result to be provided; this contract incorporates the
following in descending order of constructive precedence; a Contractor’s Attachment shall not contradict or
supersede any State terms or conditions without written evidence of mutual assent to such change appearing in
this Contract:
ATTACHMENT A:
ATTACHMENT B:
ATTACHMENT C:
ATTACHMENT D:
MANDATORY TERMS & CONDITIONS
INDEPENDENT CONTRACTOR SCREENING FORM
INSURANCE SCHEDULE
DESCRIPTION OF SERVICES
5. CONSIDERATION. Contractor agrees to provide the services set forth in paragraph (4) at a cost in accordance
with Attachment D, at an hourly rate of $60 with a total cost not to exceed $2,000 per month for the period July 1,
2015, through June 30, 2017. PERS agrees to pay Contractor monthly for services in accordance with paragraph
(4).
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6. ASSENT. The parties agree that the terms and conditions listed on Attachments A, B, C, & D of this contract
are also specifically a part of this contract and are limited only by their respective order of precedence and any
limitations expressly provided.
IN WITNESS WHEREOF, the parties hereto have caused this contract to be signed and intend to be legally bound
thereby.
PUBLIC EMPLOYEES’ RETIREMENT
SYSTEM OF NEVADA
CONTRACTOR
By____________________________
Tina Leiss, Executive Officer
_________________________________
Kathy Stoner, RN, CCM
Date__________________________
Date_____________________________
Approved as to form by:
______________________________
Deputy Attorney General
Date_____________________________
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MANDATORY TERMS & CONDITIONS
ATTACHMENT A
agreement within the time requirements specified herein or within
any granted extension of those time requirements; or
ii. If PERS materially breaches any material duty under this agreement and any such breach substantially impairs the Contractor's
ability to perform; or
iii. If PERS exercises immediate termination for cause, a cause
termination under this subparagraph may also be declared.
9. REMEDIES.
Except as otherwise provided for by law or this agreement, the rights and
remedies of PERS and the contractor regarding termination shall not be
exclusive and are in addition to any other rights and remedies provided by
law or equity, including but not limited to actual damages, and to a
prevailing party reasonable attorneys' fees and costs. It is specifically
agreed that reasonable attorneys' fees shall include without limitation
$125 per hour for State-employed attorneys.
10. LIMITED STATE LIABILITY.
PERS will not waive and intends to assert available statutory liability
limitations in all cases. The liability of PERS shall not be subject to
punitive damages. Actual damages for any PERS breach shall never
exceed the amount of funds, which have been appropriated for payment
under this agreement, but not yet paid to the Contractor, for the fiscal year
budget in existence at the time of the breach.
11. FORCE MAJEURE.
Neither party shall be deemed to be in violation of this agreement if it is
prevented from performing any of its obligations hereunder for any
reason beyond its control, including, without limitation, strikes, acts of
God, civil or military authority, act of public enemy, or accidents, fires,
explosions, earthquakes, floods, winds, failure of public transportation, or
any other similar serious cause beyond the reasonable control of either
party. In such an event the intervening cause must not be through the
fault of the party asserting such an excuse, and the excused party is
obligated promptly to perform in accordance with the terms of the
agreement after the intervening cause ceases.
If Contractor’s
performance is delayed by Force Majeure, the time for performance shall
be extended for a period equal to the event of the intervening cause.
12. INDEMNIFICATION.
a. To the fullest extent permitted by law, the Contractor shall
indemnify, hold harmless and defend, not excluding PERS' right to
participate, PERS, its officers, employees, agents, and immune contractors as defined in NRS 41.0307(3), from and against all liability,
claims, actions, damages, losses, and expenses, including but not
limited to attorneys' fees and costs, arising out of the work. Claims,
damages, and losses include, but are not limited to, bodily injury,
sickness, disease or death, or injury to or destruction of tangible
property (other than the work itself) including loss of use resulting
therefrom and caused in whole or in part by any act, negligence, or
omission of the Contractor, any subcontractor, anyone directly or
indirectly employed by any of them or anyone for whose acts any of
them may be liable, regardless of whether or not it is caused in part by
a party indemnified hereunder. PERS may set-off its rights in whole
or in part against any consideration due. Such obligation shall not be
construed to negate, abridge, or otherwise reduce any other right or
obligation of indemnity which would otherwise exist as to any party or
person described in this paragraph.
b. In any and all claims against PERS, its officers, employees, agents,
or immune contractors as defined in NRS 41.0307(3), by any
employee of the contractor, or any subcontractor, anyone directly
or indirectly employed by any of them or anyone for whose acts
any of them may be liable, the indemnification obligation under
this paragraph shall not be limited in any way by any limitation
on the amount or type of damages, compensation or benefits
payable by or for the Contractor or any subcontractor under
workers' compensation acts, disability benefit acts, or other
employee benefit acts.
7. INSPECTION & AUDIT.
a. Books and Records. Contractor agrees to keep and maintain under general
accepted accounting principles full, true and complete records, contracts,
books, and documents as are necessary to fully disclose to PERS or United
States Government, or their authorized representatives, upon audits or reviews, sufficient information to determine compliance with all state and
federal regulations and statutes.
b. Inspection & Audit. Contractor agrees that the relevant books, records
(written, electronic, computer related or otherwise), including but not limited
to relevant accounting procedures and practices of the Contractor or its
subcontractors, financial statements and supporting documentation, and
documentation related to the work product shall be subject, at any reasonable
time, to inspection, examination, review, audit, and copying at any office or
location of Contractor where such records may be found, with or without
notice by PERS.
c. Period of Retention. All books, records, reports, and statements relevant
to this contract must be retained a minimum three years. The retention period
runs from the date of payment for the relevant goods or services by PERS, or
from the date of termination of the contract, whichever is later. Retention
time shall be extended when an audit is scheduled or in progress, for a period
reasonably necessary to complete an audit and/or to complete any
administrative and judicial litigation which may ensue.
8. CONTRACT TERMINATION.
a. Notice. Unless otherwise provided in this paragraph, any termination
must be made only upon the specified calendar days or more, prior written
notice delivered by certified mail, Federal Express or equivalent, signature
required, or in person to the other party's designated representative.
b. PERS Termination Without Cause. Any discretionary or vested right of
renewal notwithstanding, this agreement may be terminated upon written
notice by mutual consent of both parties or unilaterally by either party
without cause.
c. PERS Immediate Termination for Cause. PERS may terminate this
agreement, and Contractor waives any and all claim(s) for damages, effective
immediately without prior notice upon receipt of written notice by certified
mail, Federal Express or equivalent, signature required, or in person, under
the following conditions:
i. If for any reason the Agency's funding from either state or federal
sources is not obtained, continued, experiences a revenue shortfall, or is
not budgeted at levels sufficient to allow for purchase of the indicated
quantity of goods or services; or
ii. If any state or federal statute, regulation, guideline, policy, or waiver
expires, is modified, is amended, is repealed, or interpreted by a third
party state or federal judicial, legislative or administrative authority, in
such a way that the work, goods or services are no longer authorized for
purchase or appropriate for necessary federal or PERS financial
participation; or
iii. If any state, county, city or federal license, authorization, waiver,
permit, qualification or certification required by statute, ordinance, law, or
regulation to be held by the Contractor to provide the goods or services
required by this agreement is for any reason denied, revoked, debarred,
excluded, terminated, suspended, lapsed, or not renewed; or
iv. If Contractor becomes insolvent, subject to receivership, or becomes
voluntarily or involuntarily subject to the jurisdiction of the bankruptcy
court; or
v. If it is found by PERS that any quid pro quo or gratuities in the form of
money, services, entertainment, gifts, or otherwise were offered or given
by Contractor, or any agent or representative of Contractor, to any officer
or employee of the State of Nevada with a view toward securing a contract
or securing favorable treatment with respect to awarding, extending,
amending, or making any determination with respect to the performing of
such contract.
d. Cause Termination for Default or Breach. A Default may be declared
with or without termination. This agreement may be terminated by either
party upon written notice of default or breach to the other party as follows:
i. If the Contractor fails to provide or satisfactorily perform any of the
conditions, work, deliverables, goods, or services called for by this
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this contract is effective only after approval by PERS and only for the
period of time set forth in the contract. Any services provided by
contractor before this contract is effective or after it ceases to be effective
are provided at the sole risk of the contractor.
20. SEVERABILITY.
If any provision contained in this agreement is held to be unenforceable
by a court of law or equity, this agreement shall be construed as if such
provision did not exist and the nonenforceability of such provision shall
not be held to render any other provision or provisions of this agreement
unenforceable.
21. NOTICES.
All notices or other communications required or permitted to be given
under this agreement shall be in writing and shall be deemed to have been
duly given if delivered personally in hand, by Federal Express, signature
required, or mailed certified mail, return receipt requested, postage
prepaid on the date posted, and addressed to the appropriate party at the
following address, facsimile phone number or such other address or
number as may be given in writing to the parties:
a. PERS: 693 West Nye Lane, Carson City, NV 89703
b. Contractor: 1513 Deseret Drive, Minden, NV 89423
13. INDEPENDENT CONTRACTOR. The Contractor is associated with PERS
only for the purposes and to the extent set forth in this agreement, and in respect
to performance of the contracted services pursuant to this agreement, Contractor
is and shall be an independent contractor and, subject only to the terms of this
agreement, shall have the sole right to supervise, manage, operate, control, and
direct performance of the details incident to its duties under this agreement.
Nothing contained in this agreement shall be deemed or construed to create a
partnership or joint venture, to create relationships of an employer-employee or
principal-agent, or to otherwise create any liability for PERS whatsoever with
respect to the indebtedness, liabilities, and obligations of Contractor or any other
party. Contractor shall be solely responsible for, and PERS shall have no
obligation with respect to: (1) withholding of income taxes, FICA or any other
taxes or fees; (2) industrial insurance coverage; (3) participation in any group
insurance plans available to employees of PERS; (4) participation or
contributions by the contractor to the Public Employees Retirement System; (5)
accumulation of vacation leave or sick leave; or (6) unemployment
compensation coverage provided by PERS. Contractor shall indemnify and hold
PERS harmless from, and defend PERS against, any and all losses, damages,
claims, costs, penalties, liabilities, and expenses arising or incurred because of,
incident to, or otherwise with respect to any such taxes or fees. Neither the
contractor nor its employees, agents, or representatives shall be considered
employees, agents, or representatives of PERS.
14. INSURANCE.
Unless expressly waived in writing by PERS, the Contractor, as an independent
contractor and not an employee of PERS, must carry public liability and other
appropriate forms of insurance and pay all taxes and fees, incident hereunto.
PERS shall have no liability except as specifically provided in the contract.
PERS shall be named as an additional insured or a loss payee as appropriate on
any and all insurance policies taken by the contractor. The insurer's evidence of
PERS as an additional insured must be provided to PERS for approval prior to
the effective date of the contract. The Contractor shall provide policies of
insurance in amounts set forth in the attached insurance schedule. The insurance
schedule, which is incorporated into and made part of this contract, shall set
forth the required types of coverage, limits of coverage, any State waiver of
insurance requirements and other relevant matters.
15. WORKER'S COMPENSATION INSURANCE.
This contract is contingent upon proof provided by the Contractor that coverage
for workers' compensation insurance is being supplied or is not required under
NRS 616B.627 during the life of the contract.
16. GOVERNMENT OBLIGATIONS.
Contractor shall be responsible for all applicable federal, state, and local
government obligations. Contractor will be responsible to pay all taxes,
assessments, fees, premiums, permits, and licenses required by law. Real
property and personal property taxes are the responsibility of contractor in
accordance with NRS 361.157 and 361.159. Contractor warrants that it has a
valid business license. Contractor agrees to be responsible for payment of any
such government obligations not paid by its subcontractors during performance
of this contract.
17. NEVADA LAW/VENUE.
This agreement and the rights and obligations of the parties hereto shall be
governed by, and construed according to, the laws of the State of Nevada.
Contractor consents to the jurisdiction of the Nevada district courts for
enforcement of this contract.
18. ENTIRE AGREEMENT AND MODIFICATION.
This agreement and its integrated attachment(s) constitute the entire agreement
of the parties and such are intended as a complete and exclusive statement of the
promises, representations, negotiations, discussions, and other agreements that
may have been made in connection with the subject matter hereof. Unless an
integrated attachment to this contract specifically displays a mutual intent to
amend a particular part of this contract, general conflicts in language between
any such attachment and this contract shall be construed consistent with the
terms of this contract. Unless otherwise expressly authorized by the terms of
this contract, no modification or amendment to this agreement shall be binding
upon the parties unless the same is in writing and signed by the respective parties
hereto, approved by PERS.
19. PROPER AUTHORITY.
The parties hereto represent and warrant that the person executing this
agreement on behalf of each party has full power and authority to enter into this
agreement. Contractor acknowledges that as required by statute or regulation
22. WAIVER OF BREACH.
Failure to declare a breach or the actual waiver of any particular breach of
the contract or its material or nonmaterial terms by either party shall not
operate as a waiver by such party of any of its rights or remedies as to any
other breach.
23. ASSIGNMENT.
The contractor shall neither assign, transfer nor delegate any rights,
obligations or duties under this contract without the prior written consent
of PERS.
24. PERS OWNERSHIP OF PROPRIETARY INFORMATION.
Any reports, histories, studies, tests, manuals, instructions, photographs,
negatives, blue prints, plans, maps, data, system designs, computer code
(which is intended to be consideration under the contract), or any other
documents or drawings, prepared or in the course of preparation by
contractor (or its subcontractors) in performance of its obligations under
this agreement shall be the exclusive property of PERS and all such
materials shall be remitted to PERS by Contractor upon completion,
termination, or cancellation of this contract. Contractor shall not use,
willingly allow, or cause to have such materials used for any purpose
other than performance of contractor's obligations under this agreement
without the prior written consent of PERS.
25. PUBLIC RECORDS.
Pursuant to NRS 239.010, information or documents received from
contractor may be open to public inspection and copying. PERS will
have the duty to disclose unless a particular record is made confidential
by law or a common law balancing of interests. Contractor may clearly
label individual documents as a "trade secret" or "confidential" provided
that the contractor thereby agrees to indemnify and defend PERS for
honoring such a designation. The failure to so label any document that is
released by PERS shall constitute a complete waiver of any and all claims
for damages caused by any release of the records. If a public records
request for a labeled document is received by PERS, PERS will notify the
contractor of the request and delay access to the material until seven
working days after notification to contractor. Within that time delay, it
will be the duty of the contractor to act in protection of its labelled record.
Failure to so act shall constitute a complete waiver.
26. CONFIDENTIALITY.
Contractor shall keep confidential all information, in whatever form,
produced, prepared, observed or received by Contractor to the extent that
such information is confidential by law or otherwise required by this
contract.
27. SCOPE OF WORK & WARRANTIES.
Contractor warrants: That the work shall be done with its best efforts and
the work product and any goods that may be produced under the scope of
work shall be fit for the purpose intended, meeting or exceeding the
standards, specifications and description for the work, fit for ordinary use,
merchantable, of good quality and having no defects.
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SCREENING TO DETERMINE POTENTIAL STATUS AS EMPLOYEE
OR INDEPENDENT CONTRACTOR
ATTACHMENT B
It is the responsibility of both the appointing authority and the contractor to evaluate the nature of services and term
negotiated in order to determine "independent contractor" status. To assist in determining the appropriate status
(employee or independent contractor), contractor shall answer each question by initialing either "yes" or "no."
Contractor's Initials
YES
1.
Does PERS in entering into the contract have the right to
require control of when, where and how the independent
contractor is to work?
2.
Will PERS in entering into the contract be providing training to
the independent contractor?
3.
Will PERS be furnishing the independent contractor with
worker's space, equipment, tools, supplies or travel expenses?
4.
Are any of the workers who assist the independent contractor in
performance of his/her duties employees of PERS?
5.
Does the arrangement with the independent contractor
contemplate continuing or recurring work (even if the services
are seasonal, part-time, or of short duration)?
6.
Will PERS incur an employment liability if the independent
contractor is terminated for failure to perform?
7.
Is the independent contractor restricted from offering his/her
services to the general public while engaged in this work
relationship with PERS?
NO
If any of the answers to the questions above are "yes," then you must contact your Deputy Attorney General prior to
entering into a contract for services with an independent contractor.
It is the continuing responsibility of both the appointing authority and the contractor to monitor the work relationship
throughout the term of the contract to ensure that the independent contractor relationship remains as such.
Signature of Independent Contractor
Date
Signature of Executive Officer
Date
Signature of Deputy Attorney General
Date
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INSURANCE SCHEDULE
ATTACHMENT C
The Contractor shall provide policies of insurance in amounts set forth in this
Insurance Schedule. This Insurance Schedule, which is incorporated into this
Contract shall set forth the required types of coverage, limits of coverage, any
PERS waiver of insurance requirements and other relevant matters.
(a) The term "insurance" as used in this Paragraph includes insurance,
fidelity and surety bonds. "PERS" shall mean the Public Employees
Retirement System of Nevada, its officers, employees and immune
Contractor as defined in NRS 41.0307. "Contractor" shall mean the
independent contractor.
(b) Without limiting any of the other obligations or liabilities of the
Contractor, the Contractor shall, at the Contractor's sole expense, procure,
maintain and keep in force the amounts and types of insurance conforming
to the minimum requirements set forth below, unless otherwise agreed to by
PERS in the Insurance Schedule.
(c) Unless specifically specified herein or otherwise agreed to by PERS, the
required insurance shall commence prior to the commencement of work by
the Contractor and shall continue in force until the latter of:
(1) Final acceptance by PERS of the completion of this Contract; or
(2) Such time as the insurance is no longer required by PERS under
the terms of this Agreement.
(d) All insurance, surety and fidelity coverage required from the Contractor
shall be with (a) company(ies) having an A.M. Best and Company Inc.
policyholder rating(s) of A-VII or better.
(e) The Contractor shall not commence work before:
(1) He has provided certified copy(ies) of all insurance, fidelity and
surety policies required by this Contract to:
Public Employees Retirement System
693 West Nye Lane
Carson City, Nevada 89703
(2) PERS has approved the insurance policies provided by the
Contractor.
(3) Neither approval by PERS nor failure to disapprove the insurance
furnished by the Contractor shall relieve the Contractor of the
Contractor's full responsibility to provide the insurance required by
this Contract. Compliance with the insurance requirements of this
Contract shall not limit the liability of the Contractor or its
sub-contractors, employees or agents to PERS or others, and shall be
in addition to and not in lieu of any other remedy available to PERS
under this Contract or otherwise.
(f) All insurance policies required from the Contractor shall be endorsed to
provide PERS:
(1) With sixty (60) days notice of cancellation.
(2) With sixty (60) days notice of any change in the policy material to
this Contract.
(3) This endorsement shall further provide that the notices required by
this paragraph shall be sent by certified mailed to the PERS address
shown above.
(g) Until such time as the insurance is no longer required by PERS, the
Contractor shall provide PERS with renewal or replacement evidence of
insurance no less than thirty (30) days before the expiration or replacement
of the required insurance.
(h) If at any time during the period when insurance is required by the
Contract, an insurer or surety shall fail to comply with the requirements of
this Contract, as soon as the Contractor has knowledge of any such failure,
the Contractor shall immediately notify PERS and immediately replace
such insurance or bond with an insurer meeting the requirements.
(i) Insurance maintained by the Contractor shall apply on a first dollar basis
without application of a deductible or self-insured retention unless
otherwise specifically agreed to by the State. Such approval shall not
relieve the Contractor from the obligation to pay any deductible or
self-insured retention.
(j) Any insurance that is written on a claims made form:
(1) Shall have a retroactive date prior to the date work begins under
this Contract.
(2) If any insurance that is written on a claims made form is canceled
or non-renewed, the Contractor shall:
(i) At his own expense, buy discovery period coverage for the
period specified in the Insurance Schedule; or
(ii) Purchase coverage on the same basis from another company
from the date of cancellation or non-renewal to the date specified
as the discovery period. Such replacement policy shall have a
retrospective date prior to the date work began under this
Contract. The terms and conditions of the policy and the
replacement company's A.M. Best Policy holder's rating shall be
as otherwise specified in the Contract.
(k) Commercial General and Umbrella Liability Insurance. If specified as
required in Insurance Schedule, the Contractor shall maintain commercial
general liability ("CGL") and, if necessary, commercial umbrella insurance
with limits of not less than those shown in the Insurance Schedule. General
liability insurance shall include, without limitation, Title VII Federal
actions, premises and product liability, indemnification and any other
liability resulting from all facility operations under this Agreement. If such
CGL or umbrella liability insurance contains an aggregate limit, it shall
apply separately to this project.
(1) CGL insurance shall be written on an Insurance Services Office
("ISO") occurrence form CG 00 01 10 93 (or a substitute form
providing equivalent coverage) and shall cover liability arising from
premises, operations, independent contractors, products-completed
operations, personal injury, advertising and liability assumed under an
insured contract (including the tort liability of another assumed in a
business contract),
(2) PERS, its officers, employees and immune contractors shall be
included as insureds under the CGL, using ISO additional insured
endorsement CG 20 10 or a substitute providing equivalent coverage,
and under the commercial umbrella, if any. Any insurance or
self-insurance available to the State shall be in excess of and
non-contributing with any insurance required from the Contractor.
(3) Contractor waives all rights against PERS for recovery of damages
to the extent these damages are covered by the comprehensive general
liability or commercial umbrella liability insurance obtained by
Contractor pursuant to this Agreement.
(l) Business Auto and Umbrella Liability Insurance. If specified as
required in Insurance Schedule, Contractor shall maintain business auto
liability and, if necessary, commercial umbrella liability insurance with
limits of not less than those shown in the Insurance Schedule.
(1) Such insurance shall cover liability arising out of any auto
(including owned, hired and non-owned autos).
(2) Business auto coverage shall be written on ISO form CA 00 01,
CA 00 05, CA 00 12, CA 200 20, or a substitute providing equivalent
liability coverage. If necessary, the policy shall be endorsed to
provide contractual liability coverage equivalent to that provided in
the 1990 and later editions of CA 00 01.
(3) Contractor waives all rights against PERS for recovery of damages
to the extent these damages are covered by the business auto liability
or commercial umbrella liability insurance obtained by Contractor
pursuant to this Agreement or under any applicable auto physical
damage coverage.
(m) Worker's Compensation Insurance. Evidence of compliance with NRS
616B.627 required.
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(n) Insurance Schedule. Coverage with the "Limits Required" paragraph filled on this schedule are required at the limits, terms and conditions specified. A deductible
or self-insured retention is permitted if an amount is entered under the applicable coverage. Each category must contain either a dollar amount or the word "waived" or
"N/A" (not applicable) and the State shall initial in the left margin, indicating an acceptable evidence of insurance has been received or waived.
INITIAL
INITIAL
1. Commercial General and Umbrella Liability Insurance.
Limits required,
N/A
$ N/A
per occurrence.
Deductible/SIR permitted $
-0per occurrence.
If the CGL or umbrella liability insurance contains a general aggregate limit, it shall be endorsed to apply separately to this project.
2. Business Auto and Umbrella Liability Insurance.
Limits required,
N/A
$
N/A
per accident.
Deductible/SIR permitted $
-0per accident.
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DESCRIPTION OF SERVICES
ATTACHMENT D
The following services will be provided by Kathy Stoner, RN, CCM
1.
Monthly review of medical documentation and other information by public employers and
staff regarding requests for employment of disabled retired employees.
2.
As necessary, review of medical documentation and other information provided by public
employers and staff regarding disability applications.
3.
As necessary, review of medical documentation and other information provided by public
employers and staff regarding requests for survivor benefits on behalf of physically or
mentally incompetent children of deceased members.
4.
As requested by the Board, or whenever contractor feels appropriate, request independent
examination of applicants to substantiate a recommendation of approval or denial.
5.
Dictate letters recommending approval or disapproval of requests, with layman’s terms of
explanation of the medical condition of the applicant.
This work will be paid at an hourly rate of $60 with a total cost not to exceed $2,000 per month
from July 1, 2015, through June 30, 2017.
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Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 5, 2015
Re:
Verizon Cybertrust Security Services
Verizon scans PERS’ inside, outside and DMZ networks to identify security
vulnerabilities. Their onsite portal is a central administration console which contains and shows
vulnerability reports, periodic deliverables and compliance status.
Verizon provides a key network security solution, assisting in the security of data and
information assets critical to Nevada PERS. Security is an ongoing process which requires the
continuous monitoring and identification of potential vulnerabilities. Under the guidance of
Verizon, Nevada PERS staff is able to identify and remediate these vulnerabilities in order to
achieve and maintain network security compliance.
Attached is a Security Services Quote with Verizon Business for the amount of $69,775
for one year. Staff recommends approval of the Security Services Quote at a cost not to exceed
$69,775 for one year.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
153
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Ratification Agenda
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Retirement Board Meeting - Ratification Agenda
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 9, 2015
Re:
Assistant Investment Officer Title Change to Chief Financial Officer
In keeping with the Retirement Board’s 2015 legislative program, Senate Bill 12 was
approved by the legislature and signed into law by the Governor on May 27, 2015. Senate Bill
12 changes the Assistant Investment Officer’s title to Chief Financial Officer, effective July 1,
2015. Staff is requesting the board approve this title change for Lauren Larson, effective July 1,
2015.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
Website: www.nvpers.org
159
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Ratification Agenda
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 9, 2015
Re:
Deceased Recipient Review – 1st quarter 2014
We have completed the Deceased Recipient Review for the quarter ending March 31,
2014 for the Public Employees’ Retirement System of Nevada. The audit utilized the
C.A.R.S.O.N. database and PERS outside vendor service, Small World Solutions. Small World
Solutions obtains death information from the Social Security Death Index as well as State
databases and matches the information with our database files. The previous deceased recipient
review was conducted for the quarter ending December 31, 2013.
Purpose
PERS is not always notified of member or beneficiary deaths that could result in
significant overpayments or underpayments to PERS recipients. The purpose of this audit is to
update and ensure the accuracy of PERS benefit accounts. Member and beneficiary accounts are
corrected, if necessary, to reflect the proper account type, amount of benefit, and to whom the
benefit is due as the result of the audit findings.
Summary
Sixty-five accounts were reviewed this quarter. This included a sampling of deceased
members and beneficiaries, inactive non-vested members, inactive members with 5 or more
years of service, but less than 10 years of service, and inactive members with ten or more years
of service credit.
A detailed listing of all account findings and recommendations will be provided to
Employer and Production Services and made a part of this audit report.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
160
Website: www.nvpers.org
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Ratification Agenda
Page 2
Detailed Audit Findings
Finding I: For one inactive member, it was not indicated to the estate that there were mandated
contributions available for refund. The total funds available are $48.52.
Recommendation: Send a letter to the estate indicating the amount available for refund.
Finding II: For one recipient, the March 2014 check was cancelled and not reissued. An heir
letter has not been mailed to the Estate informing them of the benefit. The total funds available
are $4,357.87.
Recommendation: Send letter to the Estate informing them of the benefit and issue the amount
due.
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Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 9, 2015
Re:
Deceased Recipient Review – 2nd quarter 2014
We have completed the Deceased Recipient Review for the quarter ending June 30, 2014
for the Public Employees’ Retirement System of Nevada. The audit utilized the C.A.R.S.O.N.
database and PERS outside vendor service, Small World Solutions. Small World Solutions
obtains death information from the Social Security Death Index as well as State databases and
matches the information with our database files. The previous deceased recipient review was
conducted for the quarter ending March 31, 2014.
Purpose
PERS is not always notified of member or beneficiary deaths that could result in
significant overpayments or underpayments to PERS recipients. The purpose of this audit is to
update and ensure the accuracy of PERS benefit accounts. Member and beneficiary accounts are
corrected, if necessary, to reflect the proper account type, amount of benefit, and to whom the
benefit is due as the result of the audit findings.
Summary
Sixty-five accounts were reviewed this quarter. This included a sampling of deceased
members and beneficiaries, inactive non-vested members, inactive members with 5 or more
years of service, but less than 10 years of service, and inactive members with ten or more years
of service credit.
A detailed listing of all account findings and recommendations will be provided to
Employer and Production Services and made a part of this audit report.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
162
Website: www.nvpers.org
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Ratification Agenda
Page 2
Detailed Audit Findings
Finding I: For one inactive member, it was not indicated to the estate that there were EES
contributions available for refund. The total funds available are $12.27.
Recommendation: Send a letter to the estate indicating the amount available for refund.
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Retirement Board Meeting - Ratification Agenda
Retirement Board
Executive Staff
Mark R. Vincent
Chairman
Chris Collins
Vice Chairman
Tina M. Leiss
Executive Officer
Cheryl Price
Operations Officer
Al Martinez
Rusty McAllister
Audrey Noriega
David Olsen
Katherine Ong
Steve Edmundson
Investment Officer
Memorandum
To:
Retirement Board
From:
Staff
Date:
June 17, 2015
Re:
Master Agreement For Commercial Banking Services and Service Agreement for
PERS, LRS and JRS
At the April 2015 meeting, the Retirement Board elected to retain Wells Fargo for
commercial banking services for PERS, LRS and JRS for the period from July 1, 2015 through
June 30, 2020. To accommodate the action, staff recommends approval of the Master
Agreement for Commercial Banking Services and the Service Agreement with Wells Fargo for
PERS, LRS and JRS.
5820 S. Eastern Avenue, Suite 220
Las Vegas, NV 89119
(702) 486-3900
Fax: (702) 678-6934
693 W. Nye Lane
Carson City, NV 89703
(775) 687-4200
Fax: (775) 687-5131
Toll Free: 1-866-473-7768
164
Website: www.nvpers.org
7455 W. Washington Avenue, Suite 150
Las Vegas, NV 89128
(702) 486-3900
Fax: (702) 304-0697
Retirement Board Meeting - Ratification Agenda
MASTER AGREEMENT FOR COMMERCIAL BANKING SERVICES
1.01
THIS MASTER AGREEMENT FOR COMMERCIAL BANKING
SERVICES (the “Master Agreement”), dated this 1st day of July, 2015, is
by and between:
a.
“System”
The Nevada Public Employees’ Retirement System
693 West Nye Lane
Carson City, Nevada 89703
Contact:
b.
“Bank”
Tina M. Leiss, Executive Officer
Wells Fargo Bank, N.A.
5340 Kietzke Lane – 2nd Floor
Reno, NV 89511
Contact:
Patrick Foley, Senior Vice President
Nevada Government Banking
Recitals
2.01
The System is established and operated under Nevada Revised Statutes
Chapter 286 and is governed by the Public Employees’ Retirement Board
(the “Board”). Under Nevada Revised Statute (“NRS”) 286.680, the
Board is required to tender invitations and consider contracts for
commercial banking and trust services every five years.
2.02
In June of 2010, the System and Bank entered into a contract for the
provision of commercial banking services. This contract is set to expire
on June 30, 2015.
2.03
In December of 2014, the Board requested and received, in a competitive
bid process, proposals from several financial institutions to provide
commercial banking, trust and securities lending services. Bank submitted
a proposal (the “Proposal”) for the commercial banking services portion of
the Request for Proposals (“RFP”). A copy of the Proposal is attached
hereto as Attachment 1.
2.04
At its regularly scheduled and duly noticed meeting on April 15, 2015, the
Board considered the finalist proposals and selected Bank’s Proposal for
providing the commercial banking services portion of the RFP during the
term of the contract.
1
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June, 2010
Retirement Board Meeting - Ratification Agenda
2.05
Bank and the System desire to continue the commercial banking
relationship as provided in the Proposal, and therefore in consideration of
the mutual undertakings stated herein, the parties agree as follows.
Agreement to Provide
Commercial Banking Services
3.01
3.02
General; Governing Documents. Bank agrees to provide commercial
banking services and the System agrees to perform its obligations in
accordance with this Master Agreement and the following “Subsidiary
Agreements”, each of which is incorporated by reference herein:
a.
All of the representations, warranties, and promises
contained in Part II “Commercial Banking Services” of the
Proposal attached hereto as Attachment 1.
b.
Depository Pledge Agreement entered into between Bank,
System and Bank of New York (as “Custodian”) dated June
29, 2010, a copy of which is attached hereto as
Attachment 2, which agreement is ratified and shall
remain in full force and effect without interruption.
c.
Premium Funds Availability Schedule, attached hereto as
Attachment 3.
d.
Service Agreement, Attachment 5, dated July 1, 2015, and
as amended.
e.
Amendments, clarifications, changes and additions hereto
as from time to time will be agreed upon as well as other
agreements regarding security procedures, software
licenses or specific services which are entered into from
time to time all of which shall be attached hereto as part of
Attachment 4. However, the failure to attach any specific
agreement hereto does not affect its enforceability or
incorporation by reference herein.
Resolution of Conflicts between Agreements Some of the Subsidiary
Agreements now existing or hereafter entered into will be preprinted
forms which may conflict with the terms in this Master Agreement or
other Subsidiary Agreements. In the event of a conflict:
2
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Retirement Board Meeting - Ratification Agenda
a.
between this Master Agreement and any Subsidiary
Agreement, (except those in Attachment 4 which are
intended to be modifications or clarifications hereof) shall
be resolved in favor of this Master Agreement, even if the
conflicting Subsidiary Agreement is entered into after this
Master Agreement unless agreed to by both parties;
b.
between the Proposal (Attachment 1) and the Depository
Pledge Agreement (Attachment 2), shall be resolved in
favor of the Depository Pledge Agreement, and Bank
agrees to work with the System in good faith to resolve any
such conflict to the mutual satisfaction of the parties;
c.
between the Proposal (Attachment 1) and any agreement
included in Attachment 4 will be resolved in favor of the
Proposal unless the subsequent agreement states otherwise.
3.03
Coordination with Other Agreements. In accordance with the Proposal,
the System is contemporaneously entering into agreements with BNY
Mellon to provide custodial services. Except for compensation purposes,
as set out in section 4.01, the agreements are independent, and a breach of
one agreement is not, by itself, a breach of any other.
3.04
Standards of Performance; Indemnification; Limitations of Liability.
a.
Bank agrees to
(1)
perform its duties under this Master Agreement with
honesty, diligence, in good faith, and in accordance with
sound banking practices, customs, and usages of trade, and
course of dealings developed between the parties during
their relationship from 1992 forward;
(2)
maintain an attitude that it is an integral part of the working
team with the System;
(3)
use all due care in the safekeeping and control of System
assets deposited in the commercial account in accordance
with applicable law;
(4)
proactively, use reasonable efforts to keep the System
informed of changes within the Bank, and the banking
industry which may have a material impact on the
commercial services provided by Bank.
3
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June, 2010
Retirement Board Meeting - Ratification Agenda
b.
3.05
Bank agrees that the System shall not suffer any damage, liability,
loss, or additional expense due to error or omission by the Bank, its
officers, agents, and employees, or by a subcontractor in servicing
the various commercial accounts. Bank further agrees that the
quality of performance of any service by the Bank’s subcontractors
shall equal or exceed the quality of performance if said service had
been directly performed by Bank. Bank’s liability relating to any
service provided pursuant to this Agreement shall be limited
exclusively to actual proven damages arising directly from its own
negligence or willful misconduct, and in no event shall Bank be
liable for any incidental, indirect or consequential losses or
damages. Further, Bank shall not be liable for any damage, loss,
liability or delay caused by strike, fire, flood, war, riot, acts of God
or any cause which is reasonably unavoidable or beyond its
reasonable control. The Bank agrees to indemnify and hold
harmless both the Board and the System for any damage, liability,
loss, or additional expense caused by the negligence, intentional
misconduct, or substandard performance of any service performed
by Bank or subcontractor of Bank.
Access and Audits. Bank agrees that the System Executive Officer,
Operations Officer, Investment Officer, Chief Accountant and any person
authorized by any of them shall have reasonable access to bank records
regarding the System.
Compensation
4.01
To compensate the Bank for services, the System agrees to pay Bank in
accordance with the fee structure identified in the Cover Letter of the
Proposal (Attachment 1) and item 21 on page 57 of same, for services
rendered by Bank for the remainder of this Agreement. This fee structure
shall supersede any other fees contained in any other Attachment. If the
System requests additional services during the contract period which
materially affect the overall costs to the Bank, the fee structure for such
services shall be agreed to by the Bank and the System and such fee
structure shall be included as an amendment to Attachment 1.
Upon the System’s request, and no more than semi-annually, the Bank
will create an endpoint analysis of float assignment at no cost to the
system, to ensure adherence to the Premium Availability Schedule
(Attachment 3). Should the System invest, or otherwise make use of,
deposited funds which have not yet been collected by the Bank,
(uncollected funds), the Bank shall be compensated for the use of these
4
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funds by the System. The fees would be payable quarterly in arrears and
based on actual days elapsed. Should incorrect float assignment result in
use of uncollected funds, any related service charge will be reversed.
Term, Default, Rights on Termination
5.01
Scheduled Termination. This agreement begins on July 1, 2015 and
terminates on June 30, 2020.
5.02
Early Termination.
a.
Notwithstanding the provisions of Section 5.01 above, either party
may at any time, with or without cause, terminate this agreement
without further obligation or liability if done in accordance with
the following provisions:
(1)
the terminating party must give no less than 60 calendar
days notice unless waived by the other party.
(2)
regardless of who terminates the agreement, recognizing
the size, inertia and complexity of the relationship, the
number of state retirees that would be affected by an abrupt
interruption in payments, and the procedures that the
System must follow under Nevada law to enter into
contracts, the parties agree to cooperate to unwind this
relationship in an orderly manner. Accordingly, in the
event of a termination by either party:
(a)
the System agrees to diligently pursue finding a
replacement financial institution and agrees to begin
soliciting bids within thirty days from the date
notice of termination is given.
(b)
Bank agrees to continue providing commercial
banking services in accordance with this agreement
until such time as System can move the accounts
and services to another financial institution, and
outstanding items drawn against any deposit
account may be cleared or otherwise dealt with, but
in no event is Bank obligated to provide services for
more than 180 days after notice is given.
(c)
All of the provisions provided below for scheduled
termination apply.
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5.03
Rights upon termination.
Upon termination of this agreement, early or scheduled, the parties agree
to cooperate towards an orderly and safe transfer of assets and funds as
follows:
a.
System agrees to diligently pursue the transfer of funds to
the replacement financial institution.
b.
Bank agrees to cooperate with the new financial institution
in turning over funds, property, and providing information
necessary to the changeover, reserving the right, however,
to charge reasonable fees and to refuse to turn over
proprietary information and trade secrets.
c.
If requested by System, Bank agrees to continue providing
commercial banking services in accordance with this
Agreement until such time as bank can move the accounts
and services to another financial institution and clear
outstanding items drawn against the deposit account, but in
no event is Bank obligated to provide services for more
than 180 days after the termination date. If System
requests such an accommodation, Bank is entitled to charge
its normal commercial rates for services, transactions and
reports provided beyond the termination date scheduled in
section 5.01.
d.
Each party agrees to return all documents (e.g. security
procedures, user guides), books, papers, computer software
or equipment, data (however stored) or other property
belonging to the other within 15 days after terminating, but
both parties may make and keep copies thereof if required
by law.
General Terms
6.01
Under Nevada law (NRS 616.280), contractors with state agencies must
provide proof of compliance with Nevada’s worker’s compensation law
before commencing any work. Bank therefore agrees to provide, prior to
commencement of any work, a certificate or other proof satisfactory to the
System stating that Bank has all required insurance coverage. Bank
further agrees to continuously maintain such coverage during the course of
performance of the contract and immediately provide the System with
proof of any renewal of coverage. Any lapse in required worker’s
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compensation coverage is a breach of this contract and shall constitute
grounds for immediate termination.
6.02
Modifications, Clarifications and Changes.
a.
This Master Agreement may be amended, modified, clarified or changed
by written agreement only. The written agreement must be signed by both
parties, indicate its effective date and shall be attached to this Master
Agreement as a part of Attachment 4.
b.
Any Subsidiary Agreement may be amended in accordance with its terms,
and, as changed, remains incorporated by reference herein with the same
rules of priority set forth in section 3.02 above.
6.03
No Assignment; Binding Effect. No party may be succeeded to, no duty
under this agreement may be delegated and no right under this agreement
may be assigned without the written consent of the other party, except that
Bank may subcontract any portion of any service it agrees to provide so
long as Bank remains responsible to the System for the performance of the
specific subcontractor of the System agrees otherwise. Should either party
be replaced by a successor, trustee, receiver or the like, or should an
assignment or delegation be made without consent, (i) the assigning party
remains bound under this agreement and shall be liable for all acts or
omissions of the successor or assignee, and (ii) the nonconsenting party
may treat the assignment as a breach of contract and invoke remedies,
including termination of this agreement. Subject to the foregoing, this
agreement is binding on and the benefits inure to the parties hereto and all
assigns, successors, trustees, receivers, and representatives of each party.
6.04
Notices. Any notices under this Master Agreement must be given in
writing and may be transmitted either by personal delivery or by mail,
registered or certified, postage prepaid with return receipt requested.
Mailed notices shall be addressed to the parties at the addresses appearing
in the introductory paragraph of this agreement, but each party may
change that address by written notice in accordance with this section.
Notices delivered personally shall be deemed communicated as of the date
of actual receipt; mailed notices shall be deemed communicated as of five
business days after the date of mailing. Notices under any of Subsidiary
Agreements may be given in accordance with their respective terms.
6.05
Attorney’s Fees and Costs. If any court proceeding or arbitration is
instituted to enforce or interpret the terms of this Master Agreement, the
prevailing party shall be entitled to reasonable attorney’s fees, costs, and
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necessary disbursements in addition to any other relief to which that party
may be entitled.
6.06
Waiver, Effect of Waiver. The failure of either party to insist on strict
compliance with any of the terms, covenants, or conditions of this
agreement shall not be deemed a waiver of that term, covenant, or
condition, nor shall any waiver or relinquishment of any right or power at
any one time or times be deemed a waiver or relinquishment of that right
or power for all or any other times.
6.07
Partial Invalidity. It is not the intention of any party to violate any law
(statute, regulation, ruling, judicial decision or other legal provision)
applicable to this agreement or any performance thereof. If, in the opinion
of any court competent to so rule, any term of this Master Agreement or
any act or omission in the performance thereof violates any law: (a) the
offending term, act or omission shall be deemed to be invalid and of no
force or effect (b) the parties agree to take necessary steps to remedy any
prior offenses, (c) any invalid term is deemed to be severed from this
Master Agreement, and (d) any invalid term, act or omission shall not
affect the validity of any other term, act or omission. However, if the
invalidity of any term, act or omission prevents the accomplishment of the
objectives and purposes of this agreement, this agreement may be
terminated as provided above.
6.08
Entire Agreement.
This Master Agreement supersedes all other
agreements, either oral or in writing, between the parties hereto with
respect to providing commercial banking services, contains all of the
covenants and agreements between the parties. Each party to this Master
Agreement acknowledges that no representations, inducements, promises,
or agreements, orally or otherwise, have been made by any party, or
anyone acting on behalf of any party, which are not embodied herein, and
that no other agreement, statement, or promise not contained in this
agreement shall be valid or binding.
6.09
Law Governing Agreement. This Master Agreement shall be governed by
and construed in accordance with the laws of the State of Nevada.
6.10
Authority. Each person who signs below represents that he or she has
actual authority to execute this Master Agreement and bind his respective
party.
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EXECUTED this ____ day of __________, 2015, in Carson City, Nevada.
“System”
PUBLIC EMPLOYEES RETIREMENT
SYSTEM OF NEVADA
“Bank”
WELLS FARGO BANK, N.A.
By
:
Tina M. Leiss, Executive Officer
By
:
Patrick Foley, Senior Vice President and
Manager Nevada Government Banking
Approved to as Form
________________________________
Jennifer Chisel
Deputy Attorney General
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ATTACHMENTS
Attachment 1.
Response by Wells Fargo Bank, N.A. to System’s Request for
Proposal, together with cover letter dated December 15, 2014
(“Proposal”).
Attachment 2.
Depository Pledge Agreement between Bank, the System, and
BNY Mellon, dated June 29, 2010.
Attachment 3.
Service Agreement dated July 1, 2015.
Attachment 4.
Wholesale Demand Account Disclosure Statement and individual
Service Descriptions.
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SERVICE AGREEMENT
THIS AGREEMENT, dated the 1st day of July, 2015 is by and between:
a.
Public Employees' Retirement System of Nevada
693 West Nye Lane
Carson City, NV 89703
b.
Wells Fargo Bank, N.A.
5340 Kietzke Lane, Suite 201
Reno, NV 89511
Wells Fargo Bank, N.A. (“Bank”) agrees to incorporate the following commitments into a
"service agreement" which encompasses custodial services and will be included as part of the
commercial services available to the State of Nevada Public Employees' Retirement System
(“System”), during the period July 1, 2015 through June 30, 2020.
COMMERCIAL SERVICES
1. The Bank’s Relationship Manager will visit the System's Carson City office a
reasonable number of times each year at the System's direction and be available
throughout the year to answer questions and resolve problems.
2. Information contained in Exhibit 1, Operating Guidelines, will be kept current by the
Bank.
3. All deposits must be secured pursuant to the Bank's execution of a Depository Pledge
Agreement.
4. Bank must provide positive pay services for all accounts.
5. Bank must provide account reconciliation for all accounts.
6. Bank will provide interest bearing accounts at competitive interest rates on collected
balances.
7. Benefit and employee payroll services: EFT - The Bank shall ensure service for
electronic transmissions from the System for direct deposits through ACH for benefit
recipients and payroll for PERS staff. Applicable tax payments are made via the
WellsTax tax payment service.
8. Bank must accept deposits (without amount restrictions) at branches, through the mail
and by electronic transmission (wire or ACH). Identification of deposit source via
wire or ACH is required.
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9. Bank must provide deposit capability (branch, electronic, or mail) from all areas within
the State of Nevada.
10. All deposits received as investable funds by a branch or affiliate bank by 4:00 p.m.,
Pacific Time, of any day, must be collected, credited, and electronically transmitted to
the System at its office in Carson City by 6:30 a.m., Pacific Time, of the following
workday. The transmission must include the depositor identification number from the
MICR-encoded deposit slip. All demand deposit account activities must be
transmittable in a consistent, agreed-upon format to the System's computer interface.
The ability to extract and retransmit any day's activity for the current period is
required. (Period is defined as 5 business days).
11. Transmission must also include all account debits (exclusive of paid checks) with
identifiers.
12. For each account, daily data transmission must include, in BAI format:
Report as of Date
Account Number
Account Name
Yesterday’s Ending Balance
Current Ledger Balance
Collected Balance
Credits Listed with Deposit Source
Total Credit Amount
Debits (Other than paid checks) Listed with Identifier
Total Debit Amount
13. In the event the Commercial Electronic Office (CEO) system is unavailable, as a backup, transfer of funds between custodial and commercial accounts shall be made in
accordance with verbal/faxed instructions of an authorized representative of the
System, which shall be verified by the Bank on the business day it receives such
instructions.
14. Required provisions for PERS, Investment, Administrative, Legislators', Legislators'
Administrative, Judicial, Judicial Administrative, Judicial Benefit Restoration Plan,
and PERS Benefit Restoration Plan commercial accounts:
a. Daily commercial account information must reflect all transactions, including
checks listed in numerical sequence; date paid by the bank; amount honored by
the bank; and beginning and ending account balance. If the date paid by the
bank is not indicated on the statement, then assurance must be given by the
Bank that all checks included on a daily bank statement were paid on that date.
b. Deposit information for all deposits which have not been identified must be
faxed or emailed within 24 hours.
c. Hard copies of the PERS Seminar Account (0832-125694) month-end bank
statements must be furnished. These must reflect check number listed in
numerical sequence, the amount honored by the Bank, and the date paid by the
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d.
e.
f.
g.
Bank. Any electronic transmission must be compatible with the System's
computer interface.
The Bank must provide timely on-line access to clear, readable copies of both
sides of checks processed by the Bank.
A CD containing images of both the front and back of all checks
processed by the Bank. The checks are to be sorted by check number within
checking account.
All electronic transmissions provided by the Bank must be compatible with the
System's computer interface. The System will provide the required format.
Daily data file of transactions and balances must be provided in BAI format for
all checking accounts.
15. The Bank shall be responsible to the System for checks fraudulently endorsed, checks
that are "raised" through alteration, and/or deposits made to the account of a deceased
retired employee, if any such action occurs during the period of the banking agreement
or a commercially reasonable time thereafter, subject to any defenses the Bank may
have under the Commercial Account Agreement or any applicable treasury
management documentation (e.g., the Image Positive Pay Service Description). The
Bank should conduct a review of the System's check stock media prior to providing
the actual stock and ensure the latest measures and techniques are incorporated into the
stock to reduce the chances of check fraud or alteration.
16. The Bank shall provide all checks and deposit slips necessary to operate all PERS’,
Legislators’, Judicial, and Benefit Restoration checking accounts at no additional cost.
® Deposit slips – Pre-coded deposit slips are required to identify deposits to the
System’s accounts. Depositors must be identified when reported to the System
each day.
® Check stock - All checking accounts use 8.5" x 11" cut-sheet check stock. It is Zfolded, pressure sealed and must be compatible with a Moore 4100 Pressure Sealer.
The check stock must contain at least 3 security features. The only pre-printed
information on this stock is a form control number printed in the seal area. All
check stock must be compatible with positive pay requirements.
17. Online services, through Commercial Electronic Office, must include:
® Self-administration of on-line capabilities
® Bank statements including detail on all credits and all debits, for all accounts
® Stop Pay/release capability
® Images of paid checks, front and back
® Intraday activity reports
® Outgoing wire transfer capability
® Wire/ACH notification/confirmation
® Positive pay rejects and processing.
® Check Image Retrieval Service
® ACH Deletes/Reversals
® ACH Debits
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18. Deposits to the System's commercial accounts must be electronically transmitted to
the System on business days in a format to interface with the System's accounting
programs in such a manner as to provide automatic input at no additional cost. The
transmission must be compatible with the System's computer interface and available
on the first day of the agreement period.
19. The Bank shall provide up to 50 major corporate credit cards, for no additional fee, for
business use by members of the Board and certain members of staff.
20. The Bank must provide merchant services for PERS.
21. The Bank must provide necessary equipment and training. No additional charges shall
be levied for customized reporting, software, or other services that may be necessary to
support the System’s existing level of service(s).
PUBLIC EMPLOYEES' RETIREMENT
SYSTEM Of NEVADA
WELLS FARGO BANK, N.A.
Jean Barrett
Chief Accountant
Patrick Foley
Senior Vice President
Nevada Government Banking
Date:
Date:
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Exhibit 1
Operating Guidelines
1. To receive same day credit, deposit deadlines are as follows:
Battle Mountain Wells Fargo Branches
Fallon Wells Fargo Branches
Lovelock Wells Fargo Branches
Winnemucca Wells Fargo Branches
Yerington Wells Fargo Branches
Elko Wells Fargo Branches
Sun City/Summerlin WF Branches
All other Wells Fargo Branches (Statewide)
Monday - Thursday
2:00 p.m.
3:00 p.m.
3:00 p.m.
3:00 p.m.
3:00 p.m.
4:00 p.m.
4:00 p.m.
4:00 p.m.
Friday
2:00 p.m.
5:00 p.m.
5:00 p.m.
5:00 p.m.
5:00 p.m.
4:00 p.m.
4:00 p.m.
5:00 p.m.
2. All accounts are on Wells Fargo positive pay. The account numbers for each of these
accounts are as follows:
PERS
4159-565779
PERS Administrative
4159-565795
PERS Benefit Restoration Plan
4000-030858
Legislators’
4159-565787
Legislators’ Administrative
4903-633063
Judicial
4000-030866
Judicial Administrative
4000-030874
Judicial Benefit Restoration Plan
4945-100964
Investment
4159-565803
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3. Wire / ACH account numbers are as follows:
Wells Fargo
Acct #
PERS
4159-565779
PERS Administration
4159-565795
Investment
4159-565803
Legislators’
4159-565787
Legislators’ Administrative
4903-633063
Judicial
4000-030866
Judicial Administrative
4000-030874
NOTE: The ABA for all accounts is 121000248.
4. The Bank by Mail address is:
U. S. Postal Service:
Wells Fargo Bank
Bank by Mail MAC P6103-051
P.O. Box 3488
Portland, OR 97208
Overnight Courier:
Wells Fargo Bank
Bank by Mail MAC P6103-051
2701 NW Vaughn – 5th Floor
Portland, OR 97210
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5. Wire Instructions (for wires to the System) are:
ABA Routing #:
Bank Name:
Bank Address:
121000248
Wells Fargo Bank N.A.
420 Montgomery St.
San Francisco, CA 94104
Beneficiary Account #:
Beneficiary Name:
Beneficiary Address:
4159565779
Public Employees’ Retirement System of Nevada
693 W. Nye Lane
Carson City, NV 89703
For Further Credit To:Agency name and number
NOTE: Agency name and agency number must be on the wire instructions.
6. Instructions for ACH transactions TO PERS:
Routing Number:
Account Number:
121000248
The number of the account into which the money should be
deposited
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185
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186
Retirement Board Meeting - Ratification Agenda
187
Retirement Board Meeting - Reports
Percent of Work Orders
Completed in less than 10 days
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
188
Retirement Board Meeting - Reports
Average Work Order Turn Time
15.00
Member Requests
Agency/Other Requests
Total Turn Days
Days
10.00
5.00
0.00
189
Retirement Board Meeting - Reports
Opened & Completed
Processes/Work Orders
Complete
Less than 10
12,000
11,500
11,000
10,500
10,000
9,500
9,000
8,500
8,000
7,500
7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
190
Open
Retirement Board Meeting - Reports
PUBLIC RELATIONS
CONSOLIDATED MONTHLY REPORT
MAY 2015
May-15
Fiscal YTD
Phone Calls
Call Center:
11576
135331
Help Desk:
Employer and Production Services:
Total:
779
703
13058
10004
7854
153189
Carson City:
LVE:
LVS:
Total:
Rural Locations
Carson City
Las Vegas:
Total:
32
35
35
102
375
496
442
1313
0
0
0
134
88
222
Carson City:
Carson City Support:
LVE:
LVS:
Total:
249
159
420
412
1240
2801
1700
4441
3898
12840
3
9
1
3
16
51
58
31
40
180
Carson City:
LVE:
LVS:
Employer Services:
Total Attendees:
39
91
36
66
232
1367
1106
1742
257
4472
New Member Web Accounts:
New Retiree Web Accounts:
Total Web Accounts:
819
0
10799
88
90,926
Website Hits:
Secure Webmaster Inquiries:
Non-Secure Webmaster Inquiries:
41388
97
186
234784
1263
3234
39769
379507
Counseling Appointments
PERS Office
Walk-ins
Informational Programs
Programs:
Carson City:
LVE:
LVS:
Employer Services:
Total Programs:
Attendees:
Web Statistics
Documents Imaged
Total:
191
Retirement Board Meeting - Reports
Nevada PERS
March 31, 2015
All Returns Net of Fees
Asset Class
Sub-Asset Class
S&P 500 Index
Total U.S. Stocks
Market Benchmark
International MSCI EAFE Index
Stocks
Total Intl. Stocks
Market Benchmark
Barclays Aggregate Index
U.S. Bonds
Active Core
Total U.S. Bonds
Market Benchmark
Private Real Estate
Private Equity
Private Markets
Total Private Markets
Market Benchmark
Cash
U.S. Stocks
Total PERS' Fund
Market Value
(Millions)
Target
Allocation
Actual
Allocation
FYTD
Return
One Year
3 Years
5 Years 10 Years
7.1%
7.1%
7.1%
-4.7%
-4.7%
-4.8%
3.8%
3.0%
3.7%
3.6%
11.7%
8.9%
10.3%
9.9%
12.7%
12.7%
12.7%
-0.8%
-1.1%
-0.9%
6.0%
5.2%
5.9%
5.7%
13.8%
17.2%
15.2%
14.3%
16.0%
16.2%
16.1%
9.3%
9.2%
9.0%
3.1%
3.7%
3.3%
3.1%
9.5%
15.8%
12.1%
14.8%
14.4%
14.5%
14.5%
6.6%
6.4%
6.2%
4.4%
5.1%
4.6%
4.4%
11.9%
15.3%
13.3%
14.9%
8.1%
8.4%
8.0%
5.3%
5.0%
5.0%
4.9%
5.6%
5.0%
4.9%
8.0%
12.7%
8.4%
6.0%
10.2%
11.1%
11.5%
6.0%
5.6%
5.2%
5.7%
8.0%
7.8%
7.9%
7.4%
12.4%
9.0%
6.7%
4.1%
8.2%
10.6%
10.0%
7.0%
9.5%
4.2%
8.3%
10.8%
10.2%
6.9%
9.4%
$
$
15,327
15,327
42.0%
42.0%
44.3%
44.3%
$
$
6,590
6,592
18.0%
18.0%
19.1%
19.1%
$
$
$
9,164
582
9,746
22.5%
7.5%
30.0%
26.5%
1.7%
28.2%
$
$
$
1,382
1,288
2,670
5.0%
5.0%
10.0%
4.0%
3.7%
7.7%
$
233
0.0%
0.7%
$
34,568
100.0%
100.0%
PERS' Market Benchmark
192
Since
Inception
Retirement Board Meeting - Reports
PERS' Investment Managers
Pathway Capital
Payden & Rygel
SSgA
UBS Global
March 31, 2015
Retained
Assets (Millions)
2012
$610
1986
$7,649
1997
$1,241
2003
$7,677
1992
$770
2002
$497
2003
$4,507
2009
$1,848
1986
$1,288
2003
$3,584
2014
$2,083
2003
$3,698
PERS' Investment Advisors
Callan Associates
Peavine Capital Management
Retained
1983
2012
Firm
AEW
AllianceBernstein
BNY Mellon
BlackRock
Invesco Realty Advisors
JP Morgan
Mellon Capital
Mandate
Private Real Estate
U.S. Stock Index
Securities Lending
U.S. Stock Index
Private Real Estate
U.S. Bonds
International Stock Index
U.S. Bond Index
Private Equity
U.S. Bond Index
International Stock Index
U.S. Bond Index
Mandate
Investment Consultant
Strategic Investment Advisor
193
Retirement Board Meeting - Reports
Nevada Legislators'
March 31, 2015
All Returns Net of Fees
Asset Class
U.S. Stocks- S&P 500 Index
Market Benchmark
Int'l Stocks- MSCI EAFE Index
Market Benchmark
U.S. Bonds- Barclays Agg. Index
Market Benchmark
Total Legislators' Fund
Market Value
Target
Allocation
Actual
Allocation
FYTD
Return
One Year
3 Years
5 Years
10 Years
Since
Inception
(1990)
7.2%
7.1%
-4.7%
-4.8%
3.7%
4.0%
12.7%
12.7%
-0.7%
-0.9%
5.9%
5.4%
16.0%
16.1%
9.4%
9.0%
3.2%
2.4%
14.4%
14.5%
6.6%
6.2%
4.5%
4.0%
8.1%
8.0%
5.3%
5.0%
5.0%
4.6%
9.7%
9.6%
5.8%
5.5%
6.6%
6.3%
3.8%
8.0%
10.9%
10.0%
6.9%
8.5%
3.6%
7.8%
10.8%
9.9%
6.8%
8.3%
$
2,455,371
49.0%
48.8%
$
1,096,845
21.0%
21.8%
$
1,423,100
30.0%
28.3%
$
57,607
$
5,032,923
0.0%
1.1%
100.0%
100.0%
194
Retirement Board Meeting - Reports
Legislators' Investment Managers
Firm
AllianceBernstein
BlackRock
Mellon Capital
March 31, 2015
Retained
Assets
1999
$2,455,371
2004
$1,423,100
2003
$1,096,845
PERS' Investment Advisors
Callan Associates
Peavine Capital Management
Retained
1990
2012
Mandate
U.S. Stock Index
U.S. Bond Index
International Stock Index
Mandate
Investment Consultant
Strategic Investment Advisor
195
Retirement Board Meeting - Reports
Nevada Judicial
March 31, 2015
All Returns Net of Fees
Asset Class
Market Value
Target
Allocation
Actual
Allocation
FYTD
Return
One Year
3 Years
5 Years
10 Years
Since
Inception
(2001)
7.1%
7.1%
-4.8%
-4.8%
3.7%
4.0%
12.7%
12.7%
-0.7%
-0.9%
5.9%
5.4%
16.0%
16.1%
9.3%
9.0%
3.2%
2.4%
14.4%
14.5%
6.5%
6.2%
4.5%
4.0%
8.0%
8.0%
5.3%
5.0%
5.0%
4.6%
6.2%
6.1%
6.0%
5.7%
5.1%
4.8%
3.6%
7.8%
11.0%
10.1%
6.9%
6.5%
3.6%
7.8%
10.8%
9.9%
6.8%
6.3%
U.S. Stocks- S&P 500 Index
Market Benchmark
Int'l Stocks- MSCI EAFE Index
Market Benchmark
U.S. Bonds- Barclays Agg. Index
Market Benchmark
$
48,263,197
49.0%
49.5%
$
21,133,812
21.0%
21.7%
$
27,955,036
30.0%
28.7%
$
67,106
Total Judicial Fund
$
97,419,151
0.0%
0.1%
100.0%
100.0%
Judicial Market Benchmark
196
Retirement Board Meeting - Reports
Judicial Investment Managers
Firm
AllianceBernstein
BlackRock
Mellon Capital
March 31, 2015
Retained
Assets
2001
$48,263,197
2004
$27,955,036
2003
$21,133,812
PERS' Investment Advisors
Callan Associates
Peavine Capital Management
Retained
2001
2012
Mandate
U.S. Stock Index
U.S. Bond Index
International Stock Index
Mandate
Investment Consultant
Strategic Investment Advisor
197
Retirement Board Meeting - Reports
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
INVESTMENT FUND
LISTING OF PAYMENTS TO MANAGERS AND CONSULTANTS
PAYMENTS MADE THROUGH MAY 2015
For the quarter ending:
JUNE 2014
SEPT 2014
DEC 2014
TOTAL
MAR 2015
EQUITIES
DOMESTIC INDEX MANAGERS
ALLIANCE BERNSTEIN-S&P 500 INDEX
BLACKROCK S&P 500 INDEX
SUBTOTAL
119,217.45
120,008.15
239,225.60
121,672.64
122,905.82
244,578.46
124,643.25
125,847.28
250,490.53
35,624.22
178,876.89
112,403.54
176,788.42
214,501.11
289,191.96
36,116.51
171,888.10
70,136.76
278,141.37
PRIVATE EQUITY
PATHWAY CAPITAL MANAGEMENT,LLP
SUB-TOTAL
1,109,039.00
1,109,039.00
917,271.00
917,271.00
924,937.00
924,937.00
943,093.00
943,093.00
3,894,340.00
3,894,340.00
TOTAL EQUITY SECURITIES
1,562,765.71
1,451,041.42
1,453,568.90
943,093.00
5,410,469.03
DOMESTIC ACTIVE MANAGERS
DODGE & COX
JP MORGAN
WESTERN ASSET MANAGEMENT
SUBTOTAL
264,624.74
199,835.26
321,521.31
785,981.31
264,224.24
199,771.60
321,851.52
785,847.36
264,555.68
200,349.67
322,981.29
787,886.64
213,648.33
1,007,052.99
599,956.53
1,208,810.75
2,815,820.27
DOMESTIC INDEX MANAGERS
BLACKROCK INSTITUTIONAL TRUST
MELLON SA AGGREGATE BOND INDEX
PAYDEN & RYGEL-US INDEX
UBS US INDEX
SUBTOTAL
143,110.25
99,696.89
119,301.00
100,444.77
462,552.91
143,143.31
99,694.40
119,133.00
101,060.56
463,031.27
143,641.86
100,005.21
119,607.00
101,429.64
464,683.71
129,799.53
279,739.53
559,694.95
299,396.50
507,981.00
302,934.97
1,670,007.42
1,248,534.22
1,248,878.63
1,252,570.35
735,844.49
4,485,827.69
INTERNATIONAL INDEX
MCM TEMP MSCI EAFE
MELLON CAPITAL -EAFE / MSCI EAFE
SSGA EAFE INDEX
SUBTOTAL
-
365,533.34
368,761.25
734,294.59
-
184,144.27
527,553.41
70,136.76
781,834.44
FIXED INCOME
TOTAL FIXED INCOME SECURITIES
C:\Users\BB2SER~2\AppData\Local\Temp\BCL Technologies\easyPDF 7\@BCL@F40EA30F\@BCL@F40EA30FInvest Fund 4th quarter
198
242,456.63
456,104.96
149,940.00
Retirement Board Meeting - Reports
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
INVESTMENT FUND
LISTING OF PAYMENTS TO MANAGERS AND CONSULTANTS
PAYMENTS MADE THROUGH MAY 2015
For the quarter ending:
JUNE 2014
PRIVATE REAL ESTATE
INVESCO REALTY ADVISORS INC
INVESCO REALTY ADVISORS INC-PERS TAKEOVER
AEW REALTY
SEPT 2014
DEC 2014
MAR 2015
TOTAL
913,524.60
2,908.30
662,232.00
971,123.44
2,909.81
618,528.00
966,133.91
2,903.39
645,124.00
853,626.90
2,615.06
680,169.00
3,704,408.85
11,336.56
2,606,053.00
1,578,664.90
1,592,561.25
1,614,161.30
1,536,410.96
6,321,798.41
CALLAN ASSOCIATES
PEAVINE CAPITAL MANAGEMENT
111,148.06
75,293.72
110,771.84
74,944.66
112,438.33
76,409.45
77,678.39
334,358.23
304,326.22
TOTAL INVESTMENT CONSULTANTS
186,441.78
185,716.50
188,847.78
77,678.39
638,684.45
4,576,406.61
4,478,197.80
4,509,148.33
3,293,026.84
16,856,779.58
TOTAL REAL ESTATE
INVESTMENT CONSULTANTS
GRAND TOTAL
C:\Users\BB2SER~2\AppData\Local\Temp\BCL Technologies\easyPDF 7\@BCL@F40EA30F\@BCL@F40EA30FInvest Fund 4th quarter
199
Retirement Board Meeting - Reports
LEGISLATORS' FUND
LISTING OF PAYMENTS TO MANAGERS AND CONSULTANTS
PAYMENTS MADE THROUGH MAY 2015
MANAGER
For the quarter ending:
JUNE 2014
SEPT 2014
DEC 2014
MAR 2015
TOTAL
EQUITY
DOMESTIC
ALLIANCE BERNSTEIN S & P 500
SUBTOTAL: DOMESTIC EQUITY SECURITIES
39.81
39.81
39.20
39.20
39.48
39.48
-
118.49
118.49
INTERNATIONAL
MELLON CAPITAL
SUBTOTAL: INTERNATIONAL EQUITY SECURITIES
77.50
77.50
73.26
73.26
70.10
70.10
-
220.86
220.86
TOTAL EQUITY SECURITIES
117.31
112.46
109.58
-
339.35
FIXED SECURITIES
DOMESTIC
BLACKROCK (BARCLAYS TAKEOVER) US DEBT
101.93
100.66
100.21
106.73
409.53
TOTAL FIXED SECURITIES
101.93
100.66
100.21
106.73
409.53
25.60
10.97
36.57
24.80
10.63
35.43
24.71
10.58
35.29
11.32
11.32
75.11
43.50
118.61
255.81
248.55
245.08
118.05
INVESTMENT CONSULTANTS
CALLAN ASSOCIATES
PEAVINE CAPITAL
TOTAL INVESTMENT CONSULTANTS
GRAND TOTAL
C:\Users\BB2SER~2\AppData\Local\Temp\BCL Technologies\easyPDF 7\@BCL@480E45DF\@BCL@480E45DFLegis 4th quarter
200
867.49
-
Retirement Board Meeting - Reports
JUDICIAL FUND
LISTING OF PAYMENTS TO MANAGERS AND CONSULTANTS
PAYMENTS MADE THROUGH MAY 2015
MANAGER
For the quarter ending:
JUNE 2014
EQUITY
DOMESTIC
ALLIANCE BERNSTEIN S&P 500
SUBTOTAL: DOMESTIC EQUITY SECURITIES
SEPT 2014
DEC 2014
MAR 2015
TOTAL
730.62
730.62
770.12
770.12
787.34
787.34
-
2,288.08
2,288.08
INTERNATIONAL
MELLON CAPITAL
SUBTOTAL: INTERNATIONAL EQUITY SECURITIES
1,421.32
1,421.32
1,434.54
1,434.54
1,423.89
1,423.89
-
4,279.75
4,279.75
TOTAL EQUITY SECURITIES
2,151.94
2,204.66
2,211.23
-
6,567.83
FIXED SECURITIES
DOMESTIC
BLACKROCK (BARCLAYS TAKEOVER) US DEBT
1,948.50
2,012.91
2,049.48
2,096.62
8,107.51
TOTAL FIXED SECURITIES
1,948.50
2,012.91
2,049.48
2,096.62
8,107.51
476.61
204.26
680.87
489.18
209.65
698.83
499.17
213.90
713.07
219.19
219.19
1,464.96
847.00
2,311.96
4,781.31
4,916.40
4,973.78
2,315.81
INVESTMENT CONSULTANTS
CALLAN ASSOCIATES
PEAVINE CAPITAL
TOTAL INVESTMENT CONSULTANTS
GRAND TOTAL
C:\Users\BB2SER~2\AppData\Local\Temp\BCL Technologies\easyPDF 7\@BCL@80097CCA\@BCL@80097CCAJudicial 4th quarter
201
16,987.30
-
Retirement Board Meeting - Reports
202