1. Whenever an officer or employee of the governing body of any county, school district, municipal corporation, political subdivision, public corporation or other local governmental agency of the State of Nevada retires under the conditions set forth in NRS 1A.350 or 1A.480 , or 286.510 or 286.620 and, during the period in which the person served as an officer or employee, was eligible to be covered or had dependents who were eligible to be covered by any group insurance, plan of benefits or medical and hospital service established pursuant to NRS 287.010 , 287.015 , 287.020 or paragraph (b), (c) or (d) of subsection 1 of NRS 287.025 or under the Public Employees Benefits Program pursuant to paragraph (a) of subsection 1 of NRS 287.025 , the officer or employee has the option upon retirement to cancel or continue any such coverage to the extent that such coverage is not provided to the officer or employee or a dependent by the Health Insurance for the Aged Act, 42 U.S.C. 1395 et seq. 2. A retired person who continues coverage under the Public Employees Benefits Program shall assume the portion of the premium or contribution costs for the coverage which the governing body or the State does not pay on behalf of retired officers or employees. A dependent of such a retired person has the option, which may be exercised to the same extent and in the same manner as the retired person, to cancel or continue coverage in effect on the date the retired person dies. The dependent is not required to continue to receive retirement payments from the Public Employees Retirement System to continue coverage. 3. Notice of the selection of the option must be given in writing to the last public employer of the officer or employee within 60 days after the date of retirement or death, as the case may be. If no notice is given by that date, the retired officer or employee and any dependents shall be deemed to have selected the option to cancel the coverage for the group insurance, plan of benefits or medical and hospital service established pursuant to NRS 287.010 , 287.015 , 287.020 or paragraph (b), (c) or (d) of subsection 1 of NRS 287.025 or coverage under the Public Employees Benefits Program pursuant to paragraph (a) of subsection 1 of NRS 287.025 . 4. The governing body of any county, school district, municipal corporation, political subdivision, public corporation or other local governmental agency of this State: (a) May pay the cost, or any part of the cost, of coverage established pursuant to NRS 287.010 , 287.015 or 287.020 or paragraph (b), (c) or (d) of subsection 1 of NRS 287.025 for persons who continue that coverage pursuant to subsection 1, but it must not pay a greater portion than it does for its current officers and employees. (b) Shall, for each retired person covered under the Public Employees Benefits Program, pay the portion of the total cost of coverage for the retired person under the Program that is equal to the difference between the total cost of coverage for the retired person and the amount of the premium paid by a similarly situated retired person with state service who participates in the Program for coverage under the Program. 5. The governing body of any county, school district, municipal corporation, political subdivision, public corporation or other local governmental agency of this State shall, for the purpose of establishing actuarial data to determine rates and coverage for persons who continue coverage for group insurance, a plan of benefits or medical and hospital service with the governing body pursuant to subsection 1, commingle the claims experience of those persons with the claims experience of active officers and employees and their dependents who participate in the group insurance, a plan of benefits or medical and hospital service.
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