1.  A plan to encourage continuity of service, administered by the Division, is hereby established for employees with 8 years or more of continuous state service. Except as otherwise provided in subsection 2, an employee rated standard or better with 8 years or more of continuous service is entitled to receive a semiannual payment of $100 plus:

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(a) An annual increase of $25 in the semiannual payment for each year of the employee’s ninth through fourteenth years of continuous service;

(b) An annual increase of $50 in the semiannual payment for each year of the employee’s fifteenth through twenty-fourth years of continuous service; and

(c) An annual increase of $75 in the semiannual payment for each additional year of continuous service after 24 years, up to a maximum payment of 30 years of continuous state service.

2.  An interruption in continuous state service terminates the employee’s eligibility for additional pay pursuant to subsection 1. No year served before the interruption may be counted in determining the employee’s subsequent eligibility.

3.  If an employee has elected to have the employee’s contribution for the Public Employees’ Retirement System paid by his or her employer, any payment made to the employee pursuant to this section must be counterbalanced by an equivalent reduction in the employee’s salary for the employee’s portion of the contribution in the same manner as prescribed in NRS 286.421.

4.  As used in this section, ‘continuous service’ means uninterrupted service as defined by the Commission.