As used in NRS 287.381 to 287.480, inclusive, unless the context otherwise requires, the words and terms defined in NRS 287.391, 287.401 and 287.411 have the meanings ascribed to them in those sections. (Added to NRS by 1979, 799)
“Committee” means the committee established to administer the program. (Added to NRS by 1979, 799)
“Deferred compensation” means income which an employee of a political subdivision may legally set aside under the program, which may consist of one or more plans authorized by 26 U.S.C. § 401(a), 401(k) or 457 and which income, while invested under the program, is exempt from federal income taxes on the employee’s contributions and interest, […]
“Program” means the deferred compensation program for employees of political subdivisions authorized by NRS 287.381 to 287.480, inclusive. (Added to NRS by 1979, 799)
1. A political subdivision may agree with any of its employees to defer the compensation due to them in accordance with a program approved by the committee which may consist of one or more plans authorized by 26 U.S.C. § 401(a) or 457. An employee may defer compensation under one or more plans in the […]
1. The governing body of a political subdivision may create an appropriate fund for administration of money and other assets resulting from compensation deferred under the program. 2. All amounts of compensation deferred pursuant to the program, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights […]
1. The governing body of a political subdivision may appoint a committee to which it may delegate the responsibility for administering the program for its employees, including: (a) Collection of deferred compensation; (b) Transmittal of money collected to depositories within the State; and (c) Payment of deferred compensation to participating employees. 2. The committee may […]
1. Deferrals of compensation may be withheld as payroll deductions in accordance with the agreement between the political subdivision and a participating employee. 2. The amount of deferred compensation set aside by the political subdivision to a plan under the program during any calendar year may not exceed the amount authorized by 26 U.S.C. § […]
1. No plan in the program becomes effective and no deferral may be made until the plan meets the requirements of 26 U.S.C. § 401(a) or 457, as applicable, for eligibility. 2. Income deferred during a period in which no income tax is imposed by the State or a political subdivision may not be taxed […]
The program is in addition to other retirement, pension and benefit systems available to employees of the political subdivision and does not supersede, make inoperative or reduce benefits provided by the Public Employees’ Retirement System or by any other retirement, pension or benefit program established by law. (Added to NRS by 1979, 800)
No appropriated money of the political subdivision may be spent in connection with the administration of the program except as compensation for employees who participated in the administration as part of their regular duties. (Added to NRS by 1979, 800)
