As used in NRS 287.250 to 287.370, inclusive, unless the context otherwise requires, the words and terms defined in NRS 287.260 to 287.310, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1977, 893; A 1995, 1868; 1999, 33; 2017, 1601)
“Committee” means the Committee to Administer the Public Employees’ Deferred Compensation Program. (Added to NRS by 1977, 894; A 2017, 1601)
“Deferred compensation” means income which a state employee or employee of the Nevada System of Higher Education 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), 403(b), 457 or 3121, including, without limitation, a FICA alternative plan, or any other plan authorized […]
“Executive Officer” means the Executive Officer of the Public Employees’ Deferred Compensation Program appointed by the Director of the Department of Administration pursuant to NRS 232.215. (Added to NRS by 2017, 1597)
“Investment” means a savings account, certificate of deposit, fixed or variable annuity contract, life insurance contract, mutual fund or other investment which the Committee has approved for the Program. (Added to NRS by 1977, 894)
“Program” means the Public Employees’ Deferred Compensation Program authorized by NRS 287.250 to 287.370, inclusive. (Added to NRS by 1977, 894; A 2017, 1601)
1. The State may agree with any of its employees, and the Board of Regents of the University of Nevada 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. […]
1. The Governor shall appoint the Committee to Administer the Public Employees’ Deferred Compensation Program. The Committee must consist of: (a) Two members who are employed by state agencies whose payrolls are administered by the Division of Human Resource Management of the Department of Administration; (b) One member who is employed by: (1) A state […]
1. The Committee shall: (a) At its first meeting each year, designate one of its members to serve as Chair of the Committee for a term of 1 year or until the Chair’s successor has been designated. (b) Act in such a manner as to promote the collective best interests of the participants in the […]
The interest and income earned on the money in the deferred compensation account created pursuant to subsection 2 of NRS 287.330 in the State General Fund, after deducting any applicable charges, must be credited to the account. (Added to NRS by 1999, 33)
The Executive Officer may, within the limits of money available for this purpose, employ or enter into a contract for the services of such employees or consultants as is necessary for the performance of the duties of the Executive Officer. (Added to NRS by 2017, 1597)
1. The Program is subject to the provisions of chapter 333 of NRS. 2. The Committee shall act as the chief of the using agency for the purposes of NRS 333.335. 3. If a committee to evaluate proposals for a contract of the Program is established pursuant to NRS 333.335, any number of members of […]
1. Deferrals of compensation may be withheld as deductions from the payroll in accordance with the agreement between the employer and a participating employee. 2. The amount of deferred compensation set aside by the employer 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), 401(k), 403(b), 457 or 3121, including, without limitation, a FICA alternative plan, or any other federal law authorizing a plan to reduce taxable compensation or other forms of compensation, as […]
The Program must be established in addition to other retirement, pension and benefit systems established by the State or the Nevada System of Higher Education, 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 […]
1. No money may be withdrawn or appropriated from the Program, except: (a) For payment to a participant or beneficiary of a participant pursuant to the terms of the Program; (b) In the amount required to pay the necessary expenses of administering the Program; (c) As specifically authorized by federal law or regulation or by […]
No appropriated money of the State 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, including without limitation: 1. Members of the Committee; 2. The Executive Officer and employees of the Program; and 3. Employees of the […]
