287.0435 - Creation; investment; disbursements; administration by State Treasurer; checking account for payment of claims.
287.0435 Creation; investment; disbursements; administration by State Treasurer; checking account for payment of claims.
1. Except as otherwise provided in subsection 4 of NRS 287.04362, all money received for the Program, including, without limitation, premiums and contributions, must be deposited in the State Treasury for credit to the Fund for the Public Employees’ Benefits Program which is hereby created as a trust fund. The Program Fund must be accounted for as an internal service fund. Payments into and disbursements from the Program Fund must be so arranged as to keep the Program Fund solvent at all times.
2. The money in the Program Fund must be invested as other money of the State is invested and any income from investments paid into the Program Fund for the benefit of the Program Fund.
3. Disbursements from the Program Fund must be made as any other claims against the State are paid and may only be made for the benefit of the participants in the Program.
4. The State Treasurer may charge a reasonable fee for the State Treasurer’s services in administering the Program Fund, but the State, the State General Fund and the State Treasurer are not liable to the Program Fund for any loss sustained by the Program Fund as a result of any investment made on behalf of the Program Fund or any loss sustained in the operation of the Program.
5. The Board shall deposit any disbursement received from the Program Fund into an interest-bearing checking account in a bank or credit union qualified to receive deposits of public money. Claims that have been submitted to the Program and approved must be paid from the account, and any refund of such a claim must be deposited into the account.
(Added to NRS by 1983, 1342; A 1985, 544; 1991, 660; 1999, 3032; 2001, 953; 2007, 2879, 3147; 2009, 1590)