NRS 286.680
Investment by Board of money in funds

  • qualifications and employment of investment counsel
  • employment of other services
  • liability for investment decisions.

1.

In addition to the provisions of chapter 355 of NRS, the Board may invest and reinvest the money in its funds as provided in this section and NRS 286.682 and may employ investment counsel for that purpose. The Board may also employ investment supervisory services, trust audit services and other related investment services which it deems necessary to invest effectively and safeguard the money in the System’s funds.

2.

No person engaged in business as a broker or dealer in securities or who has a direct pecuniary interest in any such business who receives commissions for transactions performed as agent for the Board is eligible for employment as investment counsel for the Board.

3.

The Board shall not engage investment counsel unless:

(a)

The principal business of the person selected by the Board consists of giving continuous advice as to the investment of money on the basis of the individual needs of each client;

(b)

The person and the person’s predecessors have been continuously engaged in such a business for a period of 5 or more years;

(c)

The person is registered as an investment adviser under the laws of the United States as from time to time in effect, or is a bank or an investment management subsidiary of a bank; and

(d)

The contract between the Board and the investment counsel is of no specific duration and is voidable at any time by either party.

4.

The Board and its individual members are not liable for investment decisions made by investment counsel if they obtain qualified investment counsel, establish proper objectives and policies for investments, and issue appropriate interim directives. Investment counsel is liable for any investment decision that is not made in accordance with the objectives and policies established by the Board and any applicable interim directives.

5.

The expenses incurred in obtaining and reviewing services pursuant to the provisions of this section and the reimbursements to employees for their expenses incurred in connection with investment decisions must be paid out of the Public Employees’ Retirement Fund and the Police and Firefighters’ Retirement Fund in proportion to their respective assets.

6.

The Board shall tender invitations to banks and credit unions for commercial banking and trust services, consider proposals submitted by interested banks and credit unions, and consider contracts for commercial banking and trust services at least every 5 years.

Source: Section 286.680 — Investment by Board of money in funds; qualifications and employment of investment counsel; employment of other services; liability for investment decisions., https://www.­leg.­state.­nv.­us/NRS/NRS-286.­html#NRS286Sec680.

286.010
Short title. 286.015
Declaration of state policy 286.016
Definitions. 286.017
“Actuarial computation” defined. 286.020
“Board” defined. 286.025
“Compensation” defined. 286.031
“Disability retirement allowance” defined. 286.040
“Employee” defined. 286.042
“Firefighter” defined. 286.045
“Independent contractor” defined. 286.050
“Member” defined. 286.061
“Police officer” defined. 286.065
“Postretirement increase” defined. 286.070
“Public employer” defined. 286.078
“Service” defined. 286.080
“Service retirement allowance” defined. 286.100
“System” defined. 286.110
Public Employees’ Retirement System: Establishment 286.117
Limitations on review and copying of certain records 286.118
Certain information deemed to be confidential 286.120
System governed by Public Employees’ Retirement Board: Name 286.130
Qualifications of members of Board 286.150
Monthly meetings of Board 286.160
Persons employed by Board: Appointment 286.170
Administration of System 286.180
Compensation and expenses of members of Board. 286.190
General powers and duties of Board. 286.200
Rules and regulations of Board: Procedure for adoption 286.211
Duties of Board: Police and Firefighters’ Retirement Fund. 286.215
Duties of Board: Calculation and determination of contributions, benefits and service credit related to qualified military service. 286.220
Public Employees’ Retirement Fund. 286.225
Police and Firefighters’ Retirement Fund. 286.227
Police and Firefighters’ Retirement Fund Advisory Committee. 286.230
Public Employees’ Retirement Administrative Fund. 286.241
Fund to pay accrued benefits that are not payable because of certain limitations 286.260
Individual accounts of members 286.265
Notice to Public Employees’ Benefits Program regarding certain changes in payment status of benefit recipients. 286.282
Chief of Budget Division to advise Governor concerning review of System’s policies and performance. 286.287
Board to consider investments: Meetings 286.288
Liaison officer between System and members or employers 286.290
Conditions for membership in System. 286.293
Persons required to participate in System. 286.297
Persons excluded from membership in System. 286.300
Purchase of credit for service: Requirements 286.301
Credit for free prior service. 286.303
Free credit for military service. 286.365
Eligibility of civilian employees of Nevada National Guard for membership in System. 286.367
Eligibility of volunteer firefighters for membership in System: Contributions 286.370
Procedure for integration of previously established retirement systems. 286.385
Public employee on leave of absence to serve in Nevada Legislature may remain member of System. 286.391
Public employee on leave to work for employee or employer association may remain member of System 286.401
Termination of membership 286.410
Amount of contribution by members of System 286.421
Payment of contributions by employer on behalf of employee 286.425
Election by employee to have employer pay contributions. 286.430
Withdrawal of contributions. 286.435
Repayment upon retroactive reinstatement. 286.440
Redeposit of withdrawn contributions upon return to service: Procedure. 286.450
Rate of contributions by public employer. 286.460
Remittance of contributions by public employers. 286.462
Complaint to Department of Taxation required concerning delinquent report or payment. 286.470
Credit for service as county commissioner, city council member or mayor: Calculation of average compensation 286.475
Credit for service as Legislator before July 1, 1967: Calculation of average compensation. 286.477
Credit for part-time employment 286.479
Service credit for military service in Persian Gulf Crisis. 286.481
Service ineligible for credit. 286.486
Service credited in another system ineligible 286.495
Computation of credit for service: Generally. 286.501
Computation of credit for service: Employees of school districts and professional staff of Nevada System of Higher Education. 286.505
Conversion of credit for service 286.510
Eligibility: Age and service of police officers, firefighters and other employees 286.520
Employment of retired employee: Consequences 286.523
Employment of retired employee: Exception for reemployment of certain retired employees to fill positions for which critical labor shortage exists 286.525
Employment of retired employee: Enrollment in System 286.533
Limitation on distributions to members of System. 286.534
Actuarial assumptions used in computing benefits: Availability 286.535
Limitation on compensation used to determine retirement benefit. 286.537
Limitations on benefits and contributions. 286.538
Minimum benefits payable to employee who became member of System before January 1, 1990. 286.539
Prohibition against applying forfeitures to increase benefits. 286.541
Application for service retirement allowance or disability retirement allowance 286.545
Consent of spouse to retirement plan of member. 286.551
Determination of monthly service retirement allowance. 286.555
Refund of portion of contributions to certain persons who became members on or after January 1, 2010. 286.571
Postretirement increases: Calculation of increase for persons who became members on or after January 1, 2010, and before July 1, 2015. 286.574
Postretirement increases: Calculation of increase for persons who became members on or after July 1, 2015. 286.575
Postretirement increases: Payment 286.577
Postretirement increases: Persons receiving allowance before July 1, 1975 286.578
Postretirement increases: Increases payable July 1, 1979, and July 1, 1980. 286.579
Postretirement increases: Increase for persons receiving benefits before January 1, 1977. 286.590
Alternatives to unmodified service retirement allowance. 286.592
Optional plans: Death of beneficiary 286.612
Charges for deferred protection: Termination 286.615
Optional deduction from benefits for payments for group insurance, plan of benefits or medical and hospital service or other obligations 286.620
Disability retirement allowance: Eligibility 286.630
Disability retirement allowance: Approval or denial of application 286.634
Disability retirement allowance: Effective date of retirement. 286.637
Disability retirement allowance: Recipient to provide copy of federal income tax return 286.638
Disability retirement allowance: Reporting to Internal Revenue Service. 286.640
Disability retirement allowance: Cancellation. 286.650
Disability retirement allowance: Consequences of employment of recipient. 286.655
Payments for rehabilitation in lieu of disability retirement allowance. 286.660
Death of certain member before retirement: Disposition of money to member’s credit in Public Employees’ Retirement Fund. 286.665
Death of member, retired employee or beneficiary: Transfer of contributions to retirement fund under certain circumstances 286.667
Allowance for retired police officer or firefighter: Benefits for spouse upon death 286.668
Forfeiture of rights and benefits under System for conviction of certain felonies 286.669
Person convicted of murder or voluntary manslaughter of member ineligible to receive benefits. 286.670
Right to benefits not subject to taxes, process, bankruptcy, assignment or assessment for impairment or insolvency of insurance company 286.671
Definitions. 286.672
Eligibility. 286.673
Payments to child of deceased member. 286.674
Payments to spouse of deceased member. 286.676
Payments to spouse of deceased member who had 10 or more years of accredited contributing service. 286.677
Payment to dependent parents 286.679
Disposition of surplus of contributions if payments to beneficiary cease. 286.680
Investment by Board of money in funds 286.682
Authorized investments: “Prudent person” standard. 286.701
Definitions. 286.703
“Active business operations” defined. 286.705
“Business operations” defined. 286.707
“Company” defined. 286.709
“Direct holdings” defined. 286.711
“Inactive business operations” defined. 286.713
“Iran” defined. 286.715
“Petroleum resources” defined. 286.717
“Scrutinized business operations” defined. 286.719
“Scrutinized company” defined. 286.721
Board to identify, review and create list of investments in scrutinized companies. 286.723
Board to prepare report of investments in scrutinized companies. 286.725
Inapplicability to certain investments. 286.735
Definitions. 286.737
“Boycott of Israel” defined. 286.739
“Company” defined. 286.741
“Direct holdings” defined. 286.743
“Public fund” defined. 286.745
“Scrutinized company” defined. 286.747
Board to identify, review and create list of investments in scrutinized companies. 286.749
Board to prepare report of investments in scrutinized companies. 286.802
Board of Regents to establish separate program for retirement of certain employees 286.804
Program may be separate system or fund 286.808
Contributions 286.810
Designation of investment entities 286.812
Administration of program. 286.814
Participants ineligible for membership in Public Employees’ Retirement System. 286.816
Benefits payable only by designated investment entities. 286.820
False statement or certification 286.3005
Purchase of credit for service: Public employer may purchase credit for member. 286.3007
Purchase by state agency of credit for service: Conditions. 286.5756
Postretirement increases: Persons receiving benefits before September 1, 1983, or for 3 years before increase. 286.5765
Postretirement increases: Persons retired before July 1, 1963 286.5775
Postretirement increases: Increases based on years allowance received 286.5785
Postretirement increases: Increases payable July 1, 1981, and July 1, 1982. 286.6703
Payment of allowance or benefit to alternate payee pursuant to domestic relations order. 286.6705
Transfer of unpaid check for benefits or refund to retirement fund 286.6765
Payments to spouse if deceased member was eligible to retire. 286.6766
Payment in lump sum to spouse 286.6767
Designation of survivor beneficiary and additional payees by member. 286.6768
Payments to survivor beneficiary of and to additional payees designated by deceased member who had 10 or more years of accredited contributing service. 286.6769
Payment in lump sum to survivor beneficiary of and to additional payees designated by member 286.6775
Limitation on and reduction of amount of monthly allowance. 286.6793
Time of vesting 286.67665
Payments to spouse of member killed in line of duty or course of employment on or after July 1, 2013. 286.67675
Payments to survivor beneficiary of and to additional payees designated by deceased member. 286.67685
Payment to survivor beneficiary of and to additional payees designated by deceased member if deceased member was eligible to retire. 286.67695
Payments to survivor beneficiary of member killed in line of duty or course of employment on or after July 1, 2013.
Last Updated

Jun. 24, 2021

§ 286.680’s source at nv​.us