287.04364 - Uses; fiduciary duty of Board. - Nevada Statutes

287.04364  Uses; fiduciary duty of Board.

      1.  The money in the Retirees’ Fund must be expended by the Board for the purpose of:

      (a) Offsetting a portion of the costs of the health and welfare benefits for current and future state retirees pursuant to NRS 287.046; and

      (b) Paying such other expenses as by law may be paid from the Retirees’ Fund.

      2.  Money designated for the purposes set forth in subsection 1 must be withdrawn from the Retirees’ Fund and deposited in the Program Fund as necessary.

      3.  The money in the Retirees’ Fund belongs to the officers, employees and retirees of this State in aggregate and is to be held in trust by the Board. Neither the State nor the governing body of any county, school district, municipal corporation, political subdivision, public corporation or other local governmental agency of the State, nor any single officer, employee or retiree of any such entity has any right to the money in the Retirees’ Fund.

      (Added to NRS by 2007, 3142)