Nevada Revised Statutes 286.804 – Program may be separate system or fund; participation in larger system or fund; provision of benefits through investment entity or combination of entities
1. The retirement program may be a separate system or fund or may participate in a larger system or fund with respect to some or all of the benefits provided under the program. The benefits under the retirement program may be provided through any investment entity or combination of entities, including, but not limited to:
Terms Used In Nevada Revised Statutes 286.804
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) An insurance or annuity contract, either fixed or variable in nature;
(b) A mutual fund;
(c) A bank or other depository institution; and
(d) An investment adviser who is registered pursuant to the Investment Advisers Act of 1940, as specified in the program.
2. If benefits are provided through insurance or annuity contracts, the contracts may be obtained from any life insurance or annuity company authorized to do business in this State, or from an affiliate of such a company if the affiliate is organized as a nonprofit educational corporation and issues annuities only to nonprofit institutions of education and research.
3. As used in this section, ‘depository institution’ has the meaning ascribed to it in NRS 657.037.