Nevada Revised Statutes 287.04362 – Limitation on use; investment and administration; sources; interest and income; no reversion of balance to State General Fund
1. The money in the Retirees’ Fund must not be used or appropriated for any purpose incompatible with the policies of the Program, as expressed in NRS 287.0402 to 287.049, inclusive.
Terms Used In Nevada Revised Statutes 287.04362
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. The Retirees’ Fund must be invested and administered to ensure the highest return consistent with safety in accordance with accepted investment practices and the laws of this State which may include, without limitation, investment in the Retirement Benefits Investment Fund established pursuant to NRS 355.220.
3. The Board has the exclusive control of the administration and investment of the Retirees’ Fund.
4. The following money must be deposited in the Retirees’ Fund:
(a) All money appropriated by the Legislature to the Retirees’ Fund;
(b) All money provided for the purpose of offsetting the portion of the costs of the health and welfare benefits for current and future state retirees pursuant to NRS 287.046;
(c) All money accruing to the Retirees’ Fund from all other sources; and
(d) Any other money provided to the Program for the payment of other health and welfare benefits for current and future state retirees pursuant to NRS 287.046.
5. The interest and income earned on the money in the Retirees’ Fund, after deducting any applicable charges, must be credited to the Retirees’ Fund.
6. Any money remaining in the Retirees’ Fund at the end of a fiscal year does not revert to the State General Fund, and the balance in the Retirees’ Fund must be carried forward.