Nevada Revised Statutes 391.380 – Annuities or shares for employees: Purchase; conditions
1. The board of trustees of any school district in this state may purchase an annuity or shares for any teacher, principal, superintendent of schools or other employee of that district under a plan which meets the requirements 26 U.S.C. § 403(b).
Terms Used In Nevada Revised Statutes 391.380
- 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.
2. That purchase must be made only upon the written request of the employee and upon an agreement in writing that:
(a) The payments made constitute an allocable part of that employee’s total compensation, as that term is defined in NRS 286.025;
(b) The annuity or shares so purchased are the property of that employee and all rights thereunder are nontransferable and nonforfeitable except for a failure to make required payments; and
(c) The board of trustees has no liability under any such arrangement.
3. All requests under this section must be received and acted upon without discrimination so long as the employee is within the class of persons entitled by law to enjoy the benefits of the provisions of 26 U.S.C. § 403(b).
4. The shares purchased must be those of a regulated investment company as permitted under 26 U.S.C. § 403(b)(7).