1-3 board of regents of the University of Nevada may agree with any of its

1-4 employees, to defer the compensation due to them in accordance with a

1-5 program approved by the committee and as authorized by 26 U.S.C. §

1-6 401(k), 403(b) or 457. The board of regents may agree with any of its

1-7 employees to defer the compensation due to them as authorized by 26

1-8 U.S.C. § 403(b) without submitting the program to the committee for its

1-9 approval.

1-10 2. The employer shall withhold the amount of compensation which an

1-11 employee has, by such an agreement, directed the employer to defer.

1-12 3. The employer may invest the withheld money in any investment

1-13 approved by the committee or, in the case of deferred compensation under

1-14 26 U.S.C. § 403(b) for employees of the University and Community

1-15 College System of Nevada by the board of regents of the University of

1-16 Nevada.

1-17 4. The investments must be underwritten and offered in compliance

1-18 with all applicable federal and state laws and regulations, and may be

1-19 offered only by persons who are authorized and licensed under all

1-20 applicable state and federal regulations.

1-21 5. All amounts of compensation deferred pursuant to the program, all

1-22 property and all rights purchased with those amounts and all income

1-23 attributable to those amounts, property or rights [remain solely the property

1-24 and rights of the state or the University and Community College System of

1-25 Nevada, subject only to the claims of its general creditors, until made

1-26 available to the participants in the program or their beneficiaries. This

1-27 subsection does not apply to any part of the program for which the property

1-28 and rights may be, according to federal law, vested with the employee

1-29 without loss of the tax benefit of the deferral.] must, in accordance with 26 Green numbers along 1-30 left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

1-31 U.S.C. § 457(g), be held in trust for the exclusive benefit of the