Assembly Bill No. 126–Committee on Government Affairs

(On Behalf of Deferred Compensation Committee)

February 4, 1999

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Referred to Committee on Government Affairs

 

SUMMARY—Makes various changes relating to deferred compensation account in state general fund. (BDR 23-426)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: No.

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

 

AN ACT relating to state employees; requiring that the interest and income earned on the money in the deferred compensation account be credited to the account; requiring that certain money be deposited in the account; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

1-1 Section 1. Chapter 287 of NRS is hereby amended by adding thereto

1-2 a new section to read as follows:

1-3 The interest and income earned on the money in the deferred

1-4 compensation account created pursuant to subsection 2 of NRS 287.330

1-5 in the state general fund, after deducting any applicable charges, must be

1-6 credited to the account.

1-7 Sec. 2. NRS 287.250 is hereby amended to read as follows:

1-8 287.250 As used in NRS 287.250 to 287.370, inclusive, and section 1

1-9 of this act, unless the context otherwise requires, the words and terms

1-10 defined in NRS 287.260 to 287.310, inclusive, have the meanings ascribed

1-11 to them in those sections.

1-12 Sec. 3. NRS 287.365 is hereby amended to read as follows:

1-13 287.365 1. No money may be withdrawn or appropriated from the

1-14 program, except:

1-15 [1.] (a) For payment to a participant or beneficiary of a participant

1-16 pursuant to the terms of the program;

2-1 [2.] (b) In the amount required to pay the necessary expenses of

2-2 administering the program;

2-3 [3.] (c) As specifically authorized by federal law or regulation or by a

2-4 special act of the legislature; or

2-5 [4.] (d) To compensate the member of the committee appointed

2-6 pursuant to paragraph (c) of subsection 1 of NRS 287.325.

2-7 2. All money withdrawn from the program pursuant to paragraphs

2-8 (b) and (d) of subsection 1 must be deposited in the state general fund for

2-9 credit to the deferred compensation account created pursuant to

2-10 subsection 2 of NRS 287.330.

2-11 Sec. 4. The chairman of the committee established to administer the

2-12 public employees’ deferred compensation program authorized by NRS

2-13 287.250 to 287.370, inclusive, and section 1 of this act shall, on or before

2-14 September 1, 1999, cause the money in the State of Nevada deferred

2-15 compensation float account on deposit with the Bank of America to be

2-16 deposited in the state general fund for credit to the deferred compensation

2-17 account created pursuant to subsection 2 of NRS 287.330.

2-18 Sec. 5. This act becomes effective on July 1, 1999.

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