1. Senate Bill No. 367–Committee on Government Affairs

CHAPTER........

AN ACT relating to deferred compensation; providing, in compliance with federal law, that

all amounts of compensation deferred pursuant to the deferred compensation

program for employees of political subdivisions and all property, rights and income

relating thereto must be held in trust for the exclusive benefit of the participants in

the program and their beneficiaries; and providing other matters properly relating

thereto.

 

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1. NRS 287.430 is hereby amended to read as follows:

  1. 287.430 1. The governing body of a political subdivision may create
  1. an appropriate fund for administration of money and other assets resulting
  1. from compensation deferred under the program.
  1. 2. All amounts of compensation deferred pursuant to the program, all
  1. property and rights purchased with those amounts, and all income
  1. attributable to those amounts, property or rights [remain solely the property
  1. and rights of the political subdivision, subject only to the claims of its
  1. general creditors, until made available to the participants or] must, in
  1. accordance with 26 U.S.C. § 457(g), be held in trust for the exclusive
  1. benefit of the participants in the program and their beneficiaries.

Sec. 2. This act becomes effective upon passage and approval and

applies retroactively to January 1, 1999.

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