ASSEMBLY ACTION Initial and Date |SENATE ACTION Initial and Date
Adopted Lost | Adopted Lost
Concurred In Not |Concurred In Not
Receded Not | Receded Not
Amend the bill as a whole by renumbering section 1 as sec. 2 and adding a new section designated section 1, following the enacting clause, to read as follows:
“Section 1. NRS 287.270 is hereby amended to read as follows:
287.270 “Deferred compensation” means income which a state employee or employee of the University and Community College System of Nevada may legally set aside under the Program, which may consist of one or more plans authorized by 26 U.S.C. § 401(a), 401(k), 403(b) or 457 , or any other plan authorized by any federal law to reduce taxable compensation or other forms of compensation, and which income, while invested under the Program, is exempt from federal income taxes on the employee’s contributions and interest, dividends and capital gains.”.
Amend section 1, page 1, line 7, by deleting:
“[or 457.] , 457” and inserting:
“or 457 [.] ,”.
Amend section 1, page 2, line 19, by deleting:
“401(a) or 457(g),” and inserting:
“401(a) , 401(k), 403(b) or 457(g), or any other federal law authorizing a plan to reduce taxable compensation or other forms of compensation,”.
Amend the bill as a whole by renumbering sec. 2 as sec. 5 and adding new sections designated sections 3 and 4, following section 1, to read as follows:
“Sec. 3. NRS 287.340 is hereby amended to read as follows:
287.340 1. Deferrals of compensation may be withheld as deductions from the payroll in accordance with the agreement between the employer and a participating employee.
2. The amount of deferred compensation set aside by the employer to a plan under the Program during any calendar year may not exceed the amount authorized by 26 U.S.C. § 401(a), 401(k), 403(b) , [or] 457, or any other federal law authorizing a plan to reduce taxable compensation or other forms of compensation, as applicable.
Sec. 4. NRS 287.350 is hereby amended to read as follows:
287.350 1. No plan in the program becomes effective and no deferral may be made until the plan meets the requirements of 26 U.S.C. § 401(a), 401(k), 403(b) or 457, or any other federal law authorizing a plan to reduce taxable compensation or other forms of compensation, as applicable, for eligibility.
2. Income deferred during a period in which no income tax is imposed by the State or a political subdivision may not be taxed when paid to the employee.”.