NRS: CHAPTER 353D - NEVADA EMPLOYEE SAVINGS TRUST

[Rev. 6/29/2024 3:44:01 PM--2023]

CHAPTER 353D - NEVADA EMPLOYEE SAVINGS TRUST

GENERAL PROVISIONS

NRS 353D.010 Definitions. [Effective July 1, 2025.]

NRS 353D.020 “Administrative Fund” defined. [Effective July 1, 2025.]

NRS 353D.030 “Board” defined. [Effective July 1, 2025.]

NRS 353D.040 “Compensation” defined. [Effective July 1, 2025.]

NRS 353D.050 “Contribution rate” defined. [Effective July 1, 2025.]

NRS 353D.060 “Covered employee” defined. [Effective July 1, 2025.]

NRS 353D.070 “Covered employer” defined. [Effective July 1, 2025.]

NRS 353D.080 “Employer” defined. [Effective July 1, 2025.]

NRS 353D.090 “Individual Retirement Account” defined. [Effective July 1, 2025.]

NRS 353D.100 “Internal Revenue Code” defined. [Effective July 1, 2025.]

NRS 353D.110 “Investment fund” defined. [Effective July 1, 2025.]

NRS 353D.120 “Participant” defined. [Effective July 1, 2025.]

NRS 353D.130 “Program” defined. [Effective July 1, 2025.]

NRS 353D.140 “State” defined. [Effective July 1, 2025.]

NRS 353D.150 “Tax-favored retirement plan” defined. [Effective July 1, 2025.]

NRS 353D.160 “Trust” defined. [Effective July 1, 2025.]

NRS 353D.170 “Trustee” defined. [Effective July 1, 2025.]

NRS 353D.180 Construction of chapter. [Effective July 1, 2025.]

ADMINISTRATION

NRS 353D.200 Board of Trustees: Creation; membership; terms; vacancies; Chair; meetings; quorum; compensation. [Effective July 1, 2025.]

NRS 353D.210 Staff and administrative support for Board of Trustees; authority for Board to enter into intergovernmental agreements or contracts for outreach, technical assistance or compliance services; duty of governmental entities to provide information to Board. [Effective July 1, 2025.]

NRS 353D.220 Transactions and interests prohibited for members of Board of Trustees, staff and administrators. [Effective July 1, 2025.]

NRS 353D.230 Authority of Board of Trustees to borrow money or enter into certain procurement agreements; payment of administrative costs of Program and Trust. [Effective July 1, 2025.]

NRS 353D.240 Maintenance of records; annual audit; transmittal of audited financial report; annual report on operation of Program. [Effective July 1, 2025.]

NRS 353D.250 Personally identifiable information of participants in Program and account information are confidential; exceptions. [Effective July 1, 2025.]

NRS 353D.260 Limitation on effect of action by Board of Trustees; imposition of obligations on State or pledge of State’s credit prohibited. [Effective July 1, 2025.]

NEVADA EMPLOYEE SAVINGS TRUST PROGRAM; NEVADA EMPLOYEE SAVINGS TRUST; ADMINISTRATIVE FUND

Nevada Employee Savings Trust Program

NRS 353D.300 General powers of Board of Trustees; regulations. [Effective July 1, 2025.]

NRS 353D.310 Requirements. [Effective July 1, 2025.]

NRS 353D.320 Immunity of employer; employer not deemed fiduciary. [Effective July 1, 2025.]

Nevada Employee Savings Trust; Administrative Fund

NRS 353D.350 Nevada Employee Savings Trust: Creation; appointment of Trustee; investments; Board authorized to retain investment adviser; use of assets in Trust; assets in Trust must be held separately from assets of State; exemption from certain laws. [Effective July 1, 2025.]

NRS 353D.360 Nevada Employee Savings Trust Administrative Fund: Creation; administration; deposit of money received for Program; use. [Effective July 1, 2025.]

Miscellaneous Provisions

NRS 353D.380 Persons who are fiduciaries; standards for discharge of duties by fiduciaries. [Effective July 1, 2025.]

NRS 353D.390 Immunity of State and its officers and employees; credit and taxing power of State not pledged. [Effective July 1, 2025.]

_________

GENERAL PROVISIONS

NRS 353D.010 Definitions. [Effective July 1, 2025.] As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 353D.020 to 353D.170, inclusive, have the meanings ascribed to them in those sections.

(Added to NRS by 2023, 2804, effective July 1, 2025)

NRS 353D.020 “Administrative Fund” defined. [Effective July 1, 2025.] “Administrative Fund” means the Nevada Employee Savings Trust Administrative Fund created by NRS 353D.360.

(Added to NRS by 2023, 2804, effective July 1, 2025)

NRS 353D.030 “Board” defined. [Effective July 1, 2025.] “Board” means the Board of Trustees of the Nevada Employee Savings Trust created by NRS 353D.200.

(Added to NRS by 2023, 2804, effective July 1, 2025)

NRS 353D.040 “Compensation” defined. [Effective July 1, 2025.] “Compensation” means compensation within the meaning of section 219(f)(1) of the Internal Revenue Code, 26 U.S.C. § 219(f)(1), that is received by a covered employee from a covered employer.

(Added to NRS by 2023, 2804, effective July 1, 2025)

NRS 353D.050 “Contribution rate” defined. [Effective July 1, 2025.] “Contribution rate” means the percentage of a covered employee’s compensation that is withheld from the covered employee’s compensation and paid to the Individual Retirement Account established or maintained for the covered employee through the Program.

(Added to NRS by 2023, 2804, effective July 1, 2025)

NRS 353D.060 “Covered employee” defined. [Effective July 1, 2025.]

1. “Covered employee” means a person who:

(a) Is employed by a covered employer for not less than 120 days;

(b) Has wages or other compensation that is allocable to the State; and

2. For purposes of the investment, withdrawal, transfer, rollover or other distribution of an Individual Retirement Account, the term also includes the beneficiary of a deceased covered employee.

3. The term does not include:

(a) Any employee covered under the federal Railway Labor Act, 45 U.S.C. §§ 151 et seq.;

(b) Any employee on whose behalf an employer makes contributions to a Taft-Hartley multiemployer pension trust fund; or

(c) Any person who is an employee of the Federal Government, the State or any other state, county or municipal corporation, or any of this State’s or any other state’s units or instrumentalities.

(Added to NRS by 2023, 2804, effective July 1, 2025)

NRS 353D.070 “Covered employer” defined. [Effective July 1, 2025.] “Covered employer” means an employer that:

1. Employs more than five persons in this State;

2. Has been in business for at least 36 months; and

3. Has not maintained a tax-favored retirement plan for its employees or has not done so in an effective form and operation at any time within the current calendar year or 3 immediately preceding calendar years.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.080 “Employer” defined. [Effective July 1, 2025.]

1. Except as otherwise provided in subsection 2, “employer” means a person or entity engaged in a business, profession, trade or other enterprise in this State, whether for profit or not for profit, that employs one or more persons in this State.

2. The term does not include an agency or entity of the Federal Government, the government of this State or a political subdivision of this State.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.090 “Individual Retirement Account” defined. [Effective July 1, 2025.] “Individual Retirement Account” means an individual retirement account or an individual retirement annuity established under section 408 or 408A of the Internal Revenue Code, 26 U.S.C. § 408 or 408A.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.100 “Internal Revenue Code” defined. [Effective July 1, 2025.] “Internal Revenue Code” means the federal Internal Revenue Code of 1986, as amended.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.110 “Investment fund” defined. [Effective July 1, 2025.] “Investment fund” means an investment portfolio established by the Board within the Trust for investment purposes.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.120 “Participant” defined. [Effective July 1, 2025.] “Participant” means a person who contributes to an Individual Retirement Account established or maintained through the Program or has an account balance in an Individual Retirement Account established or maintained through the Program.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.130 “Program” defined. [Effective July 1, 2025.] “Program” means the Nevada Employee Savings Trust Program established by the Board pursuant to NRS 353D.300.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.140 “State” defined. [Effective July 1, 2025.] “State” means the State of Nevada.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.150 “Tax-favored retirement plan” defined. [Effective July 1, 2025.] “Tax-favored retirement plan” means a retirement plan that is tax-qualified under or is described in and satisfies the requirements of section 401(a), 401(k), 403(a), 403(b), 408(k) or 408(p) of the Internal Revenue Code, 26 U.S.C. §§ 401(a), 401(k), 403(a), 403(b), 408(k) or 408(p).

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.160 “Trust” defined. [Effective July 1, 2025.] “Trust” means the Nevada Employee Savings Trust created pursuant to NRS 353D.350 and each Individual Retirement Account trust or annuity contract allocated to the Nevada Employee Savings Trust pursuant to NRS 353D.350.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.170 “Trustee” defined. [Effective July 1, 2025.] “Trustee” means the Trustee of the Trust appointed by the Board pursuant to subsection 2 of NRS 353D.350.

(Added to NRS by 2023, 2805, effective July 1, 2025)

NRS 353D.180 Construction of chapter. [Effective July 1, 2025.] This chapter, being necessary to secure the public health, safety, convenience and welfare, must be liberally construed to effect its purposes.

(Added to NRS by 2023, 2813, effective July 1, 2025)

ADMINISTRATION

NRS 353D.200 Board of Trustees: Creation; membership; terms; vacancies; Chair; meetings; quorum; compensation. [Effective July 1, 2025.] 1. There is hereby created the Board of Trustees of the Nevada Employee Savings Trust.

2. The Board consists of:

(a) The State Treasurer or the designee of the State Treasurer;

(b) The Lieutenant Governor or the designee of the Lieutenant Governor;

(d) One member, appointed by the Governor, who has experience in the field of investments;

(e) One member, appointed by the Majority Leader of the Senate, who represents retirees; and

(f) One member, appointed by the Speaker of the Assembly, who has experience in small business.

3. Each appointed member serves a term of 4 years unless dismissed for cause. Members may be reappointed for additional terms of 4 years in the same manner as the original appointments.

4. Any vacancy occurring in the appointed membership of the Board must be filled in the same manner as the original appointment for the remainder of the unexpired term.

5. The State Treasurer or the designee of the State Treasurer shall serve as the Chair of the Board.

6. The Board shall meet at the call of the Chair as frequently as required to perform its duties.

7. A majority of the members of the Board constitutes a quorum for the transaction of business, and a majority of a quorum present at any meeting is sufficient for any official action taken by the Board.

8. Each member of the Board serves without compensation, except that each member is entitled to receive:

(a) The per diem allowance and travel expenses provided for state officers and employees generally; and

(b) Reimbursement for any other actual and reasonable expense incurred while performing the member’s duties.

(Added to NRS by 2023, 2805, effective July 1, 2025)

1. The State Treasurer shall, within the limits of legislative appropriations, provide staff support to the Board and may otherwise provide administrative support to the Board.

2. The Board may enter into an intergovernmental agreement or contract to obtain outreach, technical assistance or compliance services with any officer, agency, division or department of the State, including, without limitation, the Lieutenant Governor, Secretary of State, Department of Taxation, Department of Employment, Training and Rehabilitation, Department of Business and Industry and Office of the Labor Commissioner. An officer, agency, division or department that enters into such an intergovernmental agreement or contract with the Board shall collaborate with any other officer, agency, division or department of the State as necessary to provide such outreach, technical assistance or compliance services to the Board.

3. Each officer, agency, division or department of the State must provide any information necessary for the Board to implement the Program regardless of whether the Board has entered into an intergovernmental agreement or contract with the officer, agency, division or department pursuant to subsection 2.

(Added to NRS by 2023, 2807, effective July 1, 2025)

NRS 353D.220 Transactions and interests prohibited for members of Board of Trustees, staff and administrators. [Effective July 1, 2025.] A member of the Board and a person who serves on the staff of the Board or as an administrator of the Program shall not:

1. Directly or indirectly have any interest in the making of any investment under the Program or in any gains or profits accruing from such an investment;

2. Borrow any Program-related money or deposits, or use any such money or deposits in any manner, for himself or herself or as an agent or partner of others; or

3. Become an endorser, surety or obligor on any investment made through the Program.

(Added to NRS by 2023, 2812, effective July 1, 2025)

NRS 353D.230 Authority of Board of Trustees to borrow money or enter into certain procurement agreements; payment of administrative costs of Program and Trust. [Effective July 1, 2025.]

1. The Board may, to enable or facilitate the start up and continuing operation, maintenance, administration and management of the Program until the Board determines that the Program has accumulated sufficient balances and is able to generate sufficient funding for the Program to be financially self-sustaining:

(a) Borrow money from the State, any unit of federal, state or local government or any other person, firm, partnership, corporation or entity; or

(b) Enter into long-term procurement contracts with one or more financial providers if the Board determines that the fee structure of a contract allows or assists the Program to minimize or avoid the need to borrow money pursuant to paragraph (a) or to rely upon general assets of the State.

2. Money borrowed pursuant to subsection 1 must:

(a) Be borrowed in the name of the Program and Board only;

(b) Be repaid solely from the revenues of the Program; and

3. Within the limits of legislative appropriations, the State may pay on behalf of the Board administrative costs associated with the creation, maintenance, operation and management of the Program and Trust until the Board determines that sufficient assets are available in the Administrative Fund for that purpose. Thereafter, all administrative costs of the Program and Trust, including any repayment of start-up money provided by the State, must be repaid only out of money on deposit in the Administrative Fund.

(Added to NRS by 2023, 2809, effective July 1, 2025)

NRS 353D.240 Maintenance of records; annual audit; transmittal of audited financial report; annual report on operation of Program. [Effective July 1, 2025.]

1. The Board shall cause an accurate account of all the activities, operations and receipts and expenditures of the Board, Program and Trust to be maintained. Each year, a full audit of the books and accounts of the Board, Program and Trust pertaining to those activities, operations, receipts and expenditures, personnel, services and facilities must be conducted by a certified public accountant and must include, without limitation, direct and indirect costs attributable to the use of outside consultants, independent contractors and any other persons who are not state employees for the administration of the Program. For the purposes of the audit, the auditors shall have access to the properties and records of the Board, Program and Trust and may prescribe methods of accounting and the rendering of periodic reports in relation to projects undertaken by the Board, Program and Trust.

2. Not later than August 1 of each year, the Board shall submit to the Governor, the State Controller and the Director of the Legislative Counsel Bureau for transmittal to the Legislature or, if the Legislature is not in session, to the Legislative Commission, an audited financial report, prepared in accordance with generally accepted accounting principles, detailing the activities, operations and receipts and expenditures of the Board, Program and Trust during the immediately preceding calendar year. The report must also include projected activities of the Program for the current calendar year.

3. The Board shall prepare an annual report on the operation of the Program to be available to all citizens and provided to appropriate state officers.

(Added to NRS by 2023, 2812, effective July 1, 2025)

NRS 353D.250 Personally identifiable information of participants in Program and account information are confidential; exceptions. [Effective July 1, 2025.] Except to the extent necessary to administer the Program, personally identifiable information relating to individual participants in the Program, including, without limitation, the name, physical and electronic mail address, telephone number and other personally identifiable information of the participant, and information relating to individual accounts established or maintained through the Program, including, without limitation, the identity or amount of any investment, contribution or earnings attributable to an account, is confidential and must be maintained as confidential, unless the person who provides the information or is the subject of the information expressly agrees in writing to the disclosure of the information.

(Added to NRS by 2023, 2811, effective July 1, 2025)

NRS 353D.260 Limitation on effect of action by Board of Trustees; imposition of obligations on State or pledge of State’s credit prohibited. [Effective July 1, 2025.]

1. An act or undertaking of the Board does not constitute a debt of the State of Nevada, or any political subdivision thereof, or a pledge of the full faith and credit of the State of Nevada, or of any political subdivision thereof, and is payable solely from the Trust.

2. The Board may not impose any obligations on the State or pledge the credit of the State.

(Added to NRS by 2023, 2807, effective July 1, 2025)

NEVADA EMPLOYEE SAVINGS TRUST PROGRAM; NEVADA EMPLOYEE SAVINGS TRUST; ADMINISTRATIVE FUND

Nevada Employee Savings Trust Program

NRS 353D.300 General powers of Board of Trustees; regulations. [Effective July 1, 2025.] The Board is authorized and empowered to:

1. Design, establish, and operate the Nevada Employee Savings Trust Program;

2. Enter into contracts necessary or desirable for the administration of the Program, including, without limitation, contracts with one or more other states to:

(a) Provide for the administration of all or part of the Program by another state;

(b) Administer all or part of the qualified employee savings trust program of another state; or

3. Hire, retain and terminate third party service providers as the Board deems necessary or desirable for the Program, including, without limitation, nonprofit organizations, consultants, investment managers or advisers, trustees, custodians, insurance companies, record keepers, administrators, actuaries, counsel, auditors and other professionals;

4. Determine, without limitation, the:

(a) Types of Individual Retirement Accounts to be offered;

(b) Default contribution rate; and

5. Develop an option for participants to convert contributions into fixed lifetime income streams;

6. Develop and implement an outreach plan to gain input and disseminate information regarding the Program and retirement and financial education in general to employees, employers and other constituents in this State;

7. Determine the number of days during which a covered employer must make the Program available to a covered employee upon first becoming a covered employer or covered employee;

8. Determine the number of days, which must not be less than 90 days, after the Program is first made available to a covered employee during which the covered employee may exercise the employee’s right to opt out of the Program without penalty; and

9. Adopt regulations, rules and procedures for the establishment and operation of the Program and to take such other actions necessary or desirable to establish and operate the Program.

(Added to NRS by 2023, 2806, effective July 1, 2025)

NRS 353D.310 Requirements. [Effective July 1, 2025.] The Program designed, established and operated by the Board pursuant to NRS 353D.300 must provide, without limitation, that:

1. Each covered employer shall automatically enroll the covered employee in the Program or in a similar program offered by a trade association or chamber of commerce, unless the employee elects to opt out of the Program, or if applicable, the similar program offered by a trade association or chamber of commerce.

2. Contributions must be withheld from the compensation of each covered employee at the contribution rate set by the Board unless the covered employee elects not to contribute or to contribute at a different rate.

3. An Individual Retirement Account established and maintained through the Program must qualify for favorable federal income tax treatment pursuant to section 408 or 408A of the Internal Revenue Code, 26 U.S.C. § 408 or 408A.

4. To the extent consistent with federal law, a covered employee may withdraw from the employee’s Individual Retirement Account at any time if necessary to meet a financial or other emergency.

5. The Board may establish intervals after which a covered employee who opted out of the Program may later elect to participate in the Program.

6. A covered employer must deposit a covered employee’s withheld contributions under the Program with the Trustee in such manner as is determined by the Board, but in no case later than 10 business days after the date such amounts otherwise would have been paid to the covered employee.

7. The Board shall determine the rules and procedures for withdrawals, distributions, transfers and rollovers of Individual Retirement Accounts and for the designation of Individual Retirement Account beneficiaries.

8. The Board shall determine a method for employers other than covered employers and employees other than covered employees to participate in the Program, if allowed under federal law.

9. The Board shall prepare or cause to be prepared informational materials and required disclosures regarding the Program for distribution by covered employers to covered employees. Such materials must include, without limitation:

(a) A description of the benefits and risks associated with making contributions through the Program;

(b) Instructions about how to obtain additional information about the Program;

(c) A description of the federal and state income tax consequences of an Individual Retirement Account, which may consist of or include the disclosure statement required to be distributed by the Trustee by the Internal Revenue Code and the Treasury Regulations adopted thereunder;

(d) A statement that covered employees seeking financial advice should contact their own financial advisers, that covered employers are not in a position to provide financial advice and that covered employers are not liable for decisions covered employees make concerning the Program;

(e) A statement that the Program is not an employer-sponsored retirement plan;

(f) A statement that neither the Program nor the covered employee’s Individual Retirement Account established or maintained through the Program is guaranteed by the State; and

(g) A statement that:

(1) Neither a covered employer nor the State will monitor or has an obligation to monitor the covered employee’s eligibility under the Internal Revenue Code to make contributions to an Individual Retirement Account or to monitor whether the covered employee’s contributions to the Individual Retirement Account established or maintained for the covered employee through the Program exceed the maximum permissible Individual Retirement Account contribution;

(2) It is the covered employee’s responsibility to monitor such matters; and

(3) Neither the State nor the covered employer will have any liability with respect to any failure of the covered employee to be eligible to make Individual Retirement Account contributions or for making any contribution in excess of the maximum Individual Retirement Account contribution.

10. The Board shall prepare or cause to be prepared information, forms or instructions to be furnished to covered employees at such times as the Board determines that provide the covered employee with the procedures for, without limitation:

(a) Making contributions to the covered employee’s Individual Retirement Account established or maintained through the Program, including, without limitation, a description of the default contribution rate, any automatic escalation rate or frequency and the covered employee’s right to elect to make no contribution or to change the contribution rate;

(b) Making an investment election with respect to the covered employee’s Individual Retirement Account established or maintained through the Program, including a description of the default investment fund;

(c) Making transfers, rollovers, withdrawals and other distributions from the covered employee’s Individual Retirement Account; and

(d) Exercising the covered employee’s right to opt out of the Program.

11. Each covered employer shall deliver or facilitate the delivery of the items set forth in subsections 9 and 10, and any other information required by the Board, to each covered employee at such time and in such manner as determined by the Board.

12. The Program shall be designed and operated in a manner that will cause it not to be an employee pension benefit plan within the meaning of section 3(2) of the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1002(2).

(Added to NRS by 2023, 2807, effective July 1, 2025)

NRS 353D.320 Immunity of employer; employer not deemed fiduciary. [Effective July 1, 2025.]

1. A covered employer or other employer may not be held liable for:

(a) An employee’s decision to participate in or opt out of the Program;

(b) A participant’s or the Board’s investment decisions;

(c) The administration, investment, investment returns or investment performance of the Program, including, without limitation, any interest rate or other rate of return on any contribution or account balance, provided the covered employer or other employer played no role;

(d) The design of the Program or the benefits paid to participants;

(e) A person’s awareness of or compliance with the conditions and other provisions of the Internal Revenue Code that determine which persons are eligible to make tax-favored contributions to Individual Retirement Accounts, in what amount and in what time frame and manner; or

(f) Any loss, failure to realize any gain or any other adverse consequences, including, without limitation, any adverse tax consequences or loss of favorable tax treatment, public assistance or other benefits, incurred by any person as a result of participating in the Program.

2. A covered employer or other employer must not be deemed to be a fiduciary in relation to the Program.

(Added to NRS by 2023, 2811, effective July 1, 2025)

Nevada Employee Savings Trust; Administrative Fund

1. The Nevada Employee Savings Trust is hereby created as an instrumentality of the State.

2. The Board shall appoint an institution qualified to act as a trustee of Individual Retirement Account trusts or an insurance company that issues annuity contracts pursuant to section 408 of the Internal Revenue Code, 26 U.S.C. § 408, and licensed to do business in the State of Nevada to act as Trustee of the Trust.

3. The assets of Individual Retirement Accounts established or maintained for covered employees must be allocated to the Trust and may be combined for investment purposes. Trust assets must be managed and administered for the exclusive purposes of providing benefits to covered employees and defraying reasonable expenses of administering and managing the investments, Individual Retirement Accounts, Board, Program and Trust.

4. The Board shall establish within the Trust one or more investment funds, each pursuing an investment strategy and policy established by the Board. The underlying investments of each investment fund must be diversified so as to minimize the risk of large losses under any circumstances. The Board may, at any time or from time to time, add, replace or remove any investment fund.

5. The Board may allow covered employees to allocate assets of their Individual Retirement Accounts among such investment funds and, in such case, the Board also may designate an investment fund as a default investment for the Individual Retirement Accounts of covered employees who do not make an investment choice.

6. The Board, in consultation with such third-party professional investment advisers, managers or consultants as it may retain, shall select the underlying investments of each investment fund. Such underlying investments may include, without limitation, shares of mutual funds and exchange-traded funds, publicly traded equity and fixed-income securities and other investments available for investment by the Trust. An investment fund may not invest in any bond, debt instrument or other security issued by the State.

7. The Board may, in its discretion, retain an investment adviser to select and manage the investments of an investment fund on a discretionary basis, subject to the Board’s ongoing review and oversight. An investment adviser retained pursuant to this subsection must be:

(a) An investment adviser registered as such under the Investment Advisers Act of 1940, 15 U.S.C. §§ 80b-1 et seq.; or

(b) A bank or other institution exempt from registration under the Investment Advisers Act.

8. The Trustee shall be subject to directions of the Board or of an investment adviser pursuant to this section and shall otherwise have no responsibility for the selection, retention or disposition of the investments or assets of the Trust.

9. The assets of the Trust must at all times be preserved, invested and expended solely for the purposes of the Trust and no property rights therein shall exist in favor of the State or any covered employer. Trust assets must not be transferred or used by the State for any purposes other than the purposes of the Trust or paying the expenses of operating the Program. Amounts deposited with the Trustee do not constitute property of the State and must not be commingled with state money and the State has no claim to or against, or interest in, the assets of the Trust.

10. The assets of the Trust must at all times be held separate and apart from the assets of the State. The State, Program, Board, any member of the Board or any covered employer shall not guaranty any investment, rate of return, or interest on amounts held in the Trust, an investment fund or any Individual Retirement Account. The State, Program, Board, any member of the Board or any covered employer is not liable for any losses incurred by Trust investments or otherwise by any covered employee or other person as a result of participating in the Program.

11. The provisions of chapter 90 of NRS, the Uniform Securities Act, do not apply to the Trust, any investment fund or any interest held by an Individual Retirement Account in the Trust or such investment fund.

12. The Trust and each investment fund are exempt from all taxation by this State and any political subdivision thereof.

(Added to NRS by 2023, 2810, effective July 1, 2025)

NRS 353D.360 Nevada Employee Savings Trust Administrative Fund: Creation; administration; deposit of money received for Program; use. [Effective July 1, 2025.]

1. The Nevada Employee Savings Trust Administrative Fund is hereby created in the State Treasury.

2. The Board shall administer the Administrative Fund.

3. The Board shall deposit in the Administrative Fund all money received for the Program, including, without limitation:

(a) Money appropriated to the Administrative Fund by the Legislature;

(b) Money transferred to the Administrative Fund from the Federal Government, other state agencies or local governments;

(c) Any gifts, donations, grants or other money designated for the Administrative Fund from the State, or any unit of federal or local government, or any other person, firm, partnership, corporation or other entity solely for deposit into the Administrative Fund, whether for investment or administrative expenses; and

(d) Earnings on money in the Administrative Fund.

4. The Board shall use the money in the Administrative Fund solely to pay the administrative costs and expenses of the Program and the administrative costs and expenses the Board incurs in the performance of its duties.

(Added to NRS by 2023, 2809, effective July 1, 2025)

Miscellaneous Provisions

NRS 353D.380 Persons who are fiduciaries; standards for discharge of duties by fiduciaries. [Effective July 1, 2025.]

1. Each member of the Board, the Trustee and each investment adviser or other person who has control of the assets of the Trust is a fiduciary with respect to the Trust and each Individual Retirement Account established and maintained through the Program.

2. Each fiduciary shall discharge its duties with respect to the Program solely in the interests of covered employees and with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of like character and aims.

(Added to NRS by 2023, 2812, effective July 1, 2025)

NRS 353D.390 Immunity of State and its officers and employees; credit and taxing power of State not pledged. [Effective July 1, 2025.]

1. The State and any employee or officer thereof, the Board and any member of the Board or employee thereof and the Program:

(a) Have no responsibility for compliance by persons with the conditions and other provisions of the Internal Revenue Code that determine which persons are eligible to make tax-favored contributions to Individual Retirement Accounts, in what amount and in what time frame and manner;

(b) Have no duty, responsibility or liability to any party for the payment of any benefits through the Program, regardless of whether sufficient money is available through the Program to pay such benefits;

(c) Do not and shall not guarantee any interest rate or other rate of return on or investment performance of any contribution or account balance; and

(d) Are not and shall not be liable or responsible for any loss, deficiency, failure to realize any gain or any other adverse consequences, including, without limitation, any adverse tax consequences or loss of favorable tax treatment, public assistance or other benefits, incurred by any person as a result of participating in the Program.

2. The debts, contracts and obligations of the Board, Program or Trust are not the debts, contracts and obligations of the State, and neither the faith and credit nor the taxing power of the State is pledged directly or indirectly to the payment of the debts, contracts and obligations of the Board, Program or Trust.

(Added to NRS by 2023, 2811, effective July 1, 2025)