Nevada § 287.0435 - Creation; investment; disbursements; administration by State Treasurer; checking account for payment of claims

§ 287.0435. Creation; investment; disbursements; administration by State Treasurer; checking account for payment of claims

1. Except as otherwise provided in subsection 4 of NRS 287.04362 and subsection 7 of NRS 287.044 , all money received for the Program, including, without limitation, money transferred

from the Active Employee Group Insurance Subsidy Account established in NRS 287.044 , must be deposited in the State Treasury for credit to the Fund for the Public Employees'

Benefits Program which is hereby created as a trust fund. The Program Fund must be accounted for as an internal service fund. Payments into and disbursements from the Program Fund must be so arranged as to

keep the Program Fund solvent at all times. 2. The money in the Program Fund must be invested as other money of the State is invested

and any income from investments paid into the Program Fund for the benefit of the

Program Fund. 3. Disbursements from the Program Fund must be made as any other claims against the

State are paid and may only be made for the benefit of the participants in the Program. 4. The State Treasurer may charge a reasonable fee for the State Treasurer's services

in administering the Program Fund, but the State, the State General Fund and the State

Treasurer are not liable to the Program Fund for any loss sustained by the Program

Fund as a result of any investment made on behalf of the Program Fund or any loss

sustained in the operation of the Program. 5. The Board shall deposit any disbursement received from the Program Fund into an

interest-bearing checking account in a bank or credit union qualified to receive deposits

of public money. Claims that have been submitted to the Program and approved must be paid from the

account, and any refund of such a claim must be deposited into the account.