Nevada § 353D.310 - Requirements

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) .