Nevada § 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

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.