Nevada § 391.380 Annuities or shares for employees: Purchase; conditions

Nevada Statutes

§ 391.380 — Annuities or shares for employees: Purchase; conditions

Nevada § 391.380

Title 34EDUCATION

Ch. 391Personnel

BENEFITS AND ANNUITIES

This text of Nevada § 391.380 (Annuities or shares for employees: Purchase; conditions) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 391.380 (2026).

Text

1. The board of trustees of any school district in this state may purchase an annuity or shares for any teacher, principal, superintendent of schools or other employee of that district under a plan which meets the requirements 26 U.S.C. § 403(b). 2. That purchase must be made only upon the written request of the employee and upon an agreement in writing that:

(a)The payments made constitute an allocable part of that employee’s total compensation, as that term is defined in NRS 286.025 ;

(b)The annuity or shares so purchased are the property of that employee and all rights thereunder are nontransferable and nonforfeitable except for a failure to make required payments; and

(c)The board of trustees has no liability under any such arrangement. 3. All requests under this section must be rec

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1. The board of trustees of any school district in this state may purchase an annuity or shares for any teacher, principal, superintendent of schools or other employee of that district under a plan which meets the requirements 26 U.S.C. § 403(b).
2. That purchase must be made only upon the written request of the employee and upon an agreement in writing that:
(a) The payments made constitute an allocable part of that employee’s total compensation, as that term is defined in NRS 286.025 ;
(b) The annuity or shares so purchased are the property of that employee and all rights thereunder are nontransferable and nonforfeitable except for a failure to make required payments; and
(c) The board of trustees has no liability under any such arrangement.
3. All requests under this section must be received and acted upon without discrimination so long as the employee is within the class of persons entitled by law to enjoy the benefits of the provisions of 26 U.S.C. § 403(b).
4. The shares purchased must be those of a regulated investment company as permitted under 26 U.S.C. § 403(b)(7).