§ 427A.896 — Investment plan for and investment of money in Trust Fund; investment managers for Program; duties and powers of State Treasurer concerning Program

Nevada § 427A.896

• Jurisdiction: Nevada
• Title 38: PUBLIC WELFARE
• Ch. 427A: Services

Text

1. The State Treasurer shall establish a comprehensive investment plan for the money in the Trust Fund.
2. Notwithstanding the provisions of any specific statute to the contrary, the State Treasurer may invest or cause to be invested any money in the Trust Fund, including, without limitation, the money in the Program Account described in paragraph (a) of subsection 3 of NRS 427A.893 , in any manner reasonable and appropriate to achieve the objectives of the Nevada ABLE Savings Program, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The State Treasurer shall consider the risk, expected rate of return, term or maturity, diversification of total investments, liquidity and anticipated investments in and withdrawals from the Trust Fund.
3. The State Treasurer may establish criteria and select investment managers, mutual funds or other such entities to act as investment managers for the Nevada ABLE Savings Program.
4. The State Treasurer may employ or contract with investment managers, evaluation services or other services as determined by the State Treasurer to be necessary for the effective and efficient operation of the Nevada ABLE Savings Program.
5. The State Treasurer may employ personnel and contract for goods and services necessary for the effective and efficient operation of the Nevada ABLE Savings Program.
6. The State Treasurer shall implement an outreach and educational program designed to create awareness of, and increase participation in, the Nevada ABLE Savings Program. Any marketing plan and materials for the Nevada ABLE Savings Program must be approved by the State Treasurer.
7. The State Treasurer may prescribe terms and conditions of savings trust agreements.
8. The State Treasurer may contract with one or more qualified entities for:
(a) The day-to-day operation of the Nevada ABLE Savings Program, and any associated educational and outreach activities of the Program, as the program administrator for the management of the marketing of the Nevada ABLE Savings Program;
(b) The administration of the comprehensive investment plan established pursuant to subsection 1 and the Trust Fund;
(c) The selection of investment managers for the Nevada ABLE Savings Program; and
(d) The performance of similar activities.

Legislative History

(Added to NRS by 2015, 1431 ; A 2019, 116 )