Section 287.778 - Board of trustees: Appointment and terms of members1. In appointing a board of trustees: (a) If the assets of the trust fund will only be deposited in the Retirement Benefits Investment Fund pursuant to subparagraph (1) of paragraph (g) of subsection 2 of NRS NRS 287.017, the governing body shall appoint at least three but not more than five persons to the board of trustees, including: (1) One or more persons who each have a combination of education and experience in finance or economics that totals 5 years or more;(2) A public officer or employee of the local government who manages the fiscal affairs of the local government; and(3) A beneficiary of the benefits plan of the local government.(b) If the assets of the trust fund will be invested only in investments authorized for a local government pursuant to subparagraph (2) of paragraph (g) of subsection 2 of NRS NRS 287.017, or in such investments and deposited in the Retirement Benefits Investment Fund pursuant to subparagraph (1) of paragraph (g) of subsection 2 of NRS NRS NRS 287.017, the governing body shall appoint at least three but not more than five persons to the board of trustees, including: (1) One or more persons who each have a combination of education and experience in finance or economics that totals 5 years or more;(2) A public officer or employee of the local government who manages the fiscal affairs of the local government; and(3) A beneficiary of the benefits plan of the local government who has a combination of education and experience in finance or economics that totals 5 years or more.(c) If any of the assets of the trust fund will be invested in stocks or other equity securities or bonds or other debt securities which meet the requirements of subparagraph (3) of paragraph (g) of subsection 2 of NRS 287.017, the governing body shall appoint five persons to the board of trustees, including: (1) Two persons who have experience in the securities exchange market;(2) A public officer or employee of the local government who manages the fiscal affairs of the local government;(3) A person who is not an employee of the local government, who has a combination of education and experience in finance or economics that totals 7 years or more; and(4) A beneficiary of the benefits plan of the local government who has a combination of education and experience in finance or economics that totals 7 years or more.2. A person may not be appointed to the board of trustees pursuant to this section if the person: (a) Has a substantial financial interest in the ownership or negotiation of the securities or other financial instruments in which the assets of the trust fund are invested.(b) Is a member of the governing body that established the trust fund.3. A resolution adopted by two or more governing bodies to form a pooled trust pursuant to paragraph (h) of subsection 2 of NRS NRS 287.017 may include a provision for appointment of a member of the board of trustees of a participating governing body as a member of the board of trustees of the pooled trust.4. The term of a member of a board of trustees appointed pursuant to this section must be at least 2 years, but not more than 4 years.5. The governing body may reappoint a member of the board of trustees, and may alter the composition of the board of trustees if required pursuant to subsection 1.Nev. Admin. Code § 287.778
Added to NAC by Com. on Local Gov't Finance by R089-08, eff. 9-18-2008; A by R078-15, eff. 4/4/2016