1. The Board shall establish a fund known as the Public Employees’ Retirement Fund.
2. It is hereby declared to be the policy of the Legislature that the Public Employees’ Retirement Fund is a trust fund established to afford a degree of security to long-time public employees of the State and its political subdivisions. The money in the Fund must not be used or appropriated for any purpose incompatible with the policy of the Public Employees’ Retirement System, as expressed in NRS 286.015. The Fund must be invested and administered to assure the highest return consistent with safety in accordance with accepted investment practices.
3. The interest and income earned on the money in the Public Employees’ Retirement Fund, after deducting any applicable charges, must be credited to the Fund.
4. Money in the Public Employees’ Retirement Fund must be expended by the Board for the purpose of paying:
(a) Service retirement allowances;
(b) Disability retirement allowances;
(c) Postretirement allowances;
(d) Benefits for survivors;
(e) Authorized refunds to members and their beneficiaries;
(f) Amounts equivalent to disability retirement allowances to be used by employers for rehabilitation; and
(g) Allowances to beneficiaries,
Ê and for the payment of expenses authorized by law to be paid from the Fund.
5. Contributions from members and from participating public employers to the Public Employees’ Retirement Fund must be deposited in a bank or credit union of reputable standing in the State of Nevada. Such deposits must be secured in a manner satisfactory to the Board.
6. All checks drawn upon the Public Employees’ Retirement Fund must be signed by two persons designated by the Board.