NAC287.792. Requests for transfers of money.

     1. Except as otherwise provided in subsection 2, the board of trustees shall, upon request of the governing body, transfer money from the trust fund to an account designated by the governing body not later than 10 business days after the first day of the month following receipt of the request by the board of trustees. A request by the governing body pursuant to this subsection must include, without limitation:

     (a) An explanation of the manner in which the proposed transfer will be used to fulfill the requirements of the benefits plan of the local government;

     (b) A copy of the budget of the local government for the current fiscal year, which demonstrates that expenditures for retirement benefits are authorized by the governing body pursuant to an agreement between the local government and its employees;

     (c) Minutes of the meeting of the governing body at which the transfer was proposed; and

     (d) The signature of the chairperson of the governing body.

     2. If the request by the governing body does not meet the requirements of this section, the board of trustees may delay transfer of the money until the governing body has complied with the requirements.

     (Added to NAC by Com. on Local Gov’t Finance by R089-08, eff. 9-18-2008)