1. The Retirement Benefits Investment Board is hereby created. The membership of the Board consists of the members of the Public Employees’ Retirement Board, who shall serve in that capacity ex officio and without any additional compensation.

2. The Board shall establish and administer a fund to be known as the Retirement Benefits Investment Fund for the investment of money deposited with the Board pursuant to subsection 6 or NRS 287.017. Any money received by the Board pursuant to subsection 6 or NRS 287.017 shall be deemed to be held for investment purposes only and not in any fiduciary capacity. Any money in the Fund must be invested in the same manner as money in the Public Employees’ Retirement Fund is invested. The interest and income earned on the money in the Fund, after deducting any applicable charges, must be credited to the Fund.

3. Money in the Fund may be transferred to the State Retirees’ Health and Welfare Benefits Fund created by NRS 287.0436 to be used for the purposes specified in NRS 287.0436.

4. The Board may assess reasonable charges against the Fund for the payment of its expenses in administering the Fund. Except as otherwise provided in subsection 3, no other money may be withdrawn from the Fund except as directed by the board responsible for that money pursuant to subsection 6 or NRS 287.017, as applicable.

5. Except as otherwise provided in this section, the Board has the same powers and duties in carrying out the provisions of this section as those pertaining to the administration of the Public Employees’ Retirement Fund by the Public Employees’ Retirement Board. The Retirement Benefits Investment Board may employ such staff and contract for the provision of such management, investment and other services, including, without limitation, the services of accountants, actuaries, attorneys and investment managers, as are necessary for the administration of the Fund and to carry out the provisions of this section.

6. Notwithstanding any other provision of law, the Board of the Public Employees’ Benefits Program may deposit any of the assets of the Public Employees’ Benefits Program in the Fund for purposes of investment if it obtains an opinion from its legal counsel that the investment of those assets in accordance with this section will not violate any of the provisions of Sections 9 and 10 of Article 8 of the Nevada Constitution.

7. As used in this section, unless the context otherwise requires:

(a) “Board” means the Retirement Benefits Investment Board created pursuant to this section.

(b) “Fund” means the Retirement Benefits Investment Fund created pursuant to this section.

(Added to NRS by 2007, 903; A 2010, 26th Special Session, 12)