1. The State may agree with any of its employees, and the Board of Regents of the University of Nevada may agree with any of its employees, to reduce the amount of taxable compensation due to an employee in accordance with a program established pursuant to 26 U.S.C. 125 by the Board of the Public Employees Benefits Program. 2. Political subdivisions of this State may agree with any of their employees to reduce the amount of taxable compensation due to an employee in accordance with a program established pursuant to 26 U.S.C. 125. 3. The employer shall deduct an amount from the taxable compensation of an employee pursuant to the agreement between the employer and the employee. 4. An employer shall not make any reduction in the taxable compensation of an employee pursuant to this section until the program established meets the requirements of 26 U.S.C. 125 for eligibility. 5. The Board of the Public Employees Benefits Program may establish and administer a program pursuant to 26 U.S.C. 125. The Board may: (a) Create an appropriate fund for administration of money and other assets resulting from the money deducted pursuant to the program. (b) Delegate to one or more state agencies or institutions of the Nevada System of Higher Education the responsibility for administering the program for their respective employees, including, without limitation: (1) Collection of money deducted; (2) Transmittal of money collected to depositories within the State designated by the Board; and (3) Payment for eligible uses. (c) Contract with a natural person, corporation, institution or other entity, directly or through a state agency or institution of the Nevada System of Higher Education, for services necessary to the administration of the plan, including, without limitation: (1) Consolidated billing; (2) The keeping of records for each participating employee and the program; (3) The control and safeguarding of assets; (4) Programs for communication with employees; and (5) The administration and coordination of the program. 6. Each employee who participates in a program established by the Board of the Public Employees Benefits Program pursuant to this section shall pay a proportionate share of the cost to administer the program as determined by the Board. 7. The provisions of this section do not supersede, make inoperative or reduce the benefits provided by the Public Employees Retirement System or by any other retirement, pension or benefit program established by law.
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