1. The Committee shall: (a) At its first meeting each year, designate one of its members to serve as Chair of the Committee for a term of 1 year or until the Chairs successor has been designated. (b) Act in such a manner as to promote the collective best interests of the participants in the Program. 2. The Committee may: (a) Create an appropriate account for administration of money and other assets resulting from compensation deferred pursuant to the Program. (b) With the approval of the Governor, 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: (1) Collection of deferred compensation; (2) Transmittal of money collected to depositories within the State designated by the Committee; and (3) Payment of deferred compensation to participating employees. (c) Contract with a private 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 purchase, control and safeguarding of assets; (4) Programs for communication with employees; and (5) The administration and coordination of the Program. 3. The Committee and its individual members are not liable for any decision relating to investments if the Committee has: (a) Obtained the advice of qualified counsel on investments. (b) Established proper objectives and policies relating to investments. (c) Discharged its duties regarding the decision: (1) Solely in the interest of the participants in the Program; and (2) With the care, skill, prudence and diligence that, under the circumstances existing at the time of the decision, a prudent person who is familiar with similar investments would use while acting in a similar capacity in conducting an enterprise of similar character and purpose. (d) Solicited proposals from qualified providers, record keepers or third-party administrators of plans at least once every 5 years. (e) Monitored the plan and investments to ensure that fees and expenses are reasonable. 4. The Committee may delegate administrative duties for the Program to the Executive Officer. The Executive Officer and the staff of the Program shall act to discharge their duties in the collective best interest of the participants of the Program and with the care, skill, prudence and diligence that, under the circumstances existing at the time of the actions, a prudent person who is familiar with similar programs would use while acting in a similar capacity in conducting an enterprise of similar character and purpose.
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