1. The Board of Regents of the University of Nevada shall contribute on behalf of each participant an amount equal to 10 percent of the participant’s gross compensation during continuance of employment. Each participant shall also contribute 10 percent of the participant’s gross compensation, but the contributions required by this section must not be less than those authorized by NRS 286.410 and 286.450. Payment of the contributions required by this section must be made by the disbursing officer for the Nevada System of Higher Education to the designated investment entities for the benefit of each participant.
2. The Board of Regents of the University of Nevada may, on behalf of each participant, pay the contribution required to be paid by the participant in subsection 1. Any such payment must be:
(a) Made in lieu of an equivalent increase in the basic salary or in the cost of living for the participant, or both; or
(b) Counterbalanced by an equivalent reduction in the participant’s salary.
(Added to NRS by 1969, 243; A 1973, 1418; 1975, 1062; 1985, 1722; 1991, 1748; 1993, 384, 481; 1995, 512)