The Board of Regents of the University of Nevada shall designate the investment entities to provide investment services under the retirement program and shall approve the form and contents of the contracts. In making the designation and giving the approval, the Board shall consider:
1. The nature and extent of the rights and benefits to be provided by such contracts for staff members and their beneficiaries;
2. The relation of such rights and benefits to the amount of contributions to be made;
3. The suitability of such rights and benefits to the needs of the staff members and the interests of the Nevada System of Higher Education in the recruitment and retention of staff members; and
4. The ability of the designated investment entities to provide such suitable rights and benefits under such contracts.
(Added to NRS by 1969, 243; A 1977, 1597; 1993, 384, 481; 1995, 512)