Program may be separate system or fund; participation in larger system or fund; provision of benefits through investment entity or combination of entities

1. The retirement program may be a separate system or fund or may participate in a larger system or fund with respect to some or all of the benefits provided under the program. The benefits under the retirement program may be provided through any investment entity or combination of entities, including, but not limited to: (a) An insurance or annuity contract, either fixed or variable in nature; (b) A mutual fund; (c) A bank or other depository institution; and (d) An investment adviser who is registered pursuant to the Investment Advisers Act of 1940, Ê as specified in the program. 2. If benefits are provided through insurance or annuity contracts, the contracts may be obtained from any life insurance or annuity company authorized to do business in this State, or from an affiliate of such a company if the affiliate is organized as a nonprofit educational corporation and issues annuities only to nonprofit institutions of education and research. 3. As used in this section, “depository institution” has the meaning ascribed to it in NRS 657.037.