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State Treasurer’s board approves RFI to solicit Auto-IRA partners for NEST
Summary
The Nevada Employee Savings Trust board authorized staff to issue an RFI on Sept. 30 seeking potential state partners for the NEST Auto-IRA program; responses will be due Oct. 28 and staff will present rankings to the board before its Nov. 20 meeting.
The Board of Trustees of the Nevada Employee Savings Trust voted Sept. 25 to direct State Treasurer staff to release a Request for Information (RFI) to solicit information from established Auto-IRA programs that might serve as partners for the NEST program.
"The RFI [will be] issued on Monday, September 30th," Deputy Lesley Mohlenkamp said, laying out the proposed public schedule: respondent questions due Oct. 9 with staff answers by Oct. 16, and final responses due Oct. 28 at 5 p.m. The RFI will be posted on the State Treasurer’s website and distributed to the National Association of State Treasurers, PEW Charitable Trusts and other industry contacts to reach potential partners.
The RFI asks respondents for program and fee details, investment structures and administrative practices. Mohlenkamp told the board a Treasurer’s Office review committee will compile and rank responses for the trustees to review prior to the November meeting. "We will provide a ranking but again it will be for your consideration and to help facilitate more of a higher-level overview for you to look for," she said.
Lt. Governor Stavros Anthony moved to approve the RFI release; Member Joe Caldera seconded. The motion passed unanimously among members present. Staff said it will return to the board with compiled responses and any refinements to the RFI if clarifying questions arise during the public question period.
