Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Program Launch Decision topic
No spam. Unsubscribe anytime.
Nevada trustees direct staff to run RFI and begin RFP work on employee savings program
Summary
The Board of Trustees instructed staff to run a parallel RFI and to begin RFP preparations to decide whether Nevada should launch its own Employee Savings Trust or join an interstate partnership. Staff will return to the Board with RFI results at the September meeting.
The Board of Trustees of the Nevada Employee Savings Trust voted unanimously Aug. 26 to direct staff to begin a request-for-information (RFI) process and simultaneously start preparatory work for a request-for-proposal (RFP) to evaluate options for launching the Nevada Employee Savings Trust (NEST) program. Treasurer Zach Conine moved the action, saying he wanted staff to run the two paths in parallel so the Board would have options at its September meeting.
Deputy Treasurer Lesley Mohlenkamp told trustees that the program is constrained by the legislation that created it, Senate Bill 305 of the 82nd session, which she said “frames many aspects and limitations of the program,” including a statutory implementation target and a fiscal-year budget constraint. Mohlenkamp said the statute requires implementation by July 1, 2025 and includes a fiscal-year cost cap the staff must observe.
Consultant Andrea Feirstein of AKF Consulting and Treasury staff explained the practical difference between the two tracks: an RFI is quicker (staff said typical RFI outreach is about four to six weeks), while a full RFP through state purchasing would take longer (staff estimated roughly six to eight months). Feirstein summarized the program-choice tradeoff: “Control and investment design is much more favorable if you launch your own plan,” she said, while joining a partnership tends to be faster and can lower fees sooner because partners combine assets.
Under the Board’s direction, staff will draft an RFI for trustee review at the September meeting; the motion calls for staff to incorporate questions and priorities submitted by trustees before publication. The motion passed unanimously.
