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Trustees unanimously approve updated NEST program description, add 2070 target-date fund pending State Street
Summary
The Board unanimously approved revisions to the NEST program description on April 15, including prospectus-driven fund edits, a pending addition of a 2070 target-date fund (to be opened by State Street), and an operational customer-service change moving some functions to Vestwell.
The Board of Trustees voted unanimously on April 15, 2026, to approve an updated program description for the Nevada Employee Savings Trust. Member William Palmer moved to approve the changes with a requested date correction; Member Joe Caldera seconded and the motion passed with all present voting aye (Conine, Anthony, Caldera, Kao, Palmer).
Staff and counsel explained the package of edits includes three general types: mechanical updates (dates and statistics), edits driven by underlying investment managers' prospectus changes, and staff-initiated operational edits. Michael Pelham (State Treasurer’s Office) said some edits reflect changes sent by investment partners and gave BlackRock as an example: "these investment strategies that come directly from BlackRock" must be reflected in NEST’s program documents.
Board discussion highlighted one substantive forthcoming addition: a new target-date retirement fund for the 2070 vintage. "There is an inclusion of a new target date retirement fund, but that is in, essentially we are waiting for that particular investment option to be opened by State Street," Pelham said; trustees approved language now so the program description will be current when State Street opens the option. Member Palmer also confirmed a change that shifts some participant customer service responsibilities from New York Bank to Vestwell; court staff agreed to correct a chart date shown as March 31, 2025 to read 2026 prior to final distribution.
Trustees did not change participant-facing fees at this meeting; staff reported the program and account fees remain the same while one underlying fund's fee moved down slightly. Vestwell offered to follow up with the partnership’s collective fee breakpoint status and details for trustees.
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