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NEST board approves program description and custodial agreement, allows AG-directed edits ahead of launch
Summary
On May 28, 2025, the Board of Trustees of the Nevada Employee Savings Trust (NEST) approved the program description and Custodial Agreement and authorized staff to make any Attorney General's Office-required changes and return final documents at the next board meeting ahead of the program launch.
The Board of Trustees of the Nevada Employee Savings Trust (NEST) voted unanimously on May 28, 2025 to approve the program description and the Custodial Agreement and to allow staff to implement any changes the Attorney General's Office requires to ensure compliance with Nevada law.
"Ok, so what I'd like to do is take a motion that approves these two documents, which we can do as one motion, but also allows the flexibility for staff to make changes pursuant to any changes that the Attorney General's Office would request us to make about that to be in compliance with statute," Treasurer Zach Conine said as he proposed the motion. Deputy Treasurer Lesley Mohlenkamp told the board staff had provided a redline and final version of the program description and that the Custodial Agreement required no changes. Mohlenkamp also said the documents were currently with the Attorney General's Office for review and that Vestwell and AKF Consulting assisted staff in the document review.
Member Joe Caldera moved the action, and flagged a specific drafting issue: "Specifically related to the beneficiaries, I think that section and the beneficiaries needs to be reworked. As it relates to Community Property concerns in that section," Caldera said. Conine and other members agreed to allow staff to make AG-recommended changes and to return revised final documents at the board's next meeting. Member Mary Beth Sewald, Member Andy Kao and Lieutenant Governor Stavros Anthony were recorded voting in favor; the motion passed unanimously among members present.
Board materials listed the program launch as taking place "in a couple weeks," and staff said the updated documents are required for the NEST program launch. The board packet included a redline of the program description and a final version of both documents; Deputy Mohlenkamp said there were no adjustments to the Custodial Agreement and that staff stands ready to incorporate any Attorney General's Office suggestions. The board directed staff to bring back the finalized documents reflecting any AG edits at the next meeting.
The meeting included two public-comment periods in which no members of the public spoke. The board adjourned after completing the agenda.
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