NEST Board reviews final Investment Policy Statement, requests staff to refine vendor references
The Board received a final Investment Policy Statement and redline of changes (Sections 1, 5, 9 and appendix items called out). Member William Palmer asked the Board to reference Vestwell/BNY vendor documents for account procedures; staff will pursue guidance and keep the IPS a living document.
The full story
The Board reviewed and discussed the final Investment Policy Statement (IPS) and Program Description at its July 15 meeting. Deputy Treasurer Lesley Mohlenkamp told trustees the packet included the final IPS (PDF page 54) and a redline (PDF page 69) and called out substantial edits in Section 1, Section 5 (Roles and Responsibilities), Section 9 (Recommending Investment Changes to Partner Program) and select appendix definitions.
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