Board adopts Investment Policy Statement for partnership lineup, with staff edits authorized

The Board voted unanimously to adopt the Investment Policy Statement (IPS) that will govern how Nevada participates in the partnership’s investment lineup.

Meketa Investment Group summarized the IPS as a living governance document intended to set objectives, roles, monitoring criteria and a process for proposing changes to the available investment options. Meketa emphasized that the partnership’s lineup is intentionally simple and low‑cost and that the IPS should provide a monitoring framework. "An investment policy statement is a dynamic document that is intended to be adopted and then modified as needed over time," Meketa said.

Board members asked how the state would receive performance reporting and whether Nevada should retain its own consultant or rely on the lead‑state consultant. Lesley Mohlenkamp said the Board could retain a consultant on an annual or project basis or rely on the partnership’s consultant, and staff will bring back options. Board members also sought clarity about IPS language limiting contracts to "no more than three investment managers;" Hunter Railey (Colorado Secure Savings Program) explained the Colorado statute allows contracting with up to three managers but does not prevent savers from allocating across multiple investment options. Members asked staff to tighten that language for Nevada’s IPS before publication.

Member William H. Palmer III moved to approve the IPS with changes and to authorize staff to make technical clarifying edits. The motion passed unanimously (Ayes: Sewald, Kao, Caldera, Lt. Gov. Anthony, Palmer, Treasurer Conine).