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Board approves joining Partnership for Dignified Retirement pending technical fixes to agreement language
Summary
The board voted unanimously to ratify PDR documents — Master Services Agreement, Vestwell partner addendum, Interstate Adherence Agreement, and Memorandum of Cooperation — with instructions to correct a technical IAA adjustment to ensure consistency with Nevada law. Staff and legal counsel will finalize the documents after the noted revisions.
Lesley Mohlenkamp, deputy treasurer for the Financial Literacy and Security Division, summarized the set of documents required for Nevada to join the Partnership for Dignified Retirement (PDR), noting that Colorado is the lead state and the partnership's documents include a Master Services Agreement, a Vestwell partner addendum, an Interstate Adherence Agreement (IAA), and a Memorandum of Cooperation.
"At the December seventeenth Nest Board of trustees meeting, the board approved pursuing an Interstate agreement with a partnership for a dignified retirement, which has Colorado serving as the lead state and Maine, Delaware, and Vermont as partner states," Mohlenkamp said while reviewing the documents the board was being asked to ratify. She told the board the IAA and Vestwell addendum are required to join the partnership and that finalization of the Memorandum of Cooperation would commence upon ratification.
During discussion, Member Andy Kao raised concerns about a technical amendment to the IAA that, as drafted, appeared to change the definition of "required employers" in a way that might conflict with Nevada statute. Treasurer Zach Conine and legal counsel agreed to square the language with state law before any signature. Member Kao then moved to approve the agreement packet "pending the one or more checks and adjustments to the IAA technical adjustments." The motion passed unanimously among members present.
Staff will return finalized contract documents for signature after the noted technical modifications and coordinated review with the PDR lead state and legal counsel.
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