Notice of Public Meeting the Board of Trustees of the College Savings Plans of Nevada Agenda
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Zach Conine State Treasurer STATE OF NEVADA OFFICE OF THE STATE TREASURER NOTICE OF PUBLIC MEETING THE BOARD OF TRUSTEES OF THE COLLEGE SAVINGS PLANS OF NEVADA Thursday, March 21, 2019 at 10:00 a.m. Meeting via videoconference at the following locations: Dial in access: 1-888-251-2909 Access Code 7399092 Grant Sawyer State Office Building State Capitol Building Governor’s Conf. Room -Suite 5100 Old Assembly Chambers, 2nd Floor 555 E. Washington Avenue 101 N Carson Street Las Vegas, NV 89101 Carson City, NV 89701 AGENDA 1. Public Comment. Comments from the public are invited at this time. Pursuant to NRS 241.020(2)(d)(7), the Board intends to limit to 10 minutes the time for an individual to speak and may impose reasonable restrictions on place or manner for such comment. No restriction will be imposed based on viewpoint. Comment will only be received on matters relevant to the Board’s jurisdiction. The Board may discuss but is precluded from acting on items raised during Public Comment that are not on the agenda. Consent Agenda Consent Agenda - All matters in this sub-category are considered by the Board of Trustees to be routine and may be acted upon in one motion without discussion. Most agenda items are phrased for a positive action. However, the Board of Trustees may take other actions, such as hold, table, amend, etc. 2. For possible action: Board review and approval of the minutes of the College Savings Board of Trustees meeting of February 27, 2019. 3. For possible action: Board review and approval of the Ascensus program manager’s report encompassing results for Vanguard, USAA, SSgA Upromise and Wealthfront 529 plans for the quarter ended December 31, 2018. 4. For possible action: Board review and approval of the Putnam 529 for America program manager’s report for the quarter ended December 31, 2018. 5. For possible action: Board review and approval of the Nevada Prepaid Tuition Program activity report for the quarter ended December 31, 2018. 6. For possible action: Board review and approval of the Landmark (formerly known as Thomas & Thomas) unaudited financial statements of the Nevada College Savings Plans compiled for the quarter ended December 31, 2018. 7. For possible action: Board review and approval of the education and outreach expenditure report for the SSgA Upromise 529 Plan for the quarter ended December 31, 2018 to be recorded as non-cash revenue in the State’s accounting system. Discussion Agenda 8. For possible action: Board review and approval of the Nevada Prepaid Tuition Investment Monitoring Report prepared by Pension Consulting Alliance for the quarter ending December 31, 2018. 9. For possible action: Board review and approval of the Nevada 529 College Savings Plans Investment Monitoring Report prepared by Pension Consulting Alliance for the quarter ending December 31, 2018. 10. For possible action: Board review and approval of the annual investment presentation for Putnam 529 Plan for America. 11. Board to enter into a non-meeting pursuant to NRS 241.015(3)(b)(2) with counsel to discuss the contract and contract negotiations associated with the impending acquisition of USAA Asset Management Company, including the USAA 529 Plan by Victory Capital Holdings, Inc. No action will be taken by the Board during the closed session. 12. For possible action: Board to direct Treasurer Conine and Staff regarding the contract negotiations with USAA and Victory Capital Holdings, Inc. 13. For possible action: Board review and approval of considerations for the proxy vote associated with the acquisition of USAA Asset Management Company, including the USAA 529 Plan by Victory Capital Holdings, Inc. 2 Informational Agenda 14. Board to receive a marketing update on “Let’s Go to College! Nevada Saves” from Amplify Relations for the quarter ending December 31, 2018. 15. Board to receive an update on College Savings activities and receive the Staff Notes since the last Board update on December 13, 2018. 16. Public Comment. Comments from the public are invited at this time. Pursuant to NRS 241.020(2)(d)(7), the Board intends to limit to 10 minutes the time for an individual to speak and may impose reasonable restrictions on place or manner for such comment. No restriction will be imposed based on viewpoint. Comment will only be received on matters relevant to the Board’s jurisdiction. The Board may discuss but is precluded from acting on items raised during Public Comment that are not on the agenda. 17. Adjournment. Notes: Items may be taken out of order; items may be combined for consideration by the public body; and items may be pulled or removed from the agenda at any time. Prior to the commencement and conclusion of a quasi judicial proceeding that may affect the due process rights of an individual, the Board may refuse to consider public comment. See NRS 233B.126. The College Savings Board of Trustees is pleased to provide members of the public supporting material for the meeting as well as make reasonable accommodations for members of the public who are disabled and would like to attend the meeting. If supporting material or special arrangements for the meeting are required, please notify Beth Yeatts with the Office of the State Treasurer, 555 E Washington, Suite 4600, Las Vegas, NV 89101 or call (702) 486-3889 or fax your request to (702) 486-3246 as soon as possible. Materials will also be available at the Office of the State Treasurer, College Savings, 555 E. Washington Suite 4600, Las Vegas, NV 89101 and State Capitol, 101 N. Carson Street, Suite 4, Carson City, NV 89701. THIS AGENDA HAS BEEN POSTED IN THE FOLLOWING PUBLIC LOCATIONS: • Capitol Building, 1st & 2nd Floors, Carson City, Nevada • Legislative Building, Carson City, Nevada • Nevada State Library, Carson City, Nevada • Blasdel Building, Carson City, Nevada Also online at: http://www.nevadatreasurer.gov/CollegeSavings/Board/Meetings/2018/2018_Meeting/ and https://notice.nv.gov/ 3 THE BOARD OF TRUSTEES OF THE COLLEGE SAVINGS PLANS OF NEVADA Agenda Item 2 March 21, 2019 Item: The minutes of College Savings Board of Trustees Meeting of February 27, 2019. Summary: The minutes of the Board have been prepared and are complete for review and approval. Fiscal Impact: None by this action. Staff recommended motion: To approve, as stated or amended (if applicable), the minutes of the February 27, 2019, College Savings Board of Trustees meeting. 1 1 STATE OF NEVADA 2 OFFICE OF THE STATE TREASURER 3 BOARD OF TRUSTEES – COLLEGE SAVINGS PLANS 4 WEDNESDAY, FEBRUARY 27, 2019 5 6 CHAIRMAN: Good morning everybody. I’d like to call 7 to order the meeting of the Board of Trustees of the College 8 Savings Plan, to order. Can I ask Beth to please call the 9 roll? 10 YEATTES: Member Klinger is excused. Member Seale. 11 SEALE: Here. 12 YEATTES: Member Martin. 13 MARTIN: Here. 14 YEATTES: Member Greenameyer. 15 GREENAMEYER: Here. 16 YEATTES: Chairman Haag. 17 CHAIRMAN: I’m here. And, Madam Secretary, do we 18 have a quorum? 19 YEATTES: Yes, we do. 20 CHAIRMAN: And, was the meeting properly noticed? 21 YEATTES: Yes, it was noticed both in Las Vegas and 22 in Carson City. 23 CHAIRMAN: Great, thank you very much. So, before I 24 go on to public comment, I’d like to welcome Ms. Greenameyer 25 to the College Savings Board. She comes to us from the 1 1 Governor’s Finance Office and we’re excited to have your 2 participation in this Board. 3 I’d also like to take the opportunity to welcome 4 Treasurer Conine, to the Board. Very happy to have your 5 leadership here with us, sir, and I know this body is very 6 excited to work with you. 7 With that, I’ll go to Public Comment here in Carson City. 8 Do we have anybody who wishes to make a comment? Seeing none. 9 Do we have any public comment in Las Vegas? I don’t see 10 anybody down there. How about on the phone? Oh, go ahead. 11 CONINE: I just—this is Treasurer Conine for the 12 record. Just wanted to thank everyone for being here today. 13 You know, as we—one of the main reasons why I ran for this 14 Office is because of the work that is done in College Savings 15 here in Nevada, that’s been done for over a group of 16 Treasurer’s. I’m really interested in taking an active role 17 in the Board. I think it’s a very important Board, given the 18 work that you all do. I’m very happy to be here. Thank you 19 all for your service. I know this takes away from lives and 20 everything else, so thank you for being here. Thanks for 21 having me. 22 CHAIRMAN: Thank you for that. Do we have any public 23 comment over the phone? All right. Hearing none. 24 We’ll go on to the Consent Agenda. Do any members wish 25 to pull an item from the Consent Agenda for further 2 1 discussion? 2 SEALE: I’d like to pull Item No. 3, please. 3 CHAIRMAN: Member Seale has asked for further 4 discussion on Item No. 3 which is the Board review and 5 approval of the Fiscal Year 2018 Annual Audit of the Nevada 6 Prepaid Tuition Program by ID Bailey. Do we have somebody, 7 over the phone, to speak to this agenda item? 8 SPEAKER: Dan, are you there? 9 SEALE: So, can we put this off until towards the 10 end—let’s go ahead and vote on the other ones, I guess, huh? 11 CHAIRMAN: Yeah, that was going to be my 12 recommendation as well.