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Nevada Public Employees’ Deferred Compensation Program

We’re improving yourretirement planning experience

As a part of our ongoing process, we always look for ways to improve the value of participating in the Nevada Public Employees’ Deferred Compensation Program. To ensure that our Plan remains an effective way for public servants across the state to save and plan for retirement, we regularly review the Plan’s investment options and the overall plan design. In doing so, we seek to ensure that the Plan best serves those currently participating and those who will do so in the future.

The Nevada Deferred Compensation Committee reviewed the expenses associated with the Plan and its investment options, the manner in which fees are assessed and the transparency of these fees as well. We found that by enhancing our investment options and changing our fee structure, many participants will have the ability to keep more of their investment dollars working in their account, accumulating more savings over a lifetime.

We also found that by changing the manner in which fees are assessed, we can gain greater fee transparency and ensure that all participants equitably support the cost associated with the ongoing services the Plan provides.

Effective in December of 2017, participants will notice the following Plan changes:

• Revised, overall lower cost investment options

• A transparent recordkeeping fee structure

• A transparent flat account fee to support plan administration

We’re improving yourretirement planning experience

Asset Class Current Fund/Investment Option Name Net Expense Voya Add-on Fee Total Expense What's Happening Fund/Investment Option Name Net Expense Voya Add-on Fee Total Expense

Stable Value Voya Fixed Plus III - 457/401 N/A1 0.00% N/A1 No fund change Voya Fixed Plus III - 457/401 N/A1 0.00% N/A1

Asset Allocation

Vanguard® Target Retirement 2015 Fund - Investor Shares 0.14% 0.06% 0.20% Transfers to Vanguard® Institutional Target Retirement 2015 Fund - Institutional Shares 0.09% 0.08% 0.17%

New option Vanguard® Institutional Target Retirement 2020 Fund - Institutional Shares 0.09% 0.08% 0.17%










Vanguard® Target Retirement Income Fund - Investor Shares 0.13% 0.06% 0.19% Transfers to Vanguard® Institutional Target Retirement Income Fund - Institutional Shares 0.09% 0.08% 0.17%

Bonds Vanguard® Total Bond Market Index Fund - Institutional 0.05% 0.00% 0.05% No fund change Vanguard® Total Bond Market Index Fund - Institutional 0.05% 0.08% 0.13%

BalancedInvesco Equity and Income Fund - Class R5 0.48% 0.00% 0.48% Transfers to Vanguard Retirement Funds. Please refer to the table of funds by date of birth

for specifics related to this mapping.

Vy T. Rowe Price Capital Appreciation Portfolio - Inst 0.64% 0.00% 0.64% Transfers to Vanguard Retirement Funds. Please refer to the table of funds by date of birth for specifics related to this mapping.

Socially Responsive Parnassus Equity Income Fund - Investor Shares 0.87% 0.00% 0.87% Transfers to Vanguard® Institutional Index Fund - Institutional Shares 0.04% 0.08% 0.12%

Large Cap Core Vanguard® Institutional Index Fund - Institutional Shares 0.04% 0.00% 0.04% Transfers to Vanguard® Institutional Index Fund - Institutional Shares 0.04% 0.08% 0.12%

Large Cap Value MFS Value Fund R4 0.61% 0.00% 0.61% No fund change MFS Value Fund R4 0.61% 0.08% 0.54%2

Large Cap Growth

American Funds The Growth Fund of America - Class R-3 0.98% 0.00% 0.98% Transfers to T. Rowe Price Growth Stock Fund I (PRUFX) 0.52% 0.08% 0.60%

Fidelity® Contrafund® 0.71% 0.00% 0.71% Transfers to T. Rowe Price Growth Stock Fund I (PRUFX) 0.52% 0.08% 0.60%

T. Rowe Price Growth Stock Fund 0.67% 0.00% 0.67% Transfers to T. Rowe Price Growth Stock Fund I (PRUFX) 0.52% 0.08% 0.60%

Small/Mid/Specialty

Oppenheimer Main Street Mid Cap Fund® - Class Y 0.86% 0.00% 0.86% No fund change Oppenheimer Main Street Mid Cap Fund® - Class Y 0.86% 0.08% 0.69%2

Vanguard® Extended Market Index Fund - Institutional Shares 0.07% 0.00% 0.07% No fund change Vanguard® Extended Market Index Fund - Institutional Shares 0.07% 0.08% 0.15%

Goldman Sachs Small/Mid Cap Growth Fund - Class A 1.31% 0.00% 1.31% No fund change Goldman Sachs Small/Mid Cap Growth Fund - Class A 1.31% 0.08% 0.84%2

Hartford MidCap HLS Fund IB 0.95% 0.00% 0.95% Transfers to Hartford MidCap HLS Fund IA (HIMCX) 0.70% 0.08% 0.73%2

Vanguard® Mid-Cap Value Index Fund - Admiral Shares 0.08% 0.00% 0.08% No fund change Vanguard® Mid-Cap Value Index Fund - Admiral Shares 0.08% 0.08% 0.16%

Global/International

Dodge & Cox International Stock Fund 0.64% 0.00% 0.64% No fund change Dodge & Cox International Stock Fund 0.64% 0.08% 0.62%2

Vanguard® Developed Markets Index Fund - Institutional 0.07% 0.00% 0.07% Transfers to Vanguard® Developed Markets Index Fund - Institutional 0.07% 0.08% 0.15%

Franklin Mutual Global Discovery Fund - Class A 1.24% 0.00% 1.24% No fund change Franklin Mutual Global Discovery Fund - Class A 1.24% 0.08% 0.77%2

As our Plan has grown, so too has our ability to reduce the fees our employees pay. By simplifying our investment options, we are able to leverage our plan growth to reduce the fees for our Plan’s investment options. Nevada’s Deferred Compensation Plan has always had a competitive fee structure, but as we have grown we have the ability to decrease investment option fees further.

Our review determined that the fees to support the Plan have depended on the investment options each participant utilized. This is due to the Plan’s current structure which embeds the costs of the program within the expense ratios of the Plan’s investment options.

Simplifying our investment options allows us to reduce overall investment related fees and to establish a more equitable fee structure for all participants.

Fees will vary and depend on the investment option chosen. Please refer to the Contract Prospectus Summary for individual fund fee information.

Improved investment options and a revised fee structure

1 The Voya Fixed Account has a guaranteed minimum crediting rate, net of underlying management expenses and revenue. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company.

Transferring balances to the new investment optionsAs a part of this Plan change, balances in the current investment options listed below will be transferred automatically – and future contributions allocated – through a process called “mapping” to the new investment options according to the following table. For detailed information about each of the new funds, including past performance and investment objectives, you can view the investment option information at nevada.beready2retire.com.

These changes will take place automatically. You are not required to do anything. Beginning in December, your investments and ongoing contributions will be directed to the new investment options. This mapping will be based on your allocation on record with Voya as of the close of the New York Stock Exchange (NYSE), generally 1:00 p.m. PT, on December 21, 2017.

If you find it necessary to make changes to your fund election(s) you have the opportunity to do so any time prior to December 21, 2017. Changes can be made by contacting Voya at (800) 584-6001, or logging onto your account at nevada.beready2retire.com.

Asset Class Current Fund/Investment Option Name Net Expense Voya Add-on Fee Total Expense What's Happening Fund/Investment Option Name Net Expense Voya Add-on Fee Total Expense

Stable Value Voya Fixed Plus III - 457/401 N/A1 0.00% N/A1 No fund change Voya Fixed Plus III - 457/401 N/A1 0.00% N/A1

Asset Allocation












Vanguard® Target Retirement Income Fund - Investor Shares 0.13% 0.06% 0.19% Transfers to Vanguard® Institutional Target Retirement Income Fund - Institutional Shares 0.09% 0.08% 0.17%

Bonds Vanguard® Total Bond Market Index Fund - Institutional 0.05% 0.00% 0.05% No fund change Vanguard® Total Bond Market Index Fund - Institutional 0.05% 0.08% 0.13%

BalancedInvesco Equity and Income Fund - Class R5 0.48% 0.00% 0.48% Transfers to Vanguard Retirement Funds. Please refer to the table of funds by date of birth

for specifics related to this mapping.

Vy T. Rowe Price Capital Appreciation Portfolio - Inst 0.64% 0.00% 0.64% Transfers to Vanguard Retirement Funds. Please refer to the table of funds by date of birth for specifics related to this mapping.

Socially Responsive Parnassus Equity Income Fund - Investor Shares 0.87% 0.00% 0.87% Transfers to Vanguard® Institutional Index Fund - Institutional Shares 0.04% 0.08% 0.12%

Large Cap Core Vanguard® Institutional Index Fund - Institutional Shares 0.04% 0.00% 0.04% Transfers to Vanguard® Institutional Index Fund - Institutional Shares 0.04% 0.08% 0.12%

Large Cap Value MFS Value Fund R4 0.61% 0.00% 0.61% No fund change MFS Value Fund R4 0.61% 0.08% 0.54%2

Large Cap Growth

American Funds The Growth Fund of America - Class R-3 0.98% 0.00% 0.98% Transfers to T. Rowe Price Growth Stock Fund I (PRUFX) 0.52% 0.08% 0.60%

Fidelity® Contrafund® 0.71% 0.00% 0.71% Transfers to T. Rowe Price Growth Stock Fund I (PRUFX) 0.52% 0.08% 0.60%

T. Rowe Price Growth Stock Fund 0.67% 0.00% 0.67% Transfers to T. Rowe Price Growth Stock Fund I (PRUFX) 0.52% 0.08% 0.60%

Small/Mid/Specialty

Oppenheimer Main Street Mid Cap Fund® - Class Y 0.86% 0.00% 0.86% No fund change Oppenheimer Main Street Mid Cap Fund® - Class Y 0.86% 0.08% 0.69%2

Vanguard® Extended Market Index Fund - Institutional Shares 0.07% 0.00% 0.07% No fund change Vanguard® Extended Market Index Fund - Institutional Shares 0.07% 0.08% 0.15%

Goldman Sachs Small/Mid Cap Growth Fund - Class A 1.31% 0.00% 1.31% No fund change Goldman Sachs Small/Mid Cap Growth Fund - Class A 1.31% 0.08% 0.84%2

Hartford MidCap HLS Fund IB 0.95% 0.00% 0.95% Transfers to Hartford MidCap HLS Fund IA (HIMCX) 0.70% 0.08% 0.73%2

Vanguard® Mid-Cap Value Index Fund - Admiral Shares 0.08% 0.00% 0.08% No fund change Vanguard® Mid-Cap Value Index Fund - Admiral Shares 0.08% 0.08% 0.16%

Global/International

Dodge & Cox International Stock Fund 0.64% 0.00% 0.64% No fund change Dodge & Cox International Stock Fund 0.64% 0.08% 0.62%2

Vanguard® Developed Markets Index Fund - Institutional 0.07% 0.00% 0.07% Transfers to Vanguard® Developed Markets Index Fund - Institutional 0.07% 0.08% 0.15%

Franklin Mutual Global Discovery Fund - Class A 1.24% 0.00% 1.24% No fund change Franklin Mutual Global Discovery Fund - Class A 1.24% 0.08% 0.77%2

2 Total expenses reflect excess revenue credited back to the investment option.

What is NOT changing? 1. The current Stable Value/General Account

investment option, the Voya Fixed Plus III – 457/401, will continue to be offered within the Program and the minimum guaranteed crediting rates established by contract will continue. The contractual minimum guaranteed credited rate is 2.75% for 2017 and 2.50% for both 2018 and 2019. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company.

2. The annualized 0.08% recordkeeping cost that currently covers all of Voya Financial’s (the Plan’s current contracted recordkeeper) expenses will not change and is only assessed against the variable investment options within the Plan. Any revenue received from investment options that are in excess of 0.08% will be credited back to participant accounts.

What is changing? As previously mentioned, up to this point, most of the Plan’s recordkeeping, compliance, and administrative costs are paid for in two ways:

1. Through “indirect fees,” which are part of each variable investment’s expenses and deducted at the investment level rather than charged directly to your account.

2. Through an additional asset charge to some, but not all, of the investment options in the Plan.

Consistent with the Plan’s goals of fee transparency and cost equity, effective December 21, 2017, the fee structure will change how the Plan’s costs are paid by participants. The new fee structure will consist of two parts:

1. A quarterly asset charge of 0.02% against the variable investment option assets only, that will cover Voya’s annual recordkeeping expenses of 0.08%. This asset based charge will not apply to assets invested in the Voya Fixed Account.

Investment management fees and other operating expenses will still apply to each investment option within the plan. The total fees depend on the investment option(s) chosen. Please note: It is important to refer to the individual investment prospectuses for fee information.

While most of the investment options will see a net decrease in asset based fees, the Vanguard market index funds that previously had no add-on fees will now be charged the same 0.02% per quarter as all other variable options.

2. A per account fee of $7.50 per quarter will be charged against all accountholders to pay for the Plan’s administrative and compliance costs. This fee applies to each participant account regardless of where the assets are invested. To encourage new participants to contribute, the quarterly fee will be waived for accounts with balances below $1,000 as of January 1 each year.

The new fee structure will allow many participants to keep a greater proportion of their variable investment dollars, regardless of the investment options to which their assets are allocated. Assessing fees directly to all variable investments and a per account fee to all participants provides everyone more transparency and ensures that the cost of administering the Plan is shared equitably by all participants.

The asset charge will be assessed pro-rata across your variable investments and the per account fee will be assessed pro-rata across all of your investments. One quarter of the annual fee will be deducted from your account on a quarterly basis. These fees will appear on each quarterly statement beginning in 2018.

changes

Your statement detail will be enhanced too!As a result of these changes, asset charges assessed and investment revenue credited back to investments will begin appearing on your 1st quarter, 2018 quarterly statement distributed in April. Your statement will show these items, expressed as a dollar amount, as it applies to each investment option for Plan administrative and recordkeeping services. Should any excess revenue be captured from a variable investment option that still requires a revenue sharing agreement, crediting will appear as investment earnings that are applied back to the specific investment option.

Example of how any potential excess revenue credited back to a participant will appear on your statement:

Transaction Type Process Date Money Source Investment Number of Units/Shares Unit/Share price Transaction Amount

Investment Earnings 12/20/2017 Employee PreTax Investment Option 0.0403 $12.4000 $0.50This hypothetical example illustrates the reimbursement of revenue in excess of Voya’s revenue requirement and assumes an investment balance of $10,000 for the investment option displayed. The hypothetical above is based on the following calculation: $10,000 x 0.02% (0.0002)/4 quarters = $0.50.

Example of how the asset based fees will be applied to a participant will appear on your statement:

Transaction Type Process Date Money Source Investment Number of Units/Shares Unit/Share price Transaction Amount

Asset-Based Fee 12/20/2017 Employee PreTax Investment Option -0.0425 $47.0400 -$2.00

This hypothetical example illustrates the quarterly deduction of the annual asset-based fee and assumes an investment balance of $10,000 for the investment option displayed. The hypothetical above is based on the following calculation: $10,000 x 0.08% (0.0008)/4 quarters = $2.00. Fund management fees and other fund operating expenses apply. Fees depend on the investment option chosen. Please refer to the individual Fund prospectuses for fund fee information and the contact information booklet. You may also contact your local representative or the NDC administrative staff.

The plan changes accomplish the following:

Stronger fee transparencyThe adoption of a new structure ensures that all participants can see the administrative fees that are assessed on their account. This newly adopted fee structure also more closely follows industry best practices by providing participants with lower overall expenses on the Plan’s updated investment options and eliminates the Plan’s dependency on revenue sharing agreements with investment options and investment managers.

The new fee structureThis change in the Plan’s fee structure will result in two fees – an asset based fee and a per account fee. The asset based fee will result in a charge being assessed against all variable investment options (i.e. all investment options except the Voya Fixed Account) held in the plan. The per account fee will be assessed against all accounts in excess of $1,000 regardless of where the participant’s investments are held.

SimplificationBy simplifying our investment lineup, the Plan is able to reduce overall investment option expenses, more equitably apply administrative fees across the Plan and provide full fee transparency of all Plan fees.

How does this work? If you were born in 1970, for example, your current assets invested will be mapped to the Vanguard® Target Retirement 2030 Fund.

Although you will be invested in one of the age based investments based upon your date of birth, you could invest in a more aggressive or conservative fund than you might otherwise choose. You should consider all the investment options available to you under the Plan, based upon your personal situation and risk tolerance.

Date of Birth Age Based InvestmentBorn before 1948 Vanguard® Target Retirement Income Fund1948-1952 Vanguard® Target Retirement 2015 Fund1953-1957 Vanguard® Target Retirement 2020 Fund1958-1962 Vanguard® Target Retirement 2025 Fund1963-1967 Vanguard® Target Retirement 2030 Fund1968-1972 Vanguard® Target Retirement 2035 Fund1973-1977 Vanguard® Target Retirement 2040 Fund1978-1982 Vanguard® Target Retirement 2045 Fund1983-1987 Vanguard® Target Retirement 2050 Fund1988-1992 Vanguard® Target Retirement 2055 Fund1993-1997 Vanguard® Target Retirement 2060 FundBorn after 1997 Vanguard® Target Retirement 2065 Fund

Special note regarding the age based investment mapping of the Invesco Equity and Income Fund and the Voya T. Rowe Price Capital Appreciation Portfolio.

Mark your calendar and plan ahead!Nevada Deferred Compensation and Voya Financial will provide a series of meetings throughout the state to address these upcoming plan changes. Please plan to attend one of the eight informational sessions to understand how we are improving your plan. Meetings are open to all employees, regardless of your employer. The meetings will be held at the following dates and locations:

Date City Time Location Address

9/28 Las Vegas 8 a.m. - 10 a.m.

Las Vegas Legislative Counsel Bureau

555 E. Washington Ave.Room 4400

10/2 Carson City

2 p.m. - 4 p.m.

Legislature Building 401 S. Carson StreetRoom 3100

10/4 Reno 8 a.m. - 10 a.m.

RSCVA - Board Room 4001 S. Virginia St (Behind Old Town Mall)

10/6 Elko 2 p.m. - 4 p.m.

Nannini Administration Bldg - Commissioner’s Room

540 Court St, Ste 102

11/9 Elko 8 a.m. - 10 a.m.

Nannini Administration Bldg - Commissioner’s Room

540 Court St, Ste 102

11/13 Henderson 6 p.m. - 8 p.m.

Paseo Verde Library - Conference Room

280 S. Green Valley Pkwy

11/16 Carson City

2 p.m. - 4 p.m.

Sheriff’s Office - Ormsby Room

911 E. Musser St

11/17 Reno 8 a.m. - 10 a.m.

RSCVA - Board Room 4001 S. Virginia St (Behind Old Town Mall)

In addition, meetings will be held by Voya Financial’s representatives at worksite locations throughout northern and southern Nevada. Worksite meetings will be noted through the individual departments or agencies. Please contact your worksite or Voya Financial for additional information.

If you wish to make any changes to your fund elections you may do so online or by phone before 1:00 p.m. PT on December 21, 2017.

nevada.beready2retire.com (800) 584-6001

Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund would retire and leave the work force. The Fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date.

Please contact the NDC Administrative Office or NDC’s Voya Financial Team for further information. NDC’s Administrative staff, Voya’s representatives and dedicated staff are available by phone or appointment to provide you additional information, answer your questions, or address any of your concerns.

Questions?

NDC ADMINISTRATIVE OFFICE:

TELEPHONE: (775) 684-3398 or 3397

ADDRESS: Nevada State Library & Archives Building 100 N. Stewart Street, Suite 100 Carson City, NV 89701

Registered Representatives of and securities offered through Voya Financial Advisors, Inc. (member SIPC)

VOYA’S NEVADA OFFICE:

TELEPHONE: (775) 886-2400 (866) 464-6832, toll-free

ADDRESS: 844 West Nye Lane, Suite 101 Carson City, NV 89703

OFFICE HOURS: 8:00 a.m. – 4:30 p.m. Monday - Friday

Insurance products, annuities and funding agreements are issued by Voya Retirement Insurance and Annuity Company (“VRIAC”), Windsor, CT. VRIAC is solely responsible for its own financial condition and contractual obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services LLC (“VIPS”). VIPS does not engage in the sale or solicitation of securities. All companies are members of the Voya family of companies. Securities distributed by Voya Financial Partners LLC (member SIPC) or third parties with which it has a selling agreement. All products and services may not be available in all states.

Nevada Deferred Compensation is not affiliated with Voya.

178055 3046867.G.P ©2017 Voya Services Company. All rights reserved. CN0731-36190-0819D

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