Nevada launches retirement savings program for 593,000 workers
Nevada State Treasurer Zach Conine announced the launch of the Nevada Employee Savings Trust (NEST) Program, a new initiative aimed at providing retirement savings options for approximately 593,000 workers in the state who currently lack access to employer-sponsored retirement plans.
The NEST Program, authorized by Senate Bill 305 during the 2023 Legislative Session, is designed to help private sector employees save for their future by offering a state-facilitated retirement savings plan.
Businesses with six or more employees that do not offer a qualified employer-sponsored retirement plan must register with NEST by September 1 to comply with state law.
“I am excited that this new Program is launching as the State of Nevada is looking for ways to expand retirement savings options for hundreds of thousands of workers and give them the tools they need for a more comfortable and secure future,” said Treasurer Zach Conine. “Now, more than ever, working families across Nevada are struggling to make ends meet, and we need to be doing everything we can to make it as easy as possible for workers to save for the future. I am hopeful that the NEST Program will allow businesses across our State to provide their employees with access to an affordable way to save for retirement.”
Under the program, businesses and non-profit organizations with six or more employees and that have been in operation for at least 36 months must register and automatically enroll employees with NEST unless they already offer a qualified retirement plan or a similar program through a trade association or chamber of commerce. Registration is free, and employers do not contribute to these accounts. Employer responsibilities are limited to enrolling online, facilitating payroll deductions, and sharing basic program information with employees. Employee participation is voluntary, allowing them to stay enrolled automatically or opt-out.
The Nevada Treasury will begin reaching out to applicable businesses this week to provide guidance on compliance with the program.