(The Center Square) — The Nevada Employees Saving Trust Program has launched for an estimated 593,000 Nevadans.
NEST is intended for private sector employees who do not have an existing workplace retirement plan.
“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,” said Nevada State Treasurer Zach Conine, who led the launch of the NEST program.
Vestwell, a financial services company partnered with the NEST program, estimated that 46% of Nevadans working in the private sector do not have a workplace retirement savings plan.
Employer enrollment in the new program is required by Sept. 1 for companies with six or more employees that do not have an existing retirement savings plan available. Companies also do not have to enroll within the first three years of opening. No penalty has yet been specified for businesses that do not comply.
Employees will automatically be enrolled into a 5% of wages savings plan, but can increase, decrease or opt out of the program if they choose. Employees have to be at least 18 years old with a minimum 120 days of employment to qualify for the program.
In creating the state-based retirement savings program, Nevada joins other western states such as Colorado, California and Oregon.
The state treasurer is pitching the move as a more comprehensive system for employees while also creating a competitive advantage for Nevada employers.
NEST was signed into law in the 2023 legislative session via Senate Bill 305. The law includes a six-member board of trustees to oversee NEST, which holds monthly meetings.
The Nevada Treasury said it would start contacting businesses about the program this week ahead of the Sept. 1 enrollment deadline.
To learn more, go to nevadatreasurer.gov/NEST.
