Nevada has officially launched the Nevada Employees Saving Trust (NEST), a state-sponsored retirement savings program aimed at helping private-sector workers without access to employer-provided retirement plans. The program is expected to benefit an estimated 593,000 employees across the state.
The initiative, led by State Treasurer Zach Conine, was created to address the growing concern that nearly half of Nevada’s private-sector workforce lacks a workplace retirement savings option. According to financial services firm Vestwell, 46% of these workers are without such plans.
Under the new program, employers with six or more employees who do not already offer a retirement plan are required to enroll in NEST by September 1. However, the law allows businesses three years from their start date before the enrollment requirement applies. No penalties have yet been specified for companies that fail to comply.
Employees are automatically enrolled to contribute 5% of their wages, though they have the flexibility to adjust the rate or opt out entirely. To qualify, employees must be at least 18 years old and have worked for their employer for a minimum of 120 days.
NEST was authorized during the 2023 legislative session under Senate Bill 305. The program is overseen by a six-member board of trustees, which meets monthly to manage its operations and ensure compliance.
The Nevada Treasurer’s Office is now contacting eligible businesses to inform them of the enrollment requirements ahead of the September deadline. Officials say the program offers a pathway for workers to build long-term financial security and creates a more competitive environment for employers.
With the launch of NEST, Nevada joins states like California, Colorado, and Oregon in implementing public retirement savings programs designed to close the retirement gap for low- and middle-income workers.
