Nevada Employee Savings Trust Program

Year enacted

2023

Status

The program is expected to be operational by July 1, 2025, to permit covered employees to make contributions. The board has the discretion to roll out the program in phases based on the number of employees (but not before July 1, 2025).

Employers affected

Nongovernmental for profit and not-for-profit employers who employ more than five employees, have been in business for at least 36 months, and haven't offered a tax-favored retirement plan to its employees at any time within the current calendar year or previous three calendar years. A tax-favored retirement plan is a retirement plan that's tax qualified and satisfies the requirements of Internal Revenue Code Section 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b).

Type of account

Automatic enrollment payroll deduction IRA (type to be determined by the board)

Automatic enrollment

Yes

Auto-escalation

To be determined by the board

Default contribution rate

To be determined by the board

Employer contributions

Not permitted

Investment options

To be determined by the board

Investments may include, without limitation, shares of mutual funds and exchange-traded funds, publicly traded equity and fixed-income securities, and other investments. An investment fund may not invest in any bond, debt instrument, or other security issued by the state.

Fees

Money is to be set aside in an administrative fund to be used solely to pay the administrative costs and expenses of the program and the administrative costs and expenses the board incurs in the performance of its duties.

Website 

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