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Nevada Employee Trust Savings Program (NEST) 

On June 13, 2024, Nevada enacted the Nevada Employee Trust Savings Program (NEST). The program is a state-facilitated individual retirement account (IRA) savings program for Nevada employers. The program is expected to launch on July 1, 2025. However, the Nevada NEST Board has the discretion to implement a phased rollout based on company size. 

NEST applies to all private non-governmental employers with six or more employees who have been in business for at least 36 months and do not currently offer a qualified retirement plan to their employees. Employers that provide a qualified retirement plan will be able to submit an exemption to the state. 

NEST will be an automatic enrollment program, meaning “covered employees” (i.e., those age 18 or over who earn wages in the state) will be automatically signed up unless they choose to opt-out. Employees will have the option to contribute a portion of their paycheck to a NEST individual retirement account (IRA). The contribution rate will be set by the NEST Board if the employee does not choose their deferral rate. 

The Board will provide additional guidance about the program along with forms and instructions to be furnished to covered employees in the future. 

Next Steps 

Employers are encouraged to monitor updates from the Nevada NEST Board. Once the program details and timeline are fully established, employers that currently do not offer a qualified retirement plan to their employees should prepare to communicate the details of the program to employees; enroll their employees; and facilitate payroll deductions for NEST contributions. 

HR Works will continue to monitor this topic and provide updates as they become available. 

HR Works, headquartered in Upstate New York, is a human resource management outsourcing and consulting firm serving clients throughout the United States for over thirty years. HR Works provides scalable strategic human resource management and consulting services, including: affirmative action programs; benefits administration outsourcing; HRIS self-service technology; full-time, part-time and interim on-site HR managers; HR audits; legally reviewed employee handbooks and supervisor manuals; talent management and recruiting services; and training of managers and HR professionals.