Nevada
On June 8, 2023 the Nevada State Legislature sent SB 305, if signed into law by Governor Lombardo, would establish the Nevada Employee Savings Program.
Government Mandated Retirement Plans
Legislative Summary:
Similar bills had been presented twice prior and failed both times it was presented. SB 305 was reintroduced in Nevada’s State Senate on March 16, 2023, and was passed 15:5; the Nevada Assembly passed the bill June 3, 2023 with a 35:7 vote.
Program Description:
Nevada Employee Savings would be an Auto-IRA program, created by the Board o Trustees of the Nevada Employee Savings Trust. The program is meant to prepare more people for retirement by nudging them into saving money, utilizing favorable tax treated accounts.
Affected Employers:
TBD
General Requirement:
TBD
Launch Status:
July 18, 2023
Full Implementation:
TBD
Compliance Deadline:
TBD
Non-Compliance Penalties:
TBD
Employer Costs:
TBD
Employee Costs:
TBD
Investments:
TBD
Program Website: