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.
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