On June 13, 2023, the state of Nevada introduced the Nevada Employee Savings Trust, a new initiative aimed at providing retirement savings options for private sector workers lacking access to employer-sponsored retirement plans. This program, in the form of a state-run payroll deduction IRA, will become operational from July 1, 2025. It is obligatory for private sector businesses with a workforce of six or more. However, businesses already offering a qualified retirement plan can apply for an exemption with the state.
Further information on this program is detailed in the legislative document NV S 305.
Lisa Smith, SPHR, SCP
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