On July 31, the National Federation of Independent Business (NFIB) Nevada hosted a webinar to inform its members about the compliance requirements for the new Nevada Employee Savings Trust (NEST) program. Two officials from the State Treasurer’s Office, Michael Pelham, program director for NEST, and Kayla Slaugher, NEST program manager, led the session and answered questions from NFIB members during a 40-minute presentation.
The NEST program targets businesses in Nevada with six or more employees and is designed to increase retirement savings among private-sector workers who do not have access to employer-sponsored plans such as 401(k)s or pensions. While only employees contribute to their individual accounts, employers are responsible for managing administrative tasks related to the program.
According to information provided on the official NEST website, “The Nevada Employee Savings Trust is a state-facilitated retirement savings program for private-sector workers who don’t have access to a 401(k) or pension through their job. NEST makes it easy for businesses to help employees save – at no cost to the employer – and participation is completely voluntary for workers. Our mission is to give more Nevadans a simple, low-cost way to build a secure financial future.”
The establishment of NEST came as a result of Senate Bill 305 passed during the 2023 session of the Nevada Legislature.
