RENO, Nev. — Nevada State Treasurer Zach Conine held an event promoting the state’s new ‘NEST’ program Wednesday afternoon.
Roughly 600,000 Nevadans, accounting for about 15% of the state’s population, now have access to retirement savings after the Nevada Employee Savings Trust (NEST) program went into effect this month.
“Nevadans who do not have access to a way to save for retirement through work will now have an option that is free to their employer, is super easy to use and is sponsored by the State Treasury,” Conine said.
The program that started as Senate Bill 305 in the 2023 Legislative Session will require businesses with six or more employees that do not already offer a qualified employer-sponsored retirement plan to register with NEST by Sept. 1 to comply with state law.
For Northern Nevada resident Michael Petracca, the new program offers reassurance that his son can begin saving up sooner than later.
“I think about him and I think about him always talking about saving money. But again, when he gets his paycheck and he has to pay his bills and wants to have a little fun, there’s nothing left at the end of it. And I do not think his employer provides [a retirement savings program]. Now, with this program, the employer will have to provide access to this and that will give him the ability to put money away like he’s always talked about, automatically without even having to think about it,” Petracca said.
According to Treasurer Conine, this is particularly important in today’s economy.
“With costs rising, with things more expensive each and every day, with tariffs threatening our economies in the North and South, Nevada is under siege, and so the Treasury is really focused on giving Nevadans the tools, and small businesses the tools, they really need to be successful,” Conine said.
Registration is free for businesses and employers do not contribute to the accounts. Employees will be automatically enrolled but can opt out if they choose.
Businesses can register here.