Press Release: Nevada’s NEST Program Enrollment Begins July 1
Carson City, NV – The Nevada Employee Savings Trust (NEST) program is set to launch enrollment for mandatory employer participation from July 1 to September 1. The NEST aims to provide retirement savings options, mirroring similar programs in states like California and Oregon. All employers with six or more employees are required to register on the NEST website, which is currently under development and expected to be operational by early June.
State treasurer officials state the sign-up process should take under ten minutes. However, concerns are raised about the website’s capacity to handle a surge of users at the outset. Without any set enforcement mechanisms, employers who fail to enroll by the deadline will technically be in violation of the law but face no current penalties.
Critics point out that Nevada is contracting the NEST program’s administration to a firm in Colorado, igniting debate over local capability. Meanwhile, employers who wish to sidestep NEST can consider establishing their own SIMPLE IRA or SIMPLE 401k plans.
Nevada’s financial leaders stress the importance of compliance as they prepare to roll out this statewide retirement initiative aimed at enhancing financial security for employees.
For more information, contact Kelly Bullis at 775-882-4459 or visit BullisAndCo.com.
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