Nevada Treasurer Zach Conine visited Fallon on July 16 to introduce local business owners to
the Nevada Employee Savings Trust (NEST), a new statewide retirement savings program
designed to help workers build financial security.
Speaking at the Fallon Chamber of Commerce luncheon, Conine explained how NEST, created
by the Nevada State Treasury and signed into law through Senate Bill 305 in 2023, offers
employees access to their own Roth IRAs through automatic payroll deductions. Unlike a
401(k), contributions are made after taxes, but withdrawals in retirement are tax-free.
The program is mandatory for employers with at least six employees who have been in
business three years or more, are not already offering a retirement plan, and are not
participating in a similar program (such as one through a Chamber of Commerce).
Employers that meet these criteria must enroll by September 1. Employees at those businesses
will be automatically enrolled in the NEST program unless they choose to opt out within 30
days. Contributions are deducted directly from the employee’s paycheck and deposited into
their personal Roth IRA. The default contribution rate is 5%, but employees can adjust the
rate—or stop contributing—at any time. Accounts belong to the employee and remain with them
even if they change jobs.
Eligible employees must be at least 18 years old and have worked for their employer for at least
four months to be enrolled.
According to the AARP, in 2023 nearly half of Nevada’s private-sector workers—about 536,000
people—did not have a way to save for retirement through their paycheck. Without savings in
place, many may find themselves relying on state resources later in life.
NEST aims to address that gap by providing workers, including part-time and self-employed
individuals, with a simple, low-cost way to start saving.
For more information or to set up an account, visit www.nestnvgov.com
.

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