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En español | More than 300,000 Nevadans without a workplace savings plan such as a 401(k) will find it easier to save for retirement, thanks to a bipartisan bill signed by Gov. Joe Lombardo last week.
The legislation creates the Nevada Employee Savings Trust (NEST), a public-private retirement savings program for private-sector employees. Under the law, private employers that have been in business for at least three years, employ five or more workers, and do not offer their own retirement plan will be required to automatically enroll employees in a state-facilitated IRA, unless the employee opts out. The program will be launched in 2025.
AARP Nevada mobilized hundreds of volunteers to help push the bill over the finish line this year and worked with local and statewide chambers of commerce to address opposition from some businesses.
“This legislation is a huge victory for a large and underserved population that currently lacks access to retirement plans at work,” said AARP State Director Maria Moore. The bill will “help the state save millions in future public assistance costs,” she added, since people who are unprepared for retirement are more likely to need government help to pay for basic needs.
We’ve been active around the country in helping to pass state-facilitated retirement savings bills, also known as “work and save.” According to AARP research, people are 15 times more likely to save when they can do so at work, and 20 times more likely if their workplace saving is automatic.
Lawmakers in 19 states have passed “work and save” laws to date, including Minnesota, Missouri and Vermont earlier this year, and Delaware and Hawaii in 2022.
Learn more about state-facilitated retirement accounts at our State Retirement Resource Center and keep up with our advocacy work in Nevada.
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