Private-sector employees in the Silver State whose employers do not offer a retirement plan could be covered by a state plan, if a bill now before the state Senate is passed and enacted.
Senate Chief Majority Whip Dallas Harris (D-Clark County) on March 16 introduced SB 305, a measure that would establish the Nevada Employee Savings Trust.
Employer Role. Employers would be required to:
- automatically enroll all covered employees;
- withhold contributions from employees’ compensation for each covered employee’s IRA created under the program; and
- distribute informational materials, disclosure statements, forms and instructions concerning the program to covered employers to covered employees.
Employees. Employees would be able to:
- change the rate at which their contributions are withheld from their compensation;
- withdraw up to $1,000 in order to meet a financial emergency or other kind of emergency; and
- opt out of participation.
Board of Trustees of the Nevada Employee Savings Trust. The bill would create a Board of Trustees of the Nevada Employee Savings Trust, which would:
- design, establish, and operate the Nevada Employee Savings Trust Program;
- adopt regulations, rules, and procedures for the establishment and operation of the program;
- appoint a Trustee of the Trust; and
- prepare informational materials, disclosure statements, forms and instructions concerning the program for distribution by covered employers to covered employees.
State Treasurer. SB 305 would require the State Treasurer to provide staff and administrative support to the Board.
Status. The bill is now before the Senate Committee on Government Affairs.
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