Nevada has teamed up with Colorado to give its retirement savings program for private-sector workers a running start.
The Nevada Employee Savings Trust program joined Colorado’s interstate consortium of state-run retirement savings plans to lower costs and hasten the NEST program’s growth, Colorado Treasurer Dave Young announced in a news release April 30.
The NEST program is the fourth so-called state auto-IRA program to join Colorado’s “partnership for a dignified retirement,” following moves by Maine, Delaware and Vermont.
So far, the consortium has amassed almost $130 million in assets, including nearly $113 million in the Colorado SecureSavings program, which was launched in January 2023.
“We are thrilled to welcome Nevada to the consortium and look forward to working with additional states in the coming months,” Young said in the news release. “With the success of Colorado SecureSavings and similar programs across the country, the growth of the partnership for a dignified retirement represents the next breakthrough in expanding low-cost, portable retirement savings opportunities for private-sector workers.”
The Nevada Employee Savings Trust program was established in June 2023 and is scheduled to go live July 1. Like many other state-run retirement savings programs, it is structured as an auto-IRA, meaning employees are automatically enrolled in a payroll-deduction individual retirement account.
Employers in Nevada — as in other auto-IRA states — are required to make the program available to their workforce if employers don’t offer a workplace retirement savings plan themselves.
“I am honored to join Colorado and the partnership for a dignified retirement to help Nevadans prepare to save for retirement,” said Nevada Treasurer Zach Conine. “By working collaboratively, we can strengthen financial resilience within our respective programs to ensure that workers — especially those that have traditionally lacked access to retirement savings — have the tools they need to plan for their future.”
