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Governor Signs Retirement Savings Legislation
AARP Nevada successfully advocated for the Nevada Employee Savings Trust (NEST) bill, winning bipartisan support and passage from both houses of the Legislature this session. Senate Bill 305, which creates a public-private retirement savings plan, was signed by Gov. Joe Lombardo after the session.
NEST will impact 300,000 Nevadans and has the following key components:
- Employees will be automatically enrolled with an opt-out provision
- All businesses with more than 5 employees will offer the plan
- The state will study the feasibility of adding independent contractors (gig workers)
“This legislation is a huge victory for a large and underserved population which current lacks access to retirement plans at work,” said AARP State Director Maria Moore. “This bipartisan bill will also help the state save millions in future public assistance costs.”
AARP Nevada mobilized hundreds of volunteers to send emails to the state Treasurer and legislative committees amid opposition from some business lobbyists.
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