Kelly Bullis
LINK TO OLD ARTICLE: https://www.nevadaappeal.com/news/2025/mar/24/kelly-bullis-nevada-employee-savings-trust-program/
It’s “lovingly” called the Nevada Employee Savings Trust program. NEST for short. I outlined many of the details on this back on March 22.
Look that article up and read it. This article will expose more information on the background, hopes, and aspirations of the NEST Program. First, I have to make a correction to the March 22 article.
I had mentioned a rollout process for employers to sign up for this system. I was wrong about a yearlong rollout. There is NO rollout process. Currently, starting July 1 through Sept. 1, all required employers (those having six or more employees) must go to the new website and enroll.
I have been informed by state treasurer officials that it should take less than 10 minutes to do that. The website is still currently in development. The state intends to actually turn on the website for final testing in early June.
You should receive a letter with your access code in June. Being a former software developer, I am skeptical that this website will be in final working condition when it is first turned on.
I wonder how many Nevada employers will log on at the same time on July 1. Will the website be able to handle that potentially high volume, or will it crash?
I also learned that this NEST program is based upon a similar program used in other states. The list of states I was given are all Democratic “nanny states” so I am not confident yet that this is a good idea.
Two states that were specifically mentioned with high praise were California and Oregon. Now doesn’t that make you feel good? State officials admitted that this is just a state sanctioned, mandatory IRA program.
It will be contracted out to be administered in Colorado, who also has the most similar system. Hmmm. How do you feel about Nevada mandating a program that will enrich folks in Colorado? Why can’t Nevadan’s administrate this, are we too dumb?
Another interesting tidbit of information. There is no current enforcement mechanism. No penalty for non-compliance at this time. The newly created “board of directors” of this program have the authority to create a future enforcement mechanism if they deem it necessary.
If you don’t sign up by Sept. 1, you will be “breaking the law” and not in compliance. At some point, you will receive a notification to go to the website and correct your noncompliance status.
If you still fail to sign up, you will get another communication, a little more sternly worded perhaps, pressing you to go to the website and sign up.
How many of these toothless demands that you go to their website and sign up will the “board of directors” put up with before they create a penalty system for noncompliance? Who knows?
In closing, the state treasurer’s office sincerely hopes that all you required Nevada employers will go to their new website on July 1 and sign up for this program, then implement it in your business immediately. The easiest way you, as an employer, can avoid having to participate in the new NEST program is to start a SIMPLE IRA or SIMPLE 401k program on your own.
Have you heard? Psalm 86:7a says, “In the day of my trouble I call upon you…”
Kelly Bullis is a certified public accountant in Carson City. Contact him at 775-882-4459, on the web at BullisAndCo.com, and also on Facebook.