Nevada passed legislation on June 16, 2023, to adopt a state-run savings program. The legislation will require employers that employ five or more employees and who have been in business for at least 36 months to participate if they do not sponsor their own qualified retirement plan. Implementation is in process with the start date yet to be determined. The chart below illustrates a brief summary of the program.
| Feature | State IRA Plan | Employer Sponsored 401k |
| Plan Type | Mandatory Auto IRA | Pre-tax, Roth AND Employer Contributions |
| Contribution Limits | Limited to $7,000 (2024) | $23,000 (plus more if over age 50) |
| Compliance | Unknown at this time | Compliant with state program |
| Eligibility | Unknown at this time | Employer controls eligibility requirements |
| Plan Costs | Unknown at this time | Dependent on type of plan design chosen. |
| Tax Deductible | NO | Employer contributions are tax deductible |
| Tax Credit Available | NO | Plan costs qualify for available tax credits |
| Default Contribution | YES – unknown at this time | Employee choice |
| Auto Escalation Feature | YES, but what the rate will be is unknown at this time | NO |
| Minimum Employees to Participate | 5+ | Any Number |
| Investments | Unknown at this time | More than 25 funds in a variety of Morningstar categories |
