Bill
Bill > SB305
NV SB305
NV SB305Provides for the establishment of a retirement savings program for private sector employees. (BDR 31-933)
summary
Introduced
03/16/2023
03/16/2023
In Committee
05/31/2023
05/31/2023
Crossed Over
05/30/2023
05/30/2023
Passed
06/08/2023
06/08/2023
Dead
Signed/Enacted/Adopted
06/16/2023
06/16/2023
Introduced Session
82nd Legislature (2023)
Bill Summary
AN ACT relating to employment; creating the Board of Trustees of the Nevada Employee Savings Trust; prescribing the membership, powers, duties and limitations of the Board; authorizing the Board to create the Nevada Employee Savings Trust Program; prescribing certain required attributes of the Program; creating the Nevada Employee Savings Trust Administrative Fund and specifying the sources and uses of money deposited therein; creating the Nevada Employee Savings Trust and prescribing the manner of its administration; providing for the confidentiality of certain information; providing civil immunity to certain persons and entities in connection with the Program; making certain persons fiduciaries with respect to participants in the Program; prohibiting certain persons from engaging in certain financial transactions in connection with the Program; requiring the preparation and submission of certain annual reports; making an appropriation to the Office of the State Treasurer for costs related to the administration of the Program; requiring the Board to conduct a study on the feasibility of including independent contractors in the Program; and providing other matters properly relating thereto.
AI Summary
This bill establishes the Nevada Employee Savings Trust under the direction of a board of trustees with the power to create a retirement savings program for private sector employees. The program will automatically enroll employees and allow them to contribute to individual retirement accounts, unless they opt out. The bill provides details on the program's administration, investment guidelines, and confidentiality provisions. It also grants civil immunity to employers and the state regarding the program's implementation and operation.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (17)
Ira Hansen (R)*,
Dallas Harris (D)*,
Dina Neal (D)*,
Pat Spearman (D)*,
Max Carter (D),
Reuben D'Silva (D),
Skip Daly (D),
Bea Duran (D),
Cecelia González (D),
Roberta Lange (D),
Duy Nguyen (D),
James Ohrenschall (D),
Melanie Scheible (D),
Jeff Stone (R),
Angela Taylor (D),
Claire Thomas (D),
Selena Torres-Fossett (D),
Last Action
Chapter 461. (on 06/16/2023)
Official Document
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