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Committees fund Nevada Employee Savings Trust startup costs and authorize loan from general fund
Summary
Committees approved $1.5 million in general-fund support (structured as a loan) over the biennium to help launch the Nevada Employee Savings Trust, a state retirement-savings program for private employers created under SB305.
The joint committees approved the inclusion of the Nevada Employee Savings Trust administrative budget in the 2025 authorizations act, including general-fund support of $1.5 million over the 2025–27 biennium to continue program startup and administration. Fiscal staff and the State Treasurer's Office indicated the funding would be provided as a loan that must be repaid to the general fund once the program receives sufficient operating revenue.
Adam Dross of the Legislative Counsel Bureau's Fiscal Analysis Division said the governor recommends $1.5 million for the program and the board of trustees has recommended partnering with Colorado's program; the Treasurer's Office estimates 16,000 funded accounts in FY26 and 27,000 in FY27 under its enrollment projections. The office told the committees it intends to charge a $4 annual state account fee and that projected fee revenue ($64,000 in FY26 and $108,000 in FY27) could be reflected in the budget as equal offsetting repayments to the general fund when those receipts are received.
Committee members recorded no substantive questions during the presentation. Senator Dondero Loop moved approval of the funding and loan-back language as read by staff; Assemblymember Bachus seconded. By voice vote the motion carried.
The committees also authorized fiscal staff to include repayment language in the back language of the 2025 Appropriations Act and to enter technical adjustments.
