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PEW data shows up to 587,000 Nevada workers lack workplace retirement coverage, board told
Summary
PEW presented state-level estimates showing as many as 587,000 Nevada workers without workplace retirement coverage (2023) and roughly 12,000 employers potentially in scope for NEST; PEW explained methodological tradeoffs and offered further analysis.
At the Sept. 25 meeting, PEW Charitable Trusts’ Andrew Blevins presented market-size estimates prepared for the State Treasurer’s Office, saying the number of Nevada workers without workplace retirement coverage in 2023 could be as high as 587,000 and that about 12,000 employers could be within the NEST program’s scope.
Blevins described the methodology and tradeoffs: "These are both from the United States Census. It's the Current Population Survey, and the Survey of U.S. Businesses," he said, explaining that the CPS reports coverage directly but can include response error while the business survey requires assumptions about employer-level coverage. Blevins said the range reflects differences between those data sets and that PEW can refine assumptions to narrow the range.
Board members asked whether the estimates could be narrowed by comparing to data from states that have launched Auto-IRA programs; Blevins said programs do report covered employers and funded accounts, but that various administrative issues — such as failed banking verifications and employers starting separate plans — make the uncovered universe uncertain. He offered to run a Form 5500–based assessment and other state comparisons to help refine Nevada’s estimate.
