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Nevada’s NEST program tops $2.3 million in assets as more than 11,000 Nevadans open accounts
Summary
State Treasurer’s office staff and Vestwell told the NEST board that a single-wave rollout produced a spike in late-August and September registrations; the program now has over 11,000 funded accounts and roughly $2.3 million in assets, with staff continuing targeted outreach to 8,400 employers who have not acted.
The Nevada Employee Savings Trust (NEST) has crossed two early milestones: more than 11,000 funded accounts and about $2.3 million in assets, state and vendor representatives told the Board of Trustees at its Nov. 5 meeting.
"With just these totals, about 42% of NEST eligible employers have taken action," NEST Program Director Michael Pelham said, reporting that outreach identified 14,445 employers that employ just over 400,000 Nevadans; 3,417 employers have claimed certified exemptions and 2,624 have registered for the program, leaving roughly 8,400 employers that staff still need to reach.
Vestwell representative Courtney Eccles attributed the rapid early growth to the program’s single-wave rollout and a concentrated communications cadence in the weeks before and after the registration window closed. "You pass both the $1,000,000 and the $2,000,000 marker in the month of October, which is amazing," Eccles said, and emphasized ongoing payroll onboarding and employer support to translate registrations into active payroll contributions.
The program team described several follow-up steps: a paper-mail campaign to employers who did not open email outreach, targeted outreach from the largest to smallest employers, payroll webinars (increased in frequency while uptake is high), payroll-integrations outreach to employers using known payroll providers, and client-service tools intended to reduce friction for employers and savers.
Treasurer Zach Conine framed the milestone as evidence of demand for the program. "We’re all very very excited internally about getting to $2.3 million dollars of assets as quickly as we can," he said, thanking staff and partners.
Board members pressed staff for additional operational detail and data sharing, including cross-state comparisons and finer breakdowns of opt-outs and auto-enrolled employees; Vestwell and the Treasurer’s Office said they would follow up with requested analyses and noted limits where data are not directly comparable across states.
The Board took no formal policy action on the enrollment numbers at the meeting; staff said they will present a formal outreach plan at the next Board meeting and continue reporting program metrics.
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