Board confirms statutory eligibility and outlines employer exemption process

Deputy Mohlenkamp told the board that the program will align with NRS 353D and set the minimum age for a covered employee at 18 because the statute requires it. "A covered employee means person who is at least eighteen years of age," she said. The board accepted the statutory baseline as the starting point for operational rules.

On employer exemptions, Vestwell explained it will compare employer records against federal Form 5500 filings and other sources to preemptively mark employers that already offer qualified retirement plans as exempt. Employers who receive a notice can certify an exemption online; Vestwell described this as a short process to record the exemption for the state. Board members raised questions about calculating the five‑employee threshold, waiting periods and common ownership; Deputy Attorney General Greg Cloward said those legal questions will be addressed with the AG’s office in follow‑up as needed.

Staff said the exemption process includes an annual sweep to capture changes in employer status and noted that employees at exempt employers can still join via self‑enrollment if that feature is enabled in the future. The board directed staff to develop operational processes that align with statute and to return with a recommended employer‑registration workflow.