Understanding Nevada's State Mandates for Retirement Plans: Options and Compliance
Help clients in Nevada understand the state's mandated retirement program and explore alternative solutions that satisfy legal requirements and meet their business goals.
Key Points
- Compliance: Keep clients up to date on Nevada's retirement program requirements, emphasizing that employers with five or more employees must offer a retirement plan to comply with state legislation.
- Nevada Employee Savings Trust Overview: Explain Nevada Employee Savings Trust program details, focusing on its automatic enrollment feature, contribution rates, and the minimal administrative responsibilities for employers.
- Alternative Plan Options: Outline additional plan options that satisfy mandates, such as 401(k) plans and PEPs, detailing their flexibility, higher contribution limits, and potential tax benefits for both employers and employees.