Lieutenant governor-elect plans Nevada retirement program
LAS VEGAS (AP) — Nevada Lt. Gov.-elect Kate Marshall is working on a plan that aims to help more workers find a way to save for retirement.
Marshall, a Democrat, is pushing for Nevada to enact a state-supported retirement program, the Las Vegas Review-Journal reported last week.
The program would require employers who don’t offer retirement plans to automatically enroll employees in the state program. Employees would have the option to opt out.
About 57 percent of private-sector employees in the state do not have access to retirement plans through their employers, according to a study from the AARP. That number jumps to 80 percent among employees at small businesses with fewer than 100 workers.
“What that means is that there’s not an easily accessible way for them to save for retirement,” Marshall said.
As people in those categories age, the lack of retirement savings can become a financial burden on the social services system, Marshall said.
“What you see is that if people are not preparing for their retirement, then when they retire it becomes part of the taxpayers’ burden,” Marshall said.
Marshall said she envisions the plan being set up like the 529 college savings programs, which the state offers to help families save for higher education costs. An appointed board would determine exactly how the program would operate, she said.
State Assemblywoman Ellen Spiegel, a Democrat, is drafting a bill proposal.
Information from: Las Vegas Review-Journal, http://www.lvrj.com