The state programs, administered by Vestwell, expect the partnership to reduce costs.
Reported by James Van Bramer
April 30, 2025 - PLANSPONSOR
Nevada has joined Colorado’s interstate alliance of state-facilitated auto-IRA programs designed to help private sector workers whose employers do not provide retirement plans save for retirement, according to a Wednesday announcement by the Colorado Department of the Treasury.
With the addition of Nevada, the partnership now includes five states—Colorado, Delaware, Maine, Nevada and Vermont—representing nearly $130 million in assets under management, according to the release.
The collaboration enables states to share infrastructure and reduce costs, while expanding access to Roth individual retirement account plans for workers who lack employer-sponsored retirement options. Programs in the consortium are administered by Vestwell, in partnership with BNY Mellon.
“With the success of Colorado SecureSavings and similar programs across the country, the growth of the Partnership for a Dignified Retirement represents the next breakthrough in expanding low-cost, portable retirement savings opportunities for private sector workers,” said Colorado Treasurer Dave Young in a statement. “We are thrilled to welcome Nevada to the consortium and look forward to working with additional states in the coming months.”
According to Georgetown University’s Center for Retirement Initiatives, 20 states and two cities have auto-IRA programs, as of January 1, including 17 auto-IRA programs. Additionally, seven of the 17 auto-IRA programs were established under partnership agreements.
State auto-IRA programs totaled $1.93 billion in assets as of March, according to Georgetown.
“By working collaboratively, we can strengthen financial resilience within our respective programs to ensure that workers—especially those that have traditionally lacked access to retirement savings—have the tools they need to plan for their future,” said Nevada Treasurer Zach Conine, who chairs the board overseeing the state’s new retirement program, in the announcement.
Nevada passed legislation in 2023 to establish its auto-IRA program, the Nevada Employee Savings Trust. By joining the consortium, it will adopt Colorado SecureSavings’ operational framework, while benefiting from economies of scale and reduced plan fees.
The Colorado SecureSavings program, launched about two years ago, has grown to more than 76,000 savers and 17,000 participating employers across the state.
Douglas Magnolia, the president of Vestwell State Savings, said the partnership sets a new precedent for multistate collaboration.
“This launch is proof that when states come together, impact follows,” he said in the announcement.