State-sponsored Retirement Savings Plans: New Approaches to Boost Retirement Plan Coverage

In How Persistent Low Returns Will Shape Saving and Retirement. Olivia S. Mitchell, Robert Clark, and Raimond Maurer, eds. Oxford University Press. 2018.

37 Pages Posted: 1 Jun 2019

See all articles by William G. Gale

William G. Gale

Brookings Institution

David John

AARP Public Policy Institute; NASI

Date Written: March 2017

Abstract

This paper describes and evaluates models and features used in emerging state-sponsored retirement saving plans such as Auto IRAs, open Multiple Employer Plans and Marketplaces. These plans have enormous potential to raise the number of Americans with access to payroll deduction retirement saving plans. We believe that plans that boost coverage most will feature two characteristics: required provision of retirement saving plans by firms and automatic enrollment of eligible workers. However, we also note that under current legal and regulatory conditions, Secure Choice is the only model that enables states to require that employers provide a plan.

Keywords: Secure Choice, Multiple Employer Plans, marketplace, automatic enrollment, mandatory provision

Suggested Citation

Gale, William G. and John, David, State-sponsored Retirement Savings Plans: New Approaches to Boost Retirement Plan Coverage (March 2017). In How Persistent Low Returns Will Shape Saving and Retirement. Olivia S. Mitchell, Robert Clark, and Raimond Maurer, eds. Oxford University Press. 2018. . Available at SSRN: https://ssrn.com/abstract=3385513

William G. Gale (Contact Author)

Brookings Institution ( email )

1775 Massachusetts Avenue, NW
Washington, DC 20036
United States
202-797-6148 (Phone)
202-797-6181 (Fax)

David John

AARP Public Policy Institute ( email )

601 E. Street, NW
Washington, DC 20049
United States
2024343865 (Phone)

NASI ( email )

1776 Massachusetts Avenue, NW
Suite 615
Washington, DC 20036-1904
United States

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