Retirement Plans for Contingent Workers: Issues and Options

Journal of Pension Economics and Finance 2018: 1-13. December 2018.

13 Pages Posted: 1 Jun 2019

See all articles by William G. Gale

William G. Gale

Brookings Institution

Sarah E. Holmes

Brookings Institution

David John

AARP Public Policy Institute; NASI

Date Written: September 2016

Abstract

This paper examines retirement saving policy for independent – or contingent – workers, a growing segment of the workforce. Because few of these workers are covered by employer-sponsored retirement plans, they often do not benefit from payroll deduction, employer matching contributions, automatic enrollment, and other provisions that encourage retirement saving. Better use of fintech, judicious changes to tax policy, and expanded Automatic IRAs would help independent workers save for retirement. In addition, we propose the creation of retirement saving accounts that attach to the worker as a supplement to, and possible replacement for, the current system of employer-sponsored accounts.

Keywords: contingent workforce; employer-facilitated accounts; gig workers; independent workers; retirement saving

JEL Classification: J26; J32; J46

Suggested Citation

Gale, William G. and Holmes, Sarah E. and John, David, Retirement Plans for Contingent Workers: Issues and Options (September 2016). Journal of Pension Economics and Finance 2018: 1-13. December 2018.. Available at SSRN: https://ssrn.com/abstract=3385521

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)

Sarah E. Holmes

Brookings Institution ( email )

1775 Massachusetts Ave, NW
Washington, DC 20036
United States

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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