June 27, 2023
During the 2023 state legislative sessions, at least 22 states have introduced bills to establish new retirement savings programs, amend existing programs, or form study groups to explore their options. Since 2012, at least 47 states have now acted to implement a new program or a study, or have considered legislation to establish state-facilitated retirement savings programs.
As of June 2023, three new programs have been passed by legislatures: Minnesota (auto-IRA), Missouri (a voluntary Multiple Employer Plan or MEP), and Nevada (auto-IRA), which brings the total number of state programs to 19. In addition, one existing program — Vermont — changed its program from a voluntary MEP to an auto-IRA program. States also are now actively exploring interstate partnerships, which can only help to make these programs even more efficient and low cost.
Of the now 19 state programs, eight of them (six auto-IRAs — California, Colorado, Connecticut, Illinois, Maryland, and Oregon, and two others — Massachusetts (MEP) and Washington (Marketplace)) are open to all eligible employers and workers. And just four of these state programs — CalSavers, MyCTSavings, Illinois Secure Choice, and OregonSaves — already have accumulated more than $838 million of the total program assets as of May 31, 2023.
Please join the Georgetown Center for Retirement Initiatives (CRI) for a one-hour webinar to hear from the state leaders instrumental in the passage of this year’s latest new state programs, along with an update about the progress of existing programs.
Moderator:
- Angela Antonelli, Research Professor and Executive Director, Center for Retirement Initiatives, Georgetown University’s McCourt School of Public Policy
Panelists:
- Senator Dallas Harris, Nevada; sponsor of the Nevada Employee Savings Trust
- Representative Michael O’Donnell, Missouri; sponsor of the ShowMe Retirement Savings Program
- Senator Sandra Pappas, Minnesota; sponsor of the Minnesota Secure Savings Retirement Program
- Michael Pieciak, Vermont State Treasurer
- Dave Young, Colorado State Treasurer