Two new CRI reports examine the role of private assets in defined contribution retirement plans. The first report addresses three common myths about private assets in defined contribution (DC) plans — limited liquidity, lack of excess returns, and high fees — that hinder their broader adoption by DC retirement plans. The second report is a follow-up to previous CRI research, and shows how relatively modest exposures to real assets, private credit, and private equity can improve retirement income outcomes by 7% to 8% for workers with disrupted savings patterns, such as caregivers, lower-income workers, and job hoppers.

2025 State Program & Legislative Activity Map

© Copyright 2025, Georgetown University
Source: Georgetown University's Center for Retirement Initiatives

Click on the map to view program information quick links (red shaded states)
Login to view detailed 2025 state legislative activity updates (green states)

Auto-IRA programs
Other programs
☆ denotes program active
Pending legislative proposals
Recent state efforts
No recent state efforts

State Program Action Updates

Upcoming board meetings:

  • WA: 10/21; HI: 10/28; NV: 11/5; OR: 11/18;
    CA: 11/20; IL: 11/20; DE: 12/11; MD: 12/8;
    NJ: 12/12; ME: 12/17; CT: 12/19

Recent program action:

  • Congratulations! On October 8, 2025, the New York State Secure Choice Savings Program opened to all eligible employers. Read the announcement.
  • As of October 8, 2025, 15 of the 20 state programs (13 auto-IRA – CA, CO, CT, DE, IL, MD, ME, NV, NJ, NY, OR, VA, VT) and 2 others – MA (MEP) and WA (Marketplace) are open to all eligible employers. View state activity page for updates.
  • Welcome! On September 24, 2025, the board of the Minnesota Secure Choice Retirement Savings Program announced the selection of Chad Roberts as the incoming program executive director.
  • On September 24, 2025, Connecticut and Rhode Island announced the finalization of their partnership agreement that will support the launch of the new RISavers program.
  • On September 12, 2025, the CalSavers Program released an RFP for program administrator and investment management services. Bids are due October 27, 2025.
  • As of September 30, 2025, state auto-IRA programs report $2.50+ billion in assets administered and more than 1.09 million funded accounts.

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NC Lawmakers Consider Plan to Help More Worker Save for Retirement (QCityMetro, October 13, 2025)

New York Launches Roth Auto-IRA Program (ThinkAdvisor, October 9, 2025)

New York Secure Choice Goes Live with Vestwell (401kSpecialist, October 9, 2025)

State Launches Retirement Program (Long Island Life & Politics, October 9, 2025)

New York Secure Choice Launches (PLANSPONSOR, October 9, 2025)

New York Secure Choice Launches, State Auto-IRAs Reach $2.5B in Assets (Plan Sponsor Council of America, October 8, 2025)

Private Assets Could Improve Retirement Savings: Georgetown (Rethinking65, October 6, 2025)

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