Blog
Blog
Welcome to the Center for Retirement Initiatives (CRI) Policy Blog. The objective of this blog is to create an expert policy forum where the Center can share everything from the latest research and resources related to state retirement savings initiatives for private sector workers to federal legislative and regulatory developments. We will also provide updates on the latest retirement security data, best practices and lessons learned from program design and implementation at home and abroad. For those interested in learning more about a particular topic, each post may provide additional reading and resources to allow for a more in-depth exploration of the related research and policy issues.
The views and opinions expressed in this blog are the views of the authors and do not reflect any policy or position of the Center for Retirement Initiatives.
From Savings to Security: The Future of Innovation in DC Plan Design
By Angela M. Antonelli
The Georgetown University Center for Retirement Initiatives (CRI) convened an invitation-only one-day policy forum in June 2018 with approximately 100 senior industry leaders, policymakers, and stakeholders to examine some of the key challenges in designing a retirement savings system focused on improving long-term outcomes to strengthen retirement security for millions of Americans.
Achieving Economies of Scale in State-Facilitated Retirement Savings Programs: The Case for Multi-State Collaboration
By Angela M. Antonelli, J. Mark Iwry and David C. John
Over the last several years, most states have been actively engaged in exploring ways to enable more private-sector workers to save for retirement. In addition to understanding the need to enhance retirement security by expanding coverage, they recognize that the failure to do this would expose state governments to increased budget pressure, because increasing numbers of retirees with insufficient savings need additional social services.
The Next Generation of NEST Program Reforms in the UK: Anticipating Some Challenges Will Strengthen the Foundation for Continued Success
By Will Sandbrook
Two years ago, I wrote a blog post for this site with Keith Ambachtsheer, from the International Centre for Pension Management, giving an update on plans to extend private sector pension coverage in the United Kingdom (UK) and Canada.
“Work Hard. Save Easy.” The OregonSaves Retirement Program is Off to a Promising Start
By Tobias Read, Oregon State Treasurer
America’s retirement savings crisis is massive, is growing, and will affect everyone. The gap between what’s saved and what’s needed is estimated to be at least $6.8 trillion nationally, according to the National Institute on Retirement Security.
What Does an Aging Population Mean for Economic Growth and Investing?
By Paula Campbell Roberts
When the post-World War II babies entered the workforce in the 1970s, about 10 percent of the US population was over age 65. By 2030, that number is expected to grow to 20 percent of the population.
The Stress Behind the Dykes: Debating the Next Generation of Retirement Policy Reforms in the Netherlands
By Harry H.G. Smorenberg
As one of the top-ranked retirement systems in the world, the Netherlands’ retirement system is often seen as a model due to its strength in “adequacy, integrity and sustainability.”
The Unique and Varied Challenges Women Face Planning and Preparing for Retirement
By Laura Kim and Angela M. Antonelli
Planning for retirement is not a one-size-fits-all model. While savings, health, cost of living, and lifestyle expectations are major factors, research shows that gender can play a large role in retirement planning and that women may have additional challenges that should to be considered.
A Call to Action in Pennsylvania: The Demographic, Fiscal, and Economic Consequences of Retirement Insecurity Are Hard to Ignore
By Joe Torsella, Pennsylvania State Treasurer
The weakening of the pillars supporting retirement security (Social Security, employer-provided pension plans, and supplemental retirement and other savings plans) is one of the greatest fiscal and economic challenges we face today.
The Aging of America: A Changing Picture of Work and Retirement
By Angela M. Antonelli
Who hasn’t seen the happy birthday wishes sponsored by Smuckers to celebrate Americans around the country turning 100 years old? It used to be a rarity and cause for celebration when a relative hit a centennial birthday. However, new data suggest that this will become the norm in the not-too-distant future.
Closing the Global Retirement Savings Gap: A Tale of Two Numbers
By Han Yik
Retirement systems play a critical role in society and affect virtually every major stakeholder group, but the challenges facing them are large and continue to grow.
A Key to Strengthening Retirement Security: Return to Designing Retirement Plans Focused on Lifetime Income Strategies
By Martin Noven and Angela M. Antonelli
As employers have shifted from traditional defined benefit (DB) pension plans to defined contribution (DC) plans, many unintentionally abandoned the goal of retirement security.
The Changing Nature of Work: More Can Be Done to Help Contingent Workers Save for Retirement
By Angela M. Antonelli, Christopher Woika and Laura Kim
The nature of how we work today is rapidly changing. A growing segment of today’s workforce no longer enjoys what many consider to be a traditional work arrangement in which a worker is a full-time employee with salary and benefits, such as health care and retirement savings, as well as other workplace protections.
Launching OregonSaves: Early Lessons from an Innovative Public-Private Partnership
By Lisa A. Massena, CFA
With a great deal of local and national engagement and support, Oregon will soon be launching the nation’s first state-sponsored auto-enrollment individual retirement account (IRA) program.
Small Businesses & Retirement Readiness: Vermont Embraces a Multiple Employer Plan Approach
By The Honorable Beth Pearce
On June 8, 2017, Vermont became the first state in the nation to establish a state-facilitated multiple employer plan (MEP) with the signing of S. 135, establishing the Green Mountain Secure Retirement Plan.
It’s Never Too Early to Save for Retirement: Strengthening Retirement Security Begins by Reaching Millennials
By Laura Kim and Angela M. Antonelli
Four out of five millennials are worried that Social Security will not be there for them when they are ready to retire, and half believe that Social Security will provide them with no benefits in retirement.
Congress Should Encourage State Innovation to Strengthen Retirement Security
By Charles E.F. Millard and Angela M. Antonelli
The new Republican Congress and Administration want to limit federal power and devolve more programs to the states. As longtime Republicans, we believe state experimentation leads us as a nation to better outcomes.
Expanding Small Business Access to Retirement Plans
By David Damschen and Richard Mourdock
Minutes after taking the oath of office on Jan. 20, President Trump declared that the era of “transferring power from Washington, D.C.” back to the states and to the American people had officially begun.
Building a Publicly-Sponsored Private Sector Retirement System: Lessons from Australia
By Zachary May
Australia is generally considered to have a strong retirement system. For example, the Melbourne-Mercer Global Pension Index, which assesses the retirement systems of different jurisdictions in terms of adequacy, sustainability and integrity, has consistently found the Australian system to be among the better ones.
Delivering on Publicly-Sponsored Private Retirement Accounts: Key Considerations for Successful Public-Private Partnerships
By Richard Mourdock
In 2016, thirty state legislatures have taken action to consider establishing publicly-sponsored private retirement accounts (PSPRAs) allowing more workers the opportunity to save for retirement.
What We Know About Retirement Savings: Why Strategic Behavioral “Nudges” Make Sense
By Angela M. Antonelli and Yijun Yin
A majority of Americans report a lack of confidence in their ability to prepare adequately for their own retirement. If they can put money away for retirement, they often do not take the time to understand how much they will need to save and, even if they do, are fearful they will never be able to save enough to last a lifetime and will need to keep working longer.
Employees’ Financial Wellness: New Strategies for State-Sponsored Retirement Plans
By Annamaria Lusardi
In the pursuit of financial security, individuals make many financial decisions throughout their lives, including how much to save for different needs, such as retirement. This is why empowering people to make good decisions has become so important.
Beyond ERISA: Other Regulatory Considerations for State-Sponsored Retirement Plans
By David Morse – Partner Access Only
The U.S. Department of Labor (DOL) recently issued a proposed rule to create a safe harbor allowing states to establish mandatory workplace-based IRA savings programs which are exempt from ERISA (Employee Retirement Income Security Act).
States Bridging the Partisan Divide on Retirement Security
By Angela M. Antonelli and David C. John
Solutions for too many critical problems facing our nation today are tied up in partisan gridlock, but Maryland’s Republican Governor Larry Hogan recently demonstrated what bipartisanship is all about.
State Retirement Savings Programs: Current Status, Lessons Learned and Future Prospects
By Angela M. Antonelli – Partner Access Only
Americans are facing a retirement crisis. The three-legged stool for retirement – Social Security, employer provided retirement benefits and personal savings – has become unstable as fewer companies offer traditional pension plans for their employees and employees have not saved much on their own for retirement.
Building Effective Retirement Savings Programs for Uncovered Workers: Lessons from the UK Experience
By Keith Ambachtsheer and Will Sandbrook
Imagine workers with access to retirement savings programs that will help provide a secure retirement income at affordable contribution rates. Imagine those contributions managed at low-cost with a long-term, wealth creation focus that will help those workers manage their savings to last their lifetime.
529 College Savings Plans: Lessons for State Sponsored Private Sector Retirement Plans
By Andrea Feirstein
Each day for the next 19 years 10,000 baby boomers will retire. According to the Census Bureau, the population age 65 and over in 2030 is projected to be more than 74 million, representing more than 20 percent of the total population.
Maryland: Small Businesses Want to Help Their Workers Save for Retirement
By James R. Racheff, MS, MBA
More than 40 percent of employers – most of them small businesses – do not sponsor a workplace retirement savings plan for their employees. In Maryland, we have 1,000,000 employees who lack access to employer provider retirement plans.