Policy Reports

The Benefits of Achieving Economies of Scale in State-Sponsored Retirement Savings Programs: The Case for Multi-State Collaboration (Working Paper, 18-02, June 2018)

This report outlines several models, ones based on a multi-state or regional approach, that should be explored for how states can work together to serve more than one state. Although individual states can establish their own state-sponsored retirement savings programs, the consideration of interstate arrangements offers opportunities for states to explore how they can achieve economies of scale to help minimize costs while significantly expanding access to retirement savings options.

The Evolution of Target Date Funds: Using Alternatives to Improve Retirement Plan Outcomes (Policy Report, 18-01, June 2018)

This report highlights new analysis showing how target date funds (TDFs) can be modified to improve expected retirement income for individuals by between 11 and 17 percent with the inclusion of alternative assets.  Operational issues, such as liquidity, pricing, etc. can be easily addressed today, as demonstrated by the increased use of custom funds in DC plans.  Policymakers and plan sponsors should consider the inclusion of alternative assets classes in DC plans, specifically through target date structures.

PaperMultiple Employer Plans (MEPs): An Overview of Legal, Regulatory and Plan Design Considerations for States (17-02)

This report provides an overview of how ERISA and the Tax Code, as well as securities and other laws, would apply to a state-facilitated MEP and includes sample model legislation.

vermontpolicyreportPublic Retirement Plan Options for Private Sector Employees/ Employers: A CRI Report to the VT Public Retirement Study Committee (17-01)

This report provides an overview of the retirement security challenges facing the nation and Vermont; outlines the range of plan design options for state-sponsored retirement programs for private sector employers and employees, including legal, regulatory, and plan design considerations; and reviews some early lessons learned from other states that are in various stages of implementing new programs.

PaperState Initiatives: How Federal Laws Apply to Plan Design Features (14-01)

As states contemplate ways to help expand the availability and effectiveness of private sector retirement savings options, they must understand how ERISA and other federal laws would apply to any new program for the private sector.

Policy Briefs

Facts and Fallacy About State Retirement Savings Plans (17-01)

More states are considering the creation of state-facilitated retirement savings plans, but there is considerable misinformation about the different issues and programs.  This brief reviews some of the fallacies and some of the facts behind state-facilitated retirement savings plans.

529 College Savings Plans: Lessons for Publicly Sponsored Private Retirement Plans (16-02)

529 college savings plans have accumulated $266.2 billion across more than 12.7 million accounts. This policy brief looks at the lessons learned from the implementation of state-sponsored college savings plans and discusses some parallels for state-sponsored retirement saving plans.

Publicly Sponsored Private Retirement Programs: Comparison of Plan Design Options and Features (16-01)

This policy brief describes and compares the legal and design characteristics of different state-sponsored retirement saving plans, including Multiple Employer Plan (MEPs), Master and Prototype (Prototype), Marketplace, MyRA, Payroll Deduction IRAs, and Auto-IRAs.