State Program Performance Data – Current Year

State Program Performance Data

* Data under each of these sections above is from state auto-IRA programs and cumulative across all programs, unless otherwise noted (e.g., the monthly individual state program specific data).

Comparison of Key Program Metrics and Design Characteristics
(CA, CT, CO, IL, MD and OR)

September 30, 2023

Monthly Individual State Program Specific Data & Trends

California

(2019)

Key Program Metrics Snapshot
(as of October 31, 2023)

Program Performance Indicators, Monthly Percent Change
(as of October 31, 2023)

09/30/23 10/31/23 Percent Change 09/30/23-10/31/23
Total Assets $613,688,748 $614,558,520 0.14%
Total Contributions Amount $767,723,602 $800,742,939 4.3%
Total Withdrawals $138,902,300 $148,318,965 6.8%
Total Funded Accounts 455,255 462,951 1.7%
Accounts with Withdrawals (Full and Partial) 105,679 109,724 3.8%
Average Contribution Rate 5.14% 5.13%
Average Monthly Contribution Amount $178 $183 2.8%
Average Funded Account Balance $1,348 $1,327 -1.6%
Effective Opt-Out Rate 35.8% 35.9%
Total Registered Employers 119,045 121,661 2.2%
Total Exempted Employers 115,398 118,940 3.1%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from CalSavers.

Illinois

(2018)

Key Program Metrics Snapshot
(as of October 31, 2023)

Program Performance Indicators, Monthly Percent Change 
(as of October 31, 2023)

09/30/23 10/31/23 Percent Change 09/30/23-10/31/23
Total Assets $131,309,658 $130,832,613 -0.36%
Total Contribution Amount $168,601,288 $173,303,865 2.8%
Total Withdrawals $42,242,824 $43,690,197 3.4%
Total Funded Accounts 130,635 132,912 1.7%
Accounts with Withdrawals (Full and Partial) 35,802 36,505 2.0%
Average Contribution Rate 5.8% 5.8%
Average Monthly Contribution Amount $144 $144 0.16%
Average Funded Account Balance $1,005 $984 -2.1%
Effective Opt-Out Rate 35.6% 37.3%
Total Registered Employers 14,727 23,157 57.2%
Total Exempted Employers 42,765 47,495 11.1%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from IL Secure Choice.

Oregon

(2017)

Key Program Metrics Snapshot
(as of September 30, 2023)

Program Performance Indicators, Monthly Percent Change
(as of September 30, 2023)

08/31/23 09/30/23 Percent Change 08/31/23-09/30/23
Total Assets $215,524,438 $211,520,601 -1.9%
Total Contributions Amount $308,256,417 $315,946,627 2.5%
Total Withdrawals $97,651,413 $100,879,517 3.3%
Total Funded Accounts 120,259 122,183 1.6%
Accounts with a Withdrawal* 44,040 44,914 2.0%
Average Contribution Rate 6.4% 6.4%
Average Monthly Contribution Amount $178 $170 -4.5%
Average Funded Account Balance $1,792 $1,731 -3.4%
Opt-Out Action Rate* 23.3% 23.1%
Total Registered Employers 26,289 27,349 4.0%
Total Exempted Employers 39,487 40,862 3.5%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from OregonSaves. *Opt-out Action Rate = savers opting-out within the last 30 days. Accounts With a Withdrawal = accounts with either full or partial withdrawals or both during the reporting period.

Connecticut

(2022)

Key Program Metrics Snapshot
(as of October 31, 2023)

Program Performance Indicators, Monthly Percent Change
(as of October 31, 2023)

09/30/23 10/31/23 Percent Change 09/30/23-10/31/23
Total Assets  

$10,094,394

 $11,117,170 10.1%
Total Contribution Amount $10,922,240 $12,495,532 14.4%
Total Withdrawals $659,937 $847,124 28.4%
Total Funded Accounts 19,550 21,333 9.1%
Accounts with Withdrawals (Full and Partial) 1,276 1,557 22.0%
Average Contribution Rate 3.3% 3.3%
Average Monthly Contribution Amount $100 $105 5.0%
Average Funded Account Balance $516 $521 0.93%
Opt-Out Action Rate* 19.8% 19.7%
Total Registered Employers 5,938 6,170 3.9%
Total Exempted Employers 10,635 11,174 5.1%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from MyCTSavings. *Opt-out Action Rate = savers opting-out within the last 30 days.

Maryland

(2022)

Key Program Metrics Snapshot
(as of October 31, 2023)

Program Performance Indicators, Monthly Percent Change
(as of October 31, 2023)

09/30/23 10/31/23 Percent Change 09/30/23-10/31/23
Total Assets $3,319,063 $3,685,669 11.0%
Total Contributions Amount $3,689,434 $4,198,789 13.8%
Total Withdrawals $352,123 $450,243 27.9%
Total Funded Accounts 4,418 4,875 10.3%
Accounts with Withdrawals (Full and Partial) 605 716 18.3%
Average Contribution Rate 5.1% 5.0%
Average Monthly Contribution Amount $147 $145 -1.4%
Average Funded Account Balance $751 $756 0.63%
Opt-Out Action Rate* 23.4% 23.5%
Total Registered Employers 2,071 2,137 3.2%
Total Exempted Employers 2,525 2,659 5.3%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from Maryland$aves. *Opt-out Action rate = savers opting-out within the last 30 days.

Colorado

(2023)

Key Program Metrics Snapshot
(as of October 31, 2023)

Program Performance Indicators, Monthly Percent Change
(as of October 31, 2023)

09/30/23 10/31/23 Percent Change 09/30/23-10/31/23
Total Assets $17,640,617 $21,312,691 20.8%
Total Contribution Amount $19,174,656 $24,120,375 25.8%
Total Withdrawals $966,087 $1,414,679 46.4%
Total Funded Accounts 37,575 40,712 8.3%
Accounts with Withdrawals (Full and Partial) 2,288 3,025 32.2%
Average Contribution Rate 5.0% 5.0%
Average Monthly Contribution Amount $153 $165 7.5%
Average Funded Account Balance $469 $524 11.5%
Opt-Out Action Rate* 21.1% 21.0%
Total Registered Employers 12,464 12,840 3.0%
Total Exempted Employers 21,661 22,931 5.9%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from Colorado SecureSavings. Opt-out Action rate = savers who opt-out only within the last 30 days.

Massachusetts
Key Program Metrics Snapshot
(as of September 30, 2023)

Washington
Key Program Metrics Snapshot
(as of June 2020)

Monthly Cumulative State Program Total Assets
ALL STATES (CA, IL, OR, CT, MA, MD, and WA)

Monthly Cumulative State Auto-IRA* Program Performance Metrics (CA, CT, CO, IL, MD and OR)

*excludes MA and WA

Program Performance Indicators
Monthly Percent Change
(as of September 30, 2023)

8/31/23 9/30/23 Percent Change 8/31/23- 9/30/23
Total Assets $991,200,561 $987,573,081 -0.4%
Total Funded Accounts 752,087 769,616 2.3%
Total Registered Employers 177,156 181,594 2.5%
Exempted Employers 228,683 233,846 2.3%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from CalSavers, IL Secure Choice, MyCTSavings, OregonSaves, Maryland$aves, and Colorado SecureSavings.

Quarterly State Program Performance Data & Trends

California

Download full chart (PDF)

12/31/21 6/30/22 Percent Change 12/31/21-6/30/22 9/30/22 12/31/22 Percent Change 9/30/22-12/31/22 Percent Change

12/31/21-12/31/22
Total Assets $173,022,007

 

 $223,049,153 28.9% $272,215,635 $372,979,988 37.0%

 

 115.6%

 
Total Funded Accounts 217,892

 

 276,862 27.1% 360,237 395,972 9.9%

 

 81.7%

 
Total Withdrawals $20,493,838

 

 $40,893,704 99.5% $53,300,368

 

 $68,275,908 28.1% 233.2%

 
Accounts with Withdrawals 32,923

 

 48,693 47.9% $58,869 $69,577 18.2%

 

 111.3%

 
Average Deferral Rate 5.02%

 

 5.08% 5.07% 5.07%
Average Monthly Contribution Amount $150

 

 $168 12.0% $166 $169 1.8%

 

 12.7%

 
Average Funded Account Balance $794

 

 $806 1.5% $756 $942 24.6%

 

 18.6%

 
Effective Opt Out Rates 29.74% 36.64% 37.41% 36.84%
Total Registered Employers 23,203

 

 98,417 324.2% 109,245 115,705 5.9%

 

 398.7%

 
Total Added Employee Data 15,008 63,474 322.9% 88,498 94,552 6.8%

 

 530.0%

 
Employers Submitting Payroll

Deductions (last 90 days)

 N/A 13,755¹ 53.5% 31,051

 

 33,802 8.9%

 

 N/A

 
¹I¹California began reporting Actively Submitting Payroll (Past 90 Days) on February 28, 2022.

Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from CalSavers.

Illinois

Download full chart (PDF)

12/31/21

 

 6/30/22 Percent Change 12/31/21-6/30/22

 

 9/30/22

 

 12/31/22

 

 Percent Change 9/30/22-12/31/22

 

 Percent Change 

12/31/21-12/31/22

 
Total Assets $84,871,970 $82,742,994 -2.5%

 

 $83,977,073 $98,466,419 17.3%

 

 16.0%

 
Total Funded Accounts 99,082 105,459 6.4%

 

 109,346 116,216 6.3%

 

 17.3%

 
Total Withdrawals $15,539,645 $22,369,318 43.9%

 

 $25,695,321 $28,766,940 12.0%

 

 85.1%

 
Accounts with Withdrawals 20,796 24,625 18.4%

 

 26,094 27,506 5.41% 32.27%
Average Deferral Rate 5.05% 5.56% 5.53% 5.49%
Average Monthly Contribution Amount $118.19 $135.14 14.3%

 

 $144 $131 -9.5%

 

 10.5%

 
Average Funded Account Balance $856.58 $784.60 -8.4% $768 $847 10.3%

 

 -1.1%

 
Effective Opt Out Rates 33.30% 32.80% 31.92% 32.17%
Total Registered Employers 6,408 6,498 1.4%

 

 7,486 9,312 24.4%

 

 45.32%
Total Added Employee Data 4,315 4,450 3.1%

 

 5,148 7,211 40.1% 67.1%
Employers Submitting Payroll Deductions (last 90 days) N/A 2,333¹ N/A

 

 2,404 3,044 26.6% N/A
¹Illinois began reporting Actively Submitting Payroll (Past 90 Days) on April 30, 2022.

Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from IL Secure Choice.

Oregon

Download full chart (PDF)

12/31/21 6/30/22 Percent Change 12/31/21-6/30/22 9/30/22 12/31/22

 

 Percent Change 9/30/22-12/31/22

 

 Percent Change 

12/31/21-12/31/22

 
Total Assets $150,010,539 $146,004,291 -2.7% $148,185,293 $168,705,846 13.9% 12.5%

 
Total Funded Accounts 112,689 115,046 2.1% 115,569 115,863 0.3% 2.8%

 
Total Withdrawals $39,274,450 $54,286,395 38.2% $62,368,689 $70,672,308 13.3% 79.9%

 
Accounts with Withdrawals 20,314 27,577 35.8% 31,153 34,521 10.8% 69.9%

 
Average Deferral Rate 5.60% 6.20% 6.10% 6.00%
Average Monthly Contribution Amount $166 $176 6.0% $159 $157 -1.3% -5.4%
Average Funded Account Balance $1,331 $1,269 -4.7% $1,282 $1,456 13.6% 9.4%

 
Effective Opt Out Rates *N/A 25.6%1 24.8%1 24.1%1
Total Registered Employers 17,025 17,037 0.07% 17,187 17,671 2.8% 3.8%

 
Total Added Employee Data 14,931 15,146 1.4% 15,516 16,059 3.5% 7.6%

 
Employers Submitting Payroll Deductions (last 90 days) N/A 5,2802 N/A 5,2622 5,234 -0.53% N/A
1In March 2022, OregonSaves began reporting an Opt-Out Action Rate defined as percentage of savers who opt out in the first 30 days.

2Oregon replaced Total submitting Payroll Contributions with Actively Submitting Payroll (Past 90 Days) on March 30, 2022.
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from OregonSaves.

Quarterly Cumulative State Program Performance Metrics (CA, IL, and OR)

Download full chart (PDF)

  12/31/21 6/30/2022

 

 Percent Change 12/31/22-6/30/22 9/30/22

 

 12/31/22

 

 Percent Change 9/30/22-12/31/22

 

 Percent Change 

12/31/21-12/31/22

 
Total Assets $407,904,516 $451,796,438 12.40% $504,378,001 $640,152,253 26.9% 56.9%

 
Total Funded Accounts 429,663 497,367 0.01% 585,152 628,051 7.3% 46.2%
Total Registered Employers 46,636 121,952 0.02% 133,918 142,688 6.5% 206.0%
Total Added Employee Data 34,254 83,070 0.28% 109,162 117,822 7.9% 244.0%
Employers Submitting Payroll Deductions (last 90 days) N/A 22,114¹ N/A 39,581¹ 42,994¹ 8.6% N/A
1Oregon replaced Total submitting Payroll Contributions with Actively Submitting Payroll (Past 90 Days) on March 30, 2022.

Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from CalSavers, IL Secure Choice, and OregonSaves.

Semi-Annual and Annual State Program Performance Data & Trends

Semi-Annual and Annual State Program Performance Metrics (CA, IL, and OR)

12/31/21 6/30/2022 Percent Change 12/31/22-6/30/22 12/31/22 Percent Change 6/30/22-12/31/22 Percent Change 

12/31/21-12/31/22
Total Assets $407,904,516 $451,796,438 10.76% $640,152,253 41.69% 56.9%
Total Funded Accounts 429,663 497,367 15.76% 628,051 26.28% 46.2%
Total Registered Employers 46,636 121,952 161.50% 142,688 17.00% 206.0%
Total Added Employee Data 34,254 83,070 142.51% 117,822 41.83% 244.0%
Employers Submitting Payroll (Past 90 Days) N/A 22,114¹ N/A 42,994¹ 94.42% N/A
¹In March 2022 (as part of April 30, 2022 dashboard report), OregonSaves began reporting Actively Submitting Payroll (Past 90 Days) instead of Total Submitting Payroll.
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from CalSavers, IL Secure Choice, and OregonSaves.
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