State Program Performance Data – PROOF OF CONCEPT

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).

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Note: Select metrics may not be available for all state programs. 

Note: Y/Y Growth Metrics are not yet available for MyCTSavings, Maryland$aves, and the Colorado SecureSavings Program and in certain instances for other state programs, due to the infancy of the metrics and, in other cases, the significant variations in percent changes that would distort the overall presentation of the information for all states.  MyCTSavings opened to all eligible employers in April 2022, Maryland$aves opened to all eligible employers in September 2022, and the Colorado SecureSavings Program opened in January 2023.  By comparison, CalSavers, Illinois Secure Choice, and OregonSaves have been open for several years (see below for individual state data).

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

December 31, 2023

Monthly Individual State Program Specific Data & Trends

California

(2019)

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

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

11/30/23 12/31/23 Percent Change 11/30/23-12/31/23
Total Assets $688,601,053 $749,976,251 8.9%
Total Contributions Amount $832,239,980 $864,267,764 3.8%
Total Withdrawals $157,477,854 $166,271,026 5.6%
Total Funded Accounts 471,303 479,370 1.7%
Accounts with Withdrawals (Full and Partial) 113,394 116,651 2.9%
Average Contribution Rate 5.13% 5.13%
Average Monthly Contribution Amount $176 $170 -3.4%
Average Funded Account Balance $1,461 $1,565 7.1%
Effective Opt-Out Rate 37.0% 36.9%
Total Registered Employers 124,571 131,250 5.4%
Total Exempted Employers 121,288 124,821 2.9%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from CalSavers.

Illinois

(2018)

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

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

11/30/23 12/31/23 Percent Change 11/30/23-12/31/23
Total Assets $145,045,515 $155,551,838 7.2%
Total Contribution Amount $178,256,367 $183,743,104 3.1%
Total Withdrawals $45,212,817 $47,038,829 4.0%
Total Funded Accounts 136,450 140,956 3.3%
Accounts with Withdrawals (Full and Partial) 37,167 38,115 2.6%
Average Contribution Rate 5.8% 5.8%
Average Monthly Contribution Amount $143 $136 -4.9%
Average Funded Account Balance $1,063 $1,104 3.8%
Effective Opt-Out Rate 40.0% 39.6%
Total Registered Employers 24,822 24,593 -0.92%
Total Exempted Employers 49,368 50,502 2.3%
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 December 31, 2023)

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

11/30/23 12/31/23 Percent Change 11/30/23-12/31/23
Total Assets $228,849,547 $243,643,288 6.5%
Total Contributions Amount $331,282,664 $337,034,163 1.7%
Total Withdrawals $108,239,930 $111,265,135 2.8%
Total Funded Accounts 123,420 124,570 0.93%
Accounts with a Withdrawal* 47,348 48,227 1.9%
Average Contribution Rate 6.30% 6.30%
Average Monthly Contribution Amount $166 $163 -1.8%
Average Funded Account Balance $1,854 $1,956 5.5%
Opt-Out Action Rate* 23.0% 23.0%
Total Registered Employers 28,028 28,215 0.67%
Total Exempted Employers 41,633 41,721 0.21%
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 December 31, 2023)

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

11/30/23 12/31/23 Percent Change 11/30/23-12/31/23
Total Assets $13,446,434 $15,730,669 17.0%
Total Contribution Amount $14,124,750 $15,720,892 11.3%
Total Withdrawals $1,002,996 $1,151,898 14.8%
Total Funded Accounts 22,783 23,765 4.3%
Accounts with Withdrawals (Full and Partial) 1,759 1,932 9.8%
Average Contribution Rate 3.3% 3.3%
Average Monthly Contribution Amount $107 $114 5.8%
Average Funded Account Balance $590 $662 12.2%
Opt-Out Action Rate* 19.7% 19.7%
Total Registered Employers 6,273 6,325 0.83%
Total Exempted Employers 11,287 11,320 0.29%
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 December 31, 2023)

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

11/30/23 12/31/23 Percent Change 11/30/23-12/31/23
Total Assets $4,310,312 $4,963,755 15.2%
Total Contributions Amount $4,773,350 $5,346,137 12.0%
Total Withdrawals $523,473 $616,394 17.8%
Total Funded Accounts 5,388 5,900 9.5%
Accounts with Withdrawals (Full and Partial) 807 918 13.8%
Average Contribution Rate 5.0% 5.0%
Average Monthly Contribution Amount $151 $159 5.0%
Average Funded Account Balance $800 $841 5.2%
Opt-Out Action Rate* 21.8% 23.8%
Total Registered Employers 2,764 2,814 1.8%
Total Exempted Employers 3,921 4,440 13.2%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from Maryland$aves. *Opt-out Action rate = savers opting-out within the last 30 days.

Colorado

(2023)

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

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

11/30/23 12/31/23 Percent Change 11/30/23-12/31/23
Total Assets $27,540,238 $33,576,625 21.9%
Total Contribution Amount $29,013,450 $33,422,121 15.2%
Total Withdrawals $1,925,155 $2,489,813 29.3%
Total Funded Accounts 43,402 45,863 5.7%
Accounts with Withdrawals (Full and Partial) 3,677 4,247 15.5%
Average Contribution Rate 5.0% 5.0%
Average Monthly Contribution Amount $161 $161 -0.11%
Average Funded Account Balance $635 $732 15.4%
Opt-Out Action Rate* 21.5% 21.3%
Total Registered Employers 13,284 13,992 5.3%
 

Total Exempted Employers

  

25,004

  

26,036

 4.1%
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 December 31, 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 December 31, 2023)

11/30/23 12/31/23 Percent Change 11/30/23- 12/31/23
Total Assets $1,107,793,098 $1,203,442,425 8.6%
Total Funded Accounts 802,746 820,424 2.2%
Total Registered Employers 199,742 207,189 3.7%
Total Exempted Employers 252,501 258,840 2.5%
Source: Calculations by the Georgetown University Center for Retirement Initiatives based on data from CalSavers, IL Secure Choice, MyCTSavings, OregonSaves, Maryland$aves, and Colorado SecureSavings.

Quarterly State Program Performance Data & Trends

California

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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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