18 States and $839+ Million in Assets:
Meet the 2023
New State-Facilitated Retirement Savings Programs
June 27, 2023
1:00-2:00 p.m. ET
During the 2023 state legislative sessions, at least 22 states have introduced bills to establish new retirement savings programs, amend existing programs, or form study groups to explore their options. Since 2012, at least 47 states have now acted to implement a new program or a study, or have considered legislation to establish state-facilitated retirement savings programs.
As of May 2023, two new programs have been passed: Minnesota (auto-IRA) and Missouri (voluntary Multiple Employer Plan or MEP), which brings the total number of state programs to 18. In addition, one existing program — Vermont — changed its program from a voluntary MEP to an auto-IRA program. States also are now actively exploring interstate partnerships, which can only help to make these programs even more efficient and low cost.
Of the now 18 state programs, eight of them (six auto-IRAs — California, Colorado, Connecticut, Illinois, Maryland, and Oregon, and two others — Massachusetts (MEP) and Washington (Marketplace)) are open to all eligible employers and workers. And just four of these state programs — CalSavers, MyCTSavings, Illinois Secure Choice, and OregonSaves — already have accumulated $817 million in assets as of April 30, 2023.
Please join the Georgetown Center for Retirement Initiatives (CRI) for a one-hour webinar to hear from the state leaders who were instrumental in the successful enactment of this year’s latest new state programs, along with an update about the progress of existing programs.
- Angela Antonelli, Research Professor and Executive Director, Center for Retirement Initiatives, Georgetown University’s McCourt School of Public Policy
- Representative Michael O’Donnell, Missouri; sponsor of the ShowMe Retirement Savings Program
- Senator Sandra Pappas, Minnesota; sponsor of the Minnesota Secure Savings Retirement Program
- Michael Pieciak, Vermont State Treasurer
- Dave Young, Colorado State Treasurer