New evidence on the efficacy of state-based retirement programs: The case of OregonSaves

• 成果类型: Article
• 署名作者: Chalmers, John; Mitchell, Olivia S.; Reuter, Jonathan; Zhong, Mingli
• 署名单位: University of Oregon; University of Pennsylvania; Boston College; Urban Institute
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2025.105379
• 发表日期: 2025
• 关键词: retirement saving; Automatic enrollment; Low-wage worker; Job turnover; Opt out

摘要

Seventeen US states have mandated employers to facilitate auto-enrollment retirement saving for workers lacking access to employer-sponsored plans, and proposed federal legislation seeks to extend these plans to the national level. This paper examines the experience with OregonSaves, the country's longest-running plan, documenting that the program did prompt some participant savings. Median account balances were about $600 by mid-2023, but opt-out rates were above 50%, especially for the low-paid. Repeated exposure to the plan slightly reduced opt-outs, though withdrawals remained common. While modest savings accrued for many, it remains unclear whether these accounts will grow large enough to significantly increase retirement consumption.