A new report by The Pew Charitable Trusts revealed that state-sponsored retirement savings programs have collectively reached over $1 billion in assets as of November.
Why it matters: More than 800.000 private-sector workers who didn’t have access to an employer-sponsored retirement plan are now able to save for their retirement.
The initiative began with Oregon’s OregonSaves program in 2017 and has since been adopted by six other states.
- These include Illinois with Secure Choice (2018), California with CalSavers (2019), Connecticut with MyCTSavings (2022), Maryland with Maryland$aves (2022), Colorado with SecureSavings (2023), and Virginia with RetirePath (2023).
- RetirePath Virginia, launched in July 2023, has yet to report its asset data.
What’s next: More state programs are coming online in the near term and policymakers are exploring ways to partner across state lines.