Do State-Sponsored Retirement Plans Boost Retirement Saving?

John Chalmers, Olivia Mitchell, Jonathan Reuter and Mingli Zhong

AEA Papers and Proceedings, 2022, vol. 112, 142-46

Abstract: Oregon recently launched an automatic-enrollment retirement savings program for private sector workers lacking access to other workplace retirement plans. We analyze participation choices, account balances, and inflow/outflow data using administrative records between August 2018 and April 2020. Within the small to mid-sized firms served by OregonSaves, estimated average after-tax earnings are low ($2,365 per month) and turnover rates are high (38.2 percent per year). Younger employees and employees in larger firms are less likely to opt out, but participation rates fall over time. Overall, we conclude that OregonSaves has meaningfully increased employee savings by reducing search costs.

JEL-codes: G51 H75 J26 J32 L25 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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DOI: 10.1257/pandp.20221021

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