January 12, 2023

State-Sponsored Retirement Plans Spur Savings but Could Do More: Cerulli

The three leading state-sponsored retirement programs have more than half a million funded accounts with nearly $500 million in savings, providing a template for other states to follow as they look to address a shortfall in retirement savings, according to a new report by market researcher Cerulli Associates.

California, Illinois, and Oregon were early movers in setting up their programs, which require most private-sector businesses to offer a qualified retirement plan and to auto-enroll employees. If covered employers don’t…

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