Oregon Ready to Help Other States Set Up Auto-IRA Programs
Oregon, which pioneered a program automatically enrolling workers without workplace retirement accounts into individual retirement accounts last year, is offering to lend a hand to states wanting to set up similar programs, according to news reports.
The state launched its program, dubbed “OregonSaves,” last July, and several states have since approached it for partnership and to leverage Oregon’s program for their own initiatives, a spokesman for the Oregon state treasury tells InvestmentNews, declining to say which ones while saying the conversations are still at an early stage.
But Michael Parker, executive director of the Oregon Savings Network, tells the publication that Oregon is ready to work with any state that needs help.
"If there are states out there who don't have the means, resources or human capital but would like to do it in their state, we do offer some sort of collaboration," he tells InvestmentNews. "States could have a program operating off the Oregon rails."
Oregon took around two years from the passage of the state House bill establishing the program to actually launch it, the publication writes.
But the program already has around 48,000 employees enrolled and more than $10 million in assets, with the program scheduled to roll out in phases through 2020, according to InvestmentNews.
California and Illinois started piloting their versions of auto-IRA programs earlier this year and Connecticut and Maryland are already implementing their programs, according to the publication.