Affiliation:
1. College of Business and Public Management Kean University Union New Jersey USA
2. Research Fellow at the Center for Financial Security University of Wisconsin‐Madison Madison Wisconsin USA
Abstract
AbstractThis study examines the first implementation of the state‐run retirement savings program in Oregon, known as OregonSaves, in 2017. It offers early insights into the substantial impact of this mandated program on retirement savings among previously uncovered private workers. Results from difference‐in‐difference models using SIPP data indicate a 12 percent increase in Individual Retirement Account (IRA) ownership among Oregon workers after the program's roll‐out. Notably, the study discerns significant gains for lower‐income, single, and older workers, as well as workers of small‐size firms who previously lacked retirement savings plan coverage. Findings also suggest additional savings resulting from the mandate.
Funder
U.S. Social Security Administration