State-Sponsored Retirement Savings Plans: New Approaches to Boost Retirement Plan Coverage

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Wharton Pension Research Council Working Papers
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Secure Choice
Multiple Employer Plans
marketplace
automatic enrollment
mandatory provision.
Economics
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Gale, William G
John, David C
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This paper describes and evaluates models and features used in emerging state-sponsored retirement saving plans such as Auto IRAs, open Multiple Employer Plans and Marketplaces. These plans have enormous potential to raise the number of Americans with access to payrolldeduction retirement saving plans. We believe that plans that boost coverage most will feature two characteristics: required provision of retirement saving plans by firms and automatic enrollment of eligible workers. However, we also note that under current legal and regulatory conditions, Secure Choice is the only model that enables states to require that employers provide a plan.

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2017-09-01
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The published version of this Working Paper may be found in the 2018 publication: How Persistent Low Returns Will Shape Saving and Retirement (https://pensionresearchcouncil.wharton.upenn.edu/coming-soon-persistent-low-returns-will-shape-saving-retirement/)
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