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Does a Requirement to Offer Retirement Plans Help Low-Income Workers Save for Retirement? Early Evidence from the OregonSaves Program

43 Pages Posted: 25 Sep 2023

See all articles by Ngoc Dao

Ngoc Dao

Kean University; University of Wisconsin-Madison - Center for Financial Security

Date Written: August 1, 2023

Abstract

This 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.

Keywords: state-mandated retirement savings plan, auto-IRA enrollment, peer effects

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JEL Classification: D1, H2, H3, H7

Suggested Citation

Dao, Ngoc, Does a Requirement to Offer Retirement Plans Help Low-Income Workers Save for Retirement? Early Evidence from the OregonSaves Program (August 1, 2023). Available at SSRN: https://ssrn.com/abstract=4561558 or http://dx.doi.org/10.2139/ssrn.4561558

Ngoc Dao (Contact Author)

Kean University ( email )

1000 Morris Ave
Union, NJ 07083
United States

University of Wisconsin-Madison - Center for Financial Security ( email )

Madison, WI

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