Data from the OregonSavesplan itself found that 62 percent of those eligible to participatewere doing so, while 29 percent had formally opted out. (Photo ofOregon capitol building, Salem: Getty)
The lack of retirement savings accounts at work forprivate-sector workers — only about half are covered by anemployer-sponsored plan at any given time — and the fact that fewworkers save for retirement on their own has led to several stateslaunching their own plans, auto-IRAs sponsored by the state thatautomatically enroll workers.
Oregon was the first state to launch its plan, and according toa brief from the Center for Retirement Researchat Boston College, workers are responding positively.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
