Investment Products and Program Design: How to Maximize Participation, Contribution Rates, and Financial Security in Retirement
In 2012, California created the Secure Choice Retirement Savings Investment Board, which is evaluating a program designed to offer new, affordable retirement savings options for an estimated 6.3 million California employees who do not currently have access to a retirement savings plan at work. The Board is conducting legal and market analyses to ensure the feasibility of the proposed program, and will provide recommendations to the legislature prior to implementation. As part of that effort, the Board is holding a series of monthly briefings to explore the myriad issues involved in creating an effective program, one that maximizes participation, attracts qualified plan providers, and minimizes administrative costs.
The Aspen Institute, Initiative on Financial Security (IFS), will convene an event in conjunction with the California Secure Choice Investment Board to provide expert opinion on key design elements of the program, in order to help maximize participation and savings levels. The goal is to provide valuable input to the deliberations of the Board in areas that will include investment product selection, automatic enrollment, default savings rates, and withdrawals.
The event will be open to the public. Further details, including a list of speakers, will be available soon.