Heading Off a Retirement Reckoning in Oregon
As millions of Americans live longer, and save less, the US workforce is veering toward a severe retirement crisis. IN OREGON ALONE, HALF OF THE WORKFORCE HAS LESS THAN $25,000 RESERVED FOR RETIREMENT. Saving through an employer-based plan is the most effective way to build a nest egg—but one million Oregonians lack access to a savings plan at work.
Oregon is one of the first states in the nation to tackle this problem directly with the Oregon Retirement Savings Program, a groundbreaking new system based on cutting-edge research. In 2017, it will offer automatic workplace enrollment and payroll deductions that should dramatically increase workers’ savings. Oregon’s plan is designed to minimize impact on employers and taxpayers while maximizing saving opportunities for workers. Other states are considering similar programs, so the lessons learned in Oregon could be magnified across the country.
With so much at stake for Oregon workers, and the nation as a whole, the Aspen Institute’s Financial Security Program brought together an array of business, research, and nonprofit leaders in a forum accessible to both the public and to the Board responsible for the Oregon Retirement Savings Plan. These experts offered ideas, insights, data, and other resources for the design and implementation of a successful rollout.
Watch a recording of the event here: