Here’s Your Sign: Retirement Security Working
If PA lawmakers are looking for reasons retirement security programs work, here’s their sign:
Opt-out rates in Oregon’s newly crafted retirement savings program are right where they need to be.
Workers are participating!
In its annual report to its legislature, OregonSaves said 80 percent of eligible workers who were automatically enrolled in the retirement savings program continued to invest a small percentage of their paychecks.
Pennsylvania may not copy the OregonSaves model, but Beaver State lawmakers in Salem crafted their retirement program with an automatic default savings rate of 5 percent. Participants there are able to adjust that contribution up or down; they may also opt-out.
Of interest in OregonSaves’ annual report is its story on page 11, “Hitting Targets,” where it says the Oregon Retirement Savings Board exceeded all of the deliverables for program implantation – maximize simplicity, minimize employer costs, maximize customer experience.
In other words: easy, affordable and it works!
This is the target any state that’s developing a retirement security program are striving to hit. Pennsylvania will be no exception.
Have you called your lawmakers to support the enactment of a retirement security program that helps Pennsylvania workers save for their golden years? Please do! We need your voice to make this happen.