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How Will State-Run Auto-IRAs Affect Workers?

Timothy F. Harris, Kenneth Troske and Aaron Yelowitz
The Journal of Retirement Fall 2018, 6 (2) 27-33; DOI: https://doi.org/10.3905/jor.2018.6.2.027
Timothy F. Harris
is an assistant professor in the Department of Economics at Illinois State University in Normal, IL
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Kenneth Troske
is a professor in the Department of Economics in the Gatton College of Business and Economics at the University of Kentucky in Lexington, KY
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Aaron Yelowitz
is a professor in the Gatton College of Business and Economics at the University of Kentucky in Lexington, KY
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Abstract

In order to encourage savings among workers without access to employer-sponsored retirement plans, several states have proposed defaulting workers into state-run individual retirement accounts known as Auto-IRAs. Plans such as OregonSaves automatically enroll workers and, by default, increase their contributions over time. Given low opt-out rates, these policies have the potential to increase retirement savings for workers without access to employer-sponsored plans. Using survey data, we find that over 24 million workers could automatically be enrolled in an Auto-IRA, if enacted on a national scale. Nonetheless, these policies have the potential to adversely affect individuals with debt and current financial difficulties who do not actively opt-out. One-third of potentially affected workers hold credit card debt with an average balance exceeding $5,000. Furthermore, approximately 15% of potentially affected workers have difficulty meeting basic needs.

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The Journal of Retirement: 6 (2)
The Journal of Retirement
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Fall 2018
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How Will State-Run Auto-IRAs Affect Workers?
Timothy F. Harris, Kenneth Troske, Aaron Yelowitz
The Journal of Retirement Oct 2018, 6 (2) 27-33; DOI: 10.3905/jor.2018.6.2.027

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How Will State-Run Auto-IRAs Affect Workers?
Timothy F. Harris, Kenneth Troske, Aaron Yelowitz
The Journal of Retirement Oct 2018, 6 (2) 27-33; DOI: 10.3905/jor.2018.6.2.027
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    • POLICY BACKGROUND
    • WORKER CHARACTERISTICS
    • IMPACTS OF AUTO-IRAS
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