Analysis of State-Run Automated Retirement Savings Programs

CalSavers leads all state-run automated retirement savings programs in total contributions, surpassing $1.18 billion by September 2024, highlighting its broad reach and effectiveness. Illinois Secure Choice and OregonSaves follow with contributions in the millions, indicating strong program performance. Withdrawals have also increased across all programs, with CalSavers again showing the highest at $278.5 million, while OregonSaves and Illinois Secure Choice follow. The withdrawal-to-contribution ratios reveal that Illinois (28%) and Oregon (35%) have higher relative withdrawals compared to CalSavers (23%), suggesting potential economic challenges or program maturity with participants beginning to access their savings more frequently. The emergence of new programs like Colorado SecureSavings and MERIT shows promise but currently contribute at lower levels.