OregonSaves was the first state-based auto-IRA program and has reached $200 million in assets after six years

Launched in July 2017, OregonSaves started with the largest employers and now covers those with four or fewer employees. Oregon is the first state program to roll out to businesses of this size. 118,000 employees from more than 21,000 employers are covered by the plan.

Based on the numbers, I’m not that impressed. It reinforces what I have said, these Auto-IRA programs are great at increasing retirement plan coverage, but I still think many employers will opt to start their own 401(k) plan or join a pooled employer plan, rather than join a state plan.