Bailey McCann
speaker
178 appearances
3 recordings
1 series
first heard Feb 2020
last heard Oct 2023
Bailey McCann’s voice in public audio — every appearance, attributed to the second.
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Appearances
They don't typically then do any sort of employer matching or anything that people might have heard about through 401k programs.
But it's just all automated, and it's sort of a set-it-and-forget-it thing for workers.
They don't have to...
figure out plans, figure out what they're investing in.
They can just allocate on average about 5% of their paycheck every two weeks to go into this IRA.
So there are two other frameworks that have emerged.
The first one is a marketplace plan, and people might be familiar with that.
If they have been on the health insurance marketplaces, it's basically the same idea.
There's a bunch of financial providers, they're listed, people can compare plans.
pick a plan that works for them and set up their own deductions that way.
That offers a little bit more customization, but it does require employees to take the next step, which critics worry limits the participation, again, because of the intimidation factor and because people tend to put stuff like that off.
And the other is making it easier to do multi-employer plans.
A couple of states have done this, which is basically where small businesses, for example, could come together in a group and get a volume discount because then their plans are larger because it's three businesses instead of one.
This can cut the overhead in terms of account fees, and it can make it easier to do some low-cost solutions that are popular through large employers because, again, they have enough accounts to make it work.
But then you're also thinking and working with businesses to try and get them to join up, which has its own set of challenges, trying to get businesses to come together and agree on something that they might not have otherwise.
There are some challenges there.
So the early data is relatively positive.
And Colorado, for example, did a study of what happened in California and Oregon with their auto IRA programs before they eventually picked their own.
And enrollment is going well.
There has been some slowdown in enrolling employers as a result of the pandemic.
Showing 81–100 of 178 · page 5 of 9
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