State Auto-IRA Programs Eclipse $3 Billion in Retirement Assets
State-facilitated retirement savings programs in the United States have reached another milestone: more than $3 billion in total assets, according to the Georgetown University Center for Retirement Initiatives.
It took nearly 5 years to reach the first $500 million, but less than two and a half years for cumulative assets in the programs to grow from $1 billion to $3 billion.
There are also now more than 1.2 million funded saver accounts among the state-facilitated programs. Georgetown CRI notes funded accounts have grown substantially year over year, crossing the one million mark in March 2025 and surpassing 1.2 million just 12 months later—a more than 20% increase in a single year.
“With nearly half of private-sector workers still lacking access to a workplace retirement savings plan, the pace of growth across these programs is a powerful demonstration that these programs can meaningfully change savings behavior,” said a release Thursday from Georgetown CRI. “Beyond what the state program data can measure, these programs are also catalyzing new employer plan formation, and together, states and the private sector are writing a new chapter in retirement security by steadily moving the needle to reach workers who have long been left behind.”
More states joining in
Thursday’s report also noted that the pipeline is expanding, with more state auto-IRA programs coming online. “Programs recently launched in New York, Rhode Island, and Minnesota are in active ramp-up, with Hawaii and Washington preparing to launch in 2026 and 2027. Assets and accounts will grow substantially as these and other programs continue to scale,” the report states. Minnesota’s auto-IRA program opened to all eligible employers/workers on Jan 1, 2026.
CalSavers (58%), OregonSaves (16%), and Illinois Secure Choice (11%) manage 85% of total state auto-IRA assets, though the report notes newer programs are growing. CalSavers reports over $1.6 billion in total assets through March 31, with 629,000 accounts and 281,000 employers participating.
Saver’s Match bump
The Saver’s Match provision of SECURE 2.0 taking effect in 2027 is expected to further accelerate growth in state auto-IRA programs. Replacing the current Saver’s Credit, the new federal matching contribution will deposit up to $1,000 directly into eligible lower- and middle-income workers’ retirement accounts, creating a potentially powerful incentive for participation among populations traditionally underserved by workplace plans.
Because many state auto-IRA participants are moderate-income savers without access to employer-sponsored retirement benefits, policymakers and retirement advocates believe the Saver’s Match could significantly boost engagement, contribution rates, and long-term asset growth across the state-facilitated retirement system.
Tracking state metrics
Georgetown CRI tracks state-facilitated program performance and makes that data available to the public. Visit cri.georgetown.edu/states/state-data/current-year/ for current program data and cri.georgetown.edu/states/state-data/historical-trends/ for the asset and account growth since program inception.
SEE ALSO:
• 2027 Saver’s Match Could Supercharge Auto-IRA Participation
• State Auto-IRAs Reach $2 Billion in Assets
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.