A Retirement Plan You May Have Been Enrolled In Automatically
Nearly half of private-sector workers still lack access to a workplace retirement savings plan, according to Georgetown University's Center for Retirement Initiatives. Fifteen states have responded with auto-IRA programs that require employers without their own plan to enroll workers automatically through payroll deduction.
If you work in California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Minnesota, Nevada, New Jersey, New York, Oregon, Rhode Island, Vermont, or Virginia, you may already have one of these accounts — possibly without having thought much about it.
The Growth Curve Has Turned Sharply Upward
These programs took roughly five years to accumulate their first $500 million. They went from $1 billion to $3 billion in under two and a half years.
As of June 30, 2026, Georgetown CRI reported $3.31 billion in total state program assets, with $3.24 billion of that in auto-IRA programs specifically. Funded accounts crossed 1 million in March 2025 and reached 1.2 million twelve months later — year-over-year growth above 20%.
The assets are concentrated. CalSavers alone holds 58% of the total: roughly $1.6 billion across 629,000 accounts and 281,000 registered employers. OregonSaves accounts for 16% and Illinois Secure Choice 11%, meaning three programs hold about 85% of all auto-IRA assets. Minnesota opened January 1, 2026, while Hawaii and Washington are preparing launches through 2027.
The Finding That Should Get More Attention
Here is the part worth pausing on. Research presented by Jessica Muirhead of the Connecticut Retirement Security Program and Hector Ortiz of Georgetown University found that only 16% of MyCTSavings participants — about one in six — knew they could withdraw their own contributions.
They can. These accounts are structured as Roth IRAs, funded with money that has already been taxed. Contributions (not earnings) can generally come out at any time without taxes or the 10% early-withdrawal penalty.
The behavioral consequence is the striking part: when participants were asked whether they would save more if they could access their contributions, 60% said yes. The liquidity they already had was suppressing their savings rate simply because they did not know it existed. Separately, roughly 36% of retirement savers reported having no emergency savings at all in 2024 — the most common financial vulnerability in that population.
Practical Takeaways
- Find out if you have an account. If your employer does not sponsor a plan and you work in a mandate state, check for a program account before assuming you have nothing saved.
- Know it is Roth money. Your contributions are your own after-tax dollars. Understanding that they are reachable in a genuine emergency can make it easier to stay enrolled rather than opting out entirely.
- Leave earnings alone. The withdrawal flexibility applies to contributions. Pulling earnings before age 59½ can trigger taxes and penalties.
- Check your escalation setting. CalSavers defaults to 5% and auto-escalates 1% per year to a cap of 8%; OregonSaves escalates to 10%. You can adjust or disable this.
- Mind Roth income limits. These are IRAs, so standard Roth eligibility and the 2026 contribution limits apply across all your IRAs combined — not per account.
- Watch 2027. The SECURE 2.0 Saver's Match begins that year, offering eligible moderate-income savers up to $1,000 deposited directly into a retirement account.
An account you do not understand is an account you are likely to abandon. For 1.2 million people, the cheapest possible return right now is simply learning how the account already works.
Sources: 401(k) Specialist – State Auto-IRA Programs Eclipse $3 Billion in Retirement Assets; Georgetown University Center for Retirement Initiatives – State Program Performance Data (June 30, 2026); PSCA – Research Highlights Liquidity Needs, Knowledge Gaps Among Auto-IRA Savers; The Pew Charitable Trusts – Status of State "Auto-IRA" Savings Programs (February 4, 2026); CNBC – More states offer auto-IRA, retirement programs for workers in 2026; CalSavers – Saver Program Details; OregonSaves – Contributions