Private defined contribution savings systems like the 401(k) can work very well, particularly in a robust marketplace in which service providers compete and continually innovate. But these systems typically fall short in their coverage of smaller companies and lower income workers. In response, many governments have designed universal workplace savings (UWS) programs designed to cover the entire labor market.  Emerging auto-IRA programs in the United States are very much part of a gathering global trend.

Under the leadership of Treasurer Joe Torsella, in 2017 the state of Pennsylvania undertook a bipartisan Private Sector Retirement Security Retirement Task Force effort to study retirement security in the state. A key finding: the current retirement savings shortfall will cost the state more than $15 billion over the next 15 years. We catch up with the Treasurer on the latest from the Commonwealth.

It’s tough out there right now – so we wanted to hear from someone who is in the middle of the action. State Treasurer Dave Young brings a terrific blend of pragmatism, optimism and forward thinking to his role. You’ll see that the Colorado State Treasury is focused on relief and solutions during the COVID-19 crisis. But they are also looking ahead and strategically considering options that will put Colorado’s workforce on a path to better financial resilience post-pandemic.