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How Do Firms Respond to State Retirement Plan Mandates?

Author

Listed:
  • Adam Bloomfield
  • Kyung Min Lee
  • Jay Philbrick
  • Sita Slavov

Abstract

We investigate how state “Auto-IRA” mandates affect firm offerings of employer-sponsored retirement plans (ESRPs). These policies require firms without ESRPs to facilitate automatic employee contributions to state-created individual retirement accounts (IRAs). We find that these policies increase an individual’s probability of working for a firm with an ESRP by 6-9 percent and of being included in the ESRP by 8-13 percent. At the firm level, these policies increase the probability of offering an ESRP by 7, the probability of establishing a new ESRP by 41-44 percent, and the number of ESRP participants by 6 percent.

Suggested Citation

  • Adam Bloomfield & Kyung Min Lee & Jay Philbrick & Sita Slavov, 2023. "How Do Firms Respond to State Retirement Plan Mandates?," NBER Working Papers 31398, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:31398
    Note: AG LS PE
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    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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