State-run IRAs reach $3 billion in savings as worker participation tops 1 million

State-run auto-IRA programs reached a record $3 billion in retirement savings in the week of May 11, 2026, with more than 1 million workers across 15 states participating, according to Pew Charitable Trusts data cited by Yahoo Finance. The programs serve workers without employer-sponsored retirement plans, a group that includes roughly 56 million U.S. private-sector employees. Oregon launched the first state auto-IRA in 2017, followed by states including California, Colorado, Connecticut, Illinois, Maryland and Virginia. Hawaii and Washington are scheduled to start programs in 2027. Most programs require private employers without their own retirement plans to automatically enroll workers in state-facilitated IRAs, typically deducting 3% to 5% of pay and increasing contributions by 1 percentage point annually up to 10% unless workers opt out. President Donald Trump also signed an executive order directing Treasury to create an online marketplace tied to the Saver’s Match program, scheduled to begin in 2027.