“People are 15 times more likely to save, and save more, with payroll deductions,” said Tobias Read, Oregon’s state treasurer and chairman of the Oregon Retirement Savings Board.
The plan, Mr. Read said, was built on the ideas of Richard M. Thaler, the winner of the 2017 Nobel Prize for economics, who advocates payroll savings plans as essentially “the only way that middle-class Americans reliably save for retirement. Your grandmother probably knew that the best way to save money is to put money aside before you have a chance to spend it. That approach has always worked — and is a core idea embedded in these plans,” Mr. Thaler wrote in a 2013 New York Times column.
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