Why does the program include an auto escalation of contributions?

Minnesota Secure Choice aims to improve access to retirement savings accounts for workers and improve outcomes when it comes time to retire. A savings rate of 5% is a good place to start, but employees may need to save more than 5% over time to achieve financial security in retirement. Research shows that people are far more likely to save more if their retirement plan includes automatic increases. Savers are notified prior to annual escalations and can opt-out or change their rate at any time.