Grant’s Best Practices: Patience, Perseverance and Perspective
How are you doing with your 3P’s -- is COVID trampling your patience, perseverance and perspective? Take a deep breath - we’re going to talk about why these three rank right up there among the best “best practices” for anyone working to develop a state-facilitated retirement savings program.
Eh, patience? The experiences of established programs illustrate that advancing from the proposal stage to program implementation takes time. The statutes that authorized OregonSaves and Illinois Secure Choice were signed into law in 2015. It wasn’t until 2017 and 2018 that both programs began to register employers and collect contributions.
In California, the first legislative proposal was introduced in 2008. After a study bill was passed in 2012, it was 2016 by the time the study was completed and the board gained statutory authority to implement the program. After further program design work, and the development and adoption of comprehensive regulations, CalSavers began registering employers and collecting contributions in 2019.
Perseverance. Yes. Although well-designed state-facilitated retirement savings program look simple from the perspective of employers and participants, considerations about how to design an administer the programs can be complex. And the political headwinds can be significant. It’s important to not get frustrated.
I learned to maintain momentum and a 🙂 positive attitude
When I worked with CalSavers, interactions with representatives of organizations representing large employers and financial service companies sometimes left me deflated. If I let their doom and gloom perspective on the political and legal hurdles the program faced cloud my outlook, the challenges ahead could begin to feel insurmountable. I learned to maintain momentum and a positive attitude by spending more time focused on the immediate challenges before us and less worrying about what waited ahead in the more distant future.
Perspective. No matter the day-to-day demands, the work remaining and the challenges ahead, it’s important to make time to recognize the accomplishments you and your team have made along the way. Remind yourself that no matter the current state of your proposal or program, you are participating in, and advancing, an important dialogue about the financial security of workers in your state and beyond.
In the spring of 2015, several of us from California met with President Obama’s labor secretary, Thomas Perez, and officials from the White House Economic Council to discuss the CalSavers proposal.
Several months later we were elated to learn President Obama announced at the White House Conference on Aging that his administration planned to propose rules to make it easier for states to set up programs allowing “tens of millions” of workers without employer-based plans to save for retirement. That was the moment I really realized our work had an importance beyond whatever we would achieve in our own state.
Opportunities to connect with colleagues in other states are a great way to learn and to help others by sharing ideas and experiences. They can also serve as a reminder of the greater good you are advancing collectively. During my time with CalSavers I came to really value the webinars and in-person meeting (remember those?) opportunities provided by the National Association of State Treasurers and the Georgetown University Center for Retirement Initiatives.
With the holiday season upon us ⛄ and the year drawing to a close, a message about gaining the right perspective by reflecting on past accomplishments and connecting with others seems timely.
This piece was featured in the December 3, 2020 edition of Retirement Security Matters. For more fresh thinking on retirement savings innovation, check out the newsletter here.
