Union County Review

A Kean University professor, Assistant Professor Ngoc Dao, Ph.D., has conducted research on retirement security, specifically focusing on how state-mandated programs can help workers save more for their retirement. Dao's study on OregonSaves, the first program in the country to enroll private-sector employees without employer-sponsored retirement plans in a state-mandated program, revealed significant findings.

According to Dao, "Roughly half of the private workers in the country are not offered any retirement savings plans at work, which can lead to retirement insecurity." Her research showed a 12% increase in the number of Oregon private-sector workers with an IRA account, resulting in an approximately $1,900 boost in retirement savings per worker each year, compared to their counterparts in other states.

Ngoc Dao emphasized the importance of these state-mandated programs, stating, "If they do not save enough, it is more likely that seniors live in poverty in retirement, unable to maintain their pre-retirement standard of living." She believes that without adequate savings, individuals are more likely to rely on social welfare benefits during retirement.

The research, funded by the Social Security Administration, was conducted by Dao during her time as a postdoctoral fellow at the University of Wisconsin-Madison and continued after she joined the faculty at Kean University. Dao highlighted the influence of Kean's diverse academic environment on her research, stating, "Working in a minority-serving institution provides me a lot of chances to better understand the context of the research I do."

Susannah Porterfield, Ed.D., vice president for research at Kean University, commended Dao's work, stating that it aligns with Kean's mission as the state's urban research university. Porterfield emphasized the significance of retirement savings for both individuals and society, noting that practical analysis, such as Dao's research, informs public policy for the betterment of all.

Looking ahead, Dao expressed interest in further exploring the impact of mandatory retirement saving plans on labor supply, employment rates in the private sector, and the well-being of enrolled workers as more states implement similar programs. Additionally, Dao's research extends beyond retirement security, as she has also studied public policy to support caregivers, including the potential impact of paid federal family leave for individuals caring for family members and older adults.

Dao's collaboration with Duke University on these caregiver-focused research projects is expected to yield findings in the coming months. As more states, including New Jersey, roll out state-mandated retirement saving programs, Dao's work continues to shed light on the importance of secure retirement planning and its implications for individuals and society as a whole.