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OregonSaves is Oregon’s state-facilitated retirement savings program for workers who do not have access to a workplace retirement plan. Employers that do not offer a qualified retirement plan generally must facilitate employee participation through payroll deductions.
OregonSaves is Oregon's state-facilitated retirement savings program for workers who don't have access to a retirement plan through their employer. It allows employees to save for retirement through automatic payroll deductions into an individual retirement account, or IRA.
Employers that don't offer a qualified workplace retirement plan generally must register for OregonSaves and facilitate the program for eligible employees. Employers that already offer a qualifying retirement plan can certify their exemption instead.
Employees are automatically enrolled after the program's enrollment process unless they choose to opt out. The standard savings rate is 5 percent of gross pay, and employees can change their contribution rate or opt out at any time. OregonSaves accounts are portable, so the money stays with the employee if they change jobs.
The employer's role is mainly administrative. Employers provide employee and payroll information, keep their employee list and contribution rates up to date, deduct contributions from participating employees' paychecks, and send those amounts to OregonSaves. New employees generally must be added to the program within 60 days of hire.
OregonSaves does not require employers to contribute to employee accounts. The retirement savings come from participating employees through payroll deductions, while employees control their own accounts and participation choices.
OregonSaves is Oregon's state-facilitated retirement savings program. It gives eligible employees who don't have access to a workplace retirement plan a way to save for retirement through payroll deductions.
Oregon employers that don't offer a qualified employer-sponsored retirement plan generally must register for and facilitate OregonSaves. Employers that already offer a qualifying plan can certify their exemption with the program.
No. Eligible employees are automatically enrolled, but participation is voluntary. Employees can opt out at any time and can choose to opt back in later.
No. OregonSaves is funded through employee payroll deductions. Employers facilitate the program but aren't required to make contributions to employee accounts.
The program's standard contribution rate is 5 percent of gross pay. Employees can choose a different rate, and the default rate may automatically increase over time if the employee doesn't make another election.