Employers operating in the state of Oregon with at least one employee are required to register for OregonSaves (as long as they don’t offer another qualified retirement savings plan to employees). This state retirement savings program provides employers with an easy way to help employees save for retirement. It has no employer fees or fidiuciary responsibility, offering minimal ongoing requirements and responsibilities of employers. The program’s purpose is to level the playing field when competing with larger employers to attract and retain staff members.
The deadline for OregonSaves was July 31, 2023. Letters were mailed in mid-July providing access codes for employer registration. The registration process takes only a few minutes, and employers receive support. Employers are not permitted to make contributions to employee accounts through OregonSaves.
The retirement account is a Roth IRA, which means contributions are made after tax. The default savings rate for eligible employees is 5% of their gross pay, although they can change the percentage at any time. Employees who do not opt out within 30 days will be automatically enrolled in the program. The funds in the account will remain with the employee, even if they leave their job.
Learn more and register on the OregonSaves website.