Employer portal

Where do I start?

OregonSaves will be rolled out in phases over the next few years to all employers who have employees in Oregon and who don’t offer an employer-sponsored retirement plan. Once it is your turn to register, or certify that your company is exempt from participating, we will notify you through email and provide next steps. But don’t worry! You’re not going through this process alone; we’re here to help you along the way.

What will this cost my business?

Next to nothing. Our goal is to get as many Oregonians saving as possible and OregonSaves does not have any employer charges, fees, or contribution requirements. We also are working for you to simplify employer requirements to lessen the time employers must spend as facilitators.

What will my employees need to know?

OregonSaves is an easy way for your employees to save. An OregonSaves account is a Roth IRA (Individual Retirement Arrangement). Your employees beneficially own and control, through the program, their OregonSaves Roth IRAs at all times. Employees are automatically enrolled in the program. Employees have the ability to make adjustments to their contributions, and the ability to opt out of (or back into) the program at any time. Employees control whether they participate, their contribution rates, which of the program investment selections they wish to invest in, their beneficiary designation and the amount and timing of distributions. An employee who does not opt out or make other elections will save using the program's standard savings choices.

The standard savings choices include:

  • 5% of each employee’s gross pay (wages before taxes and other deductions), increasing by 1% each year after the employee is in the program at least 6 months, until the deduction reaches a maximum of 10%
  • Each employee’s first $1,000 will be invested in the OregonSaves Capital Preservation Fund; savings over $1,000 will be invested in an OregonSaves Target Retirement Fund based on the employee's age
  • The structure of your employee’s account will be a Roth IRA. Contributions into a Roth IRA are made after-taxes are withheld and withdrawals of contributions are not taxable when the employee takes them from their accounts. Any earnings on contributions are taxable unless they meet certain IRS criteria

Remember the standard savings choices can be changed at any time by each employee.

 

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