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