About us

OregonSaves Retirement Savings Program

The OregonSaves program is an easy, automatic way for Oregon workers to save for retirement at work. Employees don’t need to do anything to enroll. Contributions are made through payroll deductions into an individual retirement account (IRA) that follows the saver throughout their career.

The OregonSaves program ensures that all Oregonians have access to a workplace retirement savings program by offering employees a completely voluntary, low cost, portable retirement savings option with professionally managed investments and oversight from a public, transparent board of directors, chaired by the Oregon State Treasurer.

OregonSaves was the first program of its kind in the nation. In Oregon, an estimated one million workers lacked access to a work-based retirement plan prior to OregonSaves. The retirement savings gap in America is estimated to be at least $28 trillion and OregonSaves provides Oregonians who fall in that gap with a clear means to save for their future. Today, Oregon workers—most of whom are first time savers—have saved more than $130 million towards their future. This means the state will have fewer people entering retirement in poverty and individuals will have more dignity and choice as they age.

Any Oregon employer that doesn’t already offer a workplace retirement savings option will be required by state law to either begin offering an option via the private market or provide their employees access to OregonSaves.

Eligible employers can register for OregonSaves at any time and are required to comply by the following deadlines:

Size of business

Employers with 4 or fewer employees
Employers with 5-9 employees
Employers with 10-19 employees
Employers with 20-49 employees
Employers with 50+ employees
Employers with 100+ employees

Deadline

Targeted for late 2022
November 15, 2019
May 15, 2019
December 15, 2018
May 15, 2018
November 15, 2017

Workers can participate in OregonSaves through their employer or on their own. Savers may choose their contribution rate, change their investments, or opt out (and opt back in) at any time; or, savers can stick with the standard account settings. Savers can always access their money, and they can take out whatever they contribute without tax or penalty at any time.

OregonSaves is operated solely through saver fees, so there’s no cost paid by taxpayer revenue.

Additional Information

Oregon Retirement Savings Board
Oregon State Treasury