Get answers to frequently asked questions.
Frequently asked questions for employers
- Enrollment Process
- Fees and Costs
- Program Manager Transition
- Why did OregonSaves transition away from their former service provider?
In conversations initiated by our former service provider, the state and Ascensus were not able to reach terms agreeable to both parties on proposed changes to the OregonSaves program structure. OregonSaves was designed to serve those most in need of building financial security and it is essential that our program structure serves that purpose for our savers.
Our partnership with Vestwell State Savings, LLC, dba Sumday Administration, will best serve the needs of Oregon businesses and our savers, providing a more streamlined online experience and the ability to innovate in the future. The change in program managers also comes with a solid technology partner in Sumday’s parent company, Vestwell. With Vestwell, participating employers will benefit from significant payroll integration capabilities, a simplified onboarding process, and a more intuitive employer platform.
We are confident we can move forward with a program that continues to provide an excellent user experience for savers and employers alike. The success of state-based retirement programs is paramount and we want Ascensus, their partner states, and all parties involved in this industry to thrive.
- How were employers notified about transition activities?
The state has sent early notifications to employers and savers related to the change in program managers, followed by a series of communications from Sumday detailing specific transition activities (i.e. timeline, what to expect, and how to prepare). Notifications were sent via email, by default, and letters were sent to savers when contact information was limited.
Now that the transition is complete, automatic contributions will continue as before, and savers are able to opt out, withdraw their contributions, or make changes to their investment choices at any time.