Get answers to frequently asked questions.

Frequently asked questions for savers

Why does a program like this exist?

The retirement savings crisis is a serious problem here in Oregon and throughout the nation. In the absence of a nationwide retirement savings program, many states have begun considering state-based programs like OregonSaves. 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.

The Oregon legislature created OregonSaves to improve people’s access and outcomes for retirement savings. The program is designed to lower barriers wherever possible, such as using automatic enrollment and savings through payroll contributions. Today, Oregon workers 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.

Do employers have to facilitate this State program?

Yes, any business with employees in Oregon must facilitate the State’s program for its employees, unless it already offers a qualified, employer-sponsored retirement plan.

Is there a minimum age to participate in OregonSaves?

Yes, the minimum age to enroll in OregonSaves is 18.

Do I have to work for a certain amount of time in order to participate?

Employers have 60 days from the date of hire to enroll a new employee in OregonSaves or accept their election to opt out of the program. If you work for an employer for fewer than 60 days, you will not be enrolled until you reach that milestone.

What is the standard contribution rate?

The standard contribution is 5 percent of your gross income (your total earnings before taxes or deductions are taken out). You can choose to save more, or less, at 1 percent increments.

Will my contribution rate increase automatically?

Yes, your contribution rate increases automatically by 1 percent each year, until it reaches 10 percent, unless you opt out of automatic increases. The increase occurs each year on January 1 for those who made their first contribution on or before July 1 of the prior year.

Why are there automatic contribution increases?

OregonSaves aims to improve access to retirement savings accounts for workers and also improve outcomes when it comes time to retire. A savings rate of 5 percent is a good place to start, but employees may need to save more than 5 percent over time to achieve financial security in retirement. Research shows that people are far more likely to save more if their retirement plan includes automatic increases. That said, you are able to opt out of these increases or simply adjust your contribution rate at any time.

How are my contributions made?

Every pay period, your employer will deduct your contribution from your paycheck, based on your set savings rate, and will send it to your personal Roth IRA account. You can also make your own contributions through your bank account or by check using a paper mail-in form.

What is a Roth IRA?

A Roth Individual Retirement Account (IRA) is a specific type of retirement account that you fund with your after-tax earnings, a percentage of which are deposited into your Roth IRA. Your Roth IRA earns money (interest), and those earnings are automatically added to your contributions. When you retire and start taking money out of your Roth IRA (like you’re paying yourself), there are no taxes. In other words, all the interest that your account earns over the years is tax-free. And that’s a big deal. For more details on Roth IRAs you can visit the Internal Revenue Service (IRS) website.

How is the OregonSaves program different from plans like a 401(k) or an IRA?

OregonSaves is designed to pull together some of the best features of popular employer plans and IRAs. We’re helping to lower barriers like complex administration and high costs that may prevent employers from offering a reliable retirement savings plan on their own to their employees. With OregonSaves, employers just have to facilitate the program–there are no costs and no fiduciary responsibility.

What is a Target Retirement Fund?

A Target Retirement Fund is designed to help manage investment risk and is based on two factors: an investor’s current age and estimated retirement date. This type of fund is comprised of a mix of investments—stocks, bonds, and cash equivalents—that evolve over time to focus on growth for younger investors and to help preserve savings closer to retirement age.

Are my investments guaranteed to earn interest?

As with all investments, there is no guarantee of earnings. OregonSaves wants you to be able to make informed decisions regarding your retirement and offers a range of investment types, from conservative to aggressive, to help you meet your goals. Our investment options were designed to help you balance risk, based on factors such as your age, distance from retirement, and general risk tolerance. OregonSaves offers a Money Market Fund that generally has a lower risk and potentially lower rates of return, a series of Target Retirement Funds that seek growth for younger investors and become more conservative over time, and an S&P 500® Index Fund that seeks to match the potential growth of large companies included in the S&P 500® Index. Whatever you choose, the goal of investing is to put your money to work and have it grow over time.

Can I take money out of my account?

Yes, you can take money out of your Roth IRA at any time. There is no fee or penalty for withdrawing the contributions you make. You already paid taxes on your contributions, and you can have it back any time you choose. However, investment earnings are subject to taxation and an additional penalty if taken out before you reach age 59½ and before you’ve had your first Roth IRA for five years. There is an exception for first-time homebuyers. Your Roth IRA withdrawal could be tax-free if you have met the five-year requirement. Taking early withdrawals from Traditional IRAs may also be subject to income tax and penalty. Please consult with a tax expert or financial advisor for information specific to your own circumstances.

What happens if I opt out?

You can opt out at any time. If you opt out within the 30-day period after OregonSaves notifies you about being enrolled, no payroll deductions will be made from your paycheck, and your account will not be activated. If you choose to stop participating after contributions have begun, payroll deductions will cease. You can leave the money in your account to grow your retirement savings. You can transfer your money or roll it into another IRA. You may also request a withdrawal, which may be subject to penalties and state and federal taxes. And if you change your mind, you can always opt back in again at any time by contacting OregonSaves.

Is there a fee for participating in OregonSaves?

Yes, as with any investment or retirement program, there is an ongoing fee which is paid as a percent of the money in your account. The fee for each investment option is approximately 0.25% of its value per year ($0.25 for every $100 saved). There is also a monthly account fee of $1.50 that is assessed each quarter. These fees pay for the administration of the program, and the operating expenses charged by the underlying investment funds in which the program’s portfolios are invested. The asset-based fee is computed daily, and your investment returns are credited to your account minus the fee. There are no fees while you are invested in the Capital Preservation Fund.

How does the OregonSaves program work?

OregonSaves provides a simple way to help you save for retirement. You can save through automatic payroll contributions if your employer is registered for the program, or you can sign yourself up and set up automatic contributions from your bank account. You contribute to a convenient and portable Individual Retirement Account (IRA) that moves right along with you as you change jobs. You are always in control of your account and your money.

How do I join OregonSaves?

If your employer facilitates OregonSaves, you don’t need to do anything—you will be automatically enrolled with the standard savings elections. If you would like to customize your savings options, you can log in to your account at any time. If you’re self-employed or don’t work for an employer registered with OregonSaves, you can sign yourself up and contribute directly to your IRA via automatic contributions from your bank account. Participation in OregonSaves is completely voluntary and you can opt out or back in when the time is right.

How did the transition affect my investment fees?

We restructured account fees to be only $1.50 per month and approximately 0.25% per year. Fees have been structured in such a way as to fix everyone’s cost. We look at fees on a 30-year time horizon and expect that fees will be lower every year after a modest $2,500 is saved. While we know that this will temporarily impact savers that have not yet met that threshold, the fee structure has been designed in such a way that the long-term effect on accounts is positive.

Did investment fund options change under the new service provider?

The majority of the OregonSaves retirement fund investment options remain similar to what was available prior to the transition to a new program manager, however, adjustments were made to the structure of our Capital Preservation Fund.

The mechanics of the Capital Preservation Fund structure is shifted from the first $1,000 invested to a 90-day time period. As with the previous structure, there are no fees for savers during their time in this initial Capital Preservation Fund. Savers are unable to elect to stay in this Capital Preservation Fund after the initial 90-day window but have the option of selecting the OregonSaves Money Market Fund that uses the same underlying investment option. This change was made with long-term program sustainability in mind, and for the benefit of future generations of savers. Other retirement fund investment options are similar to what was available previously.

Do other states have programs like this?

Yes, similar programs are up and running in other states, including California and Illinois. And many other states are about to launch state-sponsored retirement savings programs or are in the process of passing legislation to support them, including Connecticut, New Jersey, and Maryland, among others.

Does this program replace 401(k)s?

No, this program is not meant to replace or compete with 401(k) or other qualified retirement plans. It is meant to help employers that don't have the time, money, or resources to offer a 401(k) plan.

Where can I find a copy of the program rules?

The OregonSaves program rules are posted here.

What benefits does the program offer and why was it implemented?

As Oregonians, we are not saving enough. Research shows that people are 15 times more likely to save if they have a savings option through work, but more than 1 million workers—more than half of the working population in Oregon—did not have a savings option at work prior to OregonSaves. The legislature created OregonSaves to improve people’s access and outcomes for retirement savings. OregonSaves makes it easier for employees to save for retirement. The program is designed to lower barriers wherever possible, such as using automatic enrollment and savings through payroll contributions. And eligible employees can always opt out if they don’t want to participate or want to save another way.

Does the program provide information and consumer protections to participants?

Yes, OregonSaves helps ensure that employees have more choices, more information, and easier access to retirement savings accounts. Consumer protections are included in the program and may be enforced by appropriate state agencies.

Can the State use money from this program to pay for other programs?

No. Employee contributions go directly to their own personal OregonSaves IRA account. Accounts are not accessible to the State for other purposes and are not tied to any other retirement plans offered by the State, including Public Employees Retirement System (PERS).

What was the legislation that created OregonSaves?

OregonSaves was created through House Bill 2960 of 2015, now codified at ORS 178.200 to 178.245.

Who is responsible for oversight of OregonSaves?

As required by the Enabling Legislation (ORS 178.200), the Oregon Retirement Savings Board was tasked with the establishment and oversight of a state-run retirement savings program that provides Oregonians with an opportunity to save through payroll deductions. The seven-member board is chaired by the Oregon State Treasurer and includes four members appointed by the Governor—a representative of employers, a representative with experience in investments, a representative of an association representing employees, and a member of the public who is retired; a member of the Oregon House of Representatives; and a member of the Oregon Senate.

The Board has general and fiduciary responsibility for the program. The Board meets quarterly to discuss legislative activities, review program policies and investments, and make program decisions. All of the meetings are open to the public.

Will services and materials be available in other languages?

Yes. The call center will offer assistance in English and Spanish and will have access to translation services for other languages. Certain materials may also be available in Spanish.

Does my employer need to facilitate the program if I am the only employee?

Yes. Even if you’re the only employee, your employer must facilitate the OregonSaves program if they don't offer a qualified, employer-sponsored retirement plan.

If I don’t have earned income, can I still join OregonSaves?

No. To qualify for any IRA under IRS regulations, you need earned income.

Are there income limits to participate in OregonSaves?

Yes. It is up to the employee to determine if you meet the applicable income limits to contribute to a Roth IRA account. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will then determine how much you are able to contribute to your Roth IRA account. Generally speaking, if you file taxes as a single person and your MAGI is under $125K in 2021, or if you are married and file jointly and your MAGI is under $198K, you will be able to contribute the maximum amount of $6,000 ($7,000 if you’re 50 or older). At this time OregonSaves offers Traditional IRAs to savers who need to recharacterize prior year contributions. Traditional IRAs do not have an income limit.

I'm retired, can I participate in this program?

Yes, if you have earned income you can join through a facilitating employer or by signing yourself up. 

I’m self-employed. Can I set up my own OregonSaves account?

Yes, if you are 18 or older, have earned income, are employed in Oregon, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up. If you work for an employer that is not required to facilitate OregonSaves, you may still be able to contribute through payroll deductions, but only if your employer is willing to set up a deduction for you.

I’m already participating in an employer-sponsored retirement plan at work. Can I also join this program?

Yes. If you are 18 or older, have earned income, are employed in Oregon, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up through your bank account or by check using a mail-in paper form after the account has been set up. And you may be able to contribute through payroll deductions, but only if your employer is willing to set up a deduction for you. Please note that there are IRS limits to how much you can contribute to a Roth IRA. If you have any questions regarding these limits, please consult with an accountant or tax advisor.

I’m not eligible for the employer-sponsored retirement plan at my job. Can I join OregonSaves?

Yes. If you are 18 or older, have earned income, are employed in Oregon, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after the account has been set up. And you may be able to contribute through payroll deductions, but only if your employer is willing to set up a deduction for you.

What are the opt-out and opt-in rules for OregonSaves?

You can opt out at any time online or by calling 1-844-661-6777, or by mailing in a completed Opt-Out Form to the program. You can rejoin the program at any time by notifying your employer that you would like to start contributing to your account again, or by signing yourself up if you meet eligibility requirements.

Are H-2A visa holders eligible for the program?

Yes, however, you can be enrolled and have an account created only if you work for more than 60 days and if enough verifiable information is available to create an account in your name. If the program is unable to verify your information, an account will not be established for you.

I’m a seasonal employee, am I eligible?

Yes, if you work for an employer for more than 60 days, which is the window for employers to enroll new hires. If you work for fewer than 60 days, your employer will not enroll you.

If I am a work-study student, can I enroll?

Full-time students in work-study programs cannot be enrolled.

Are workers of only certain immigration statuses eligible for the program? What about undocumented workers?

Only workers with a verifiable individual tax identification number (ITIN) or Social Security number (SSN) can participate in the program. If your information cannot be verified, you will not be enrolled, and an account will not be established for you.

Could joining OregonSaves impact my eligibility for college financial aid?

In general, qualified retirement accounts are not counted towards federal financial aid. However, it is important to note that withdrawals from IRAs can jeopardize financial aid for the year following the withdrawal. We suggest you carefully review your own circumstances with a tax expert, financial advisor, or your financial aid office.

Could joining OregonSaves impact my eligibility for federal programs like SNAP or TANF?

In general, federal benefits programs do not count retirement assets against a person's eligibility. For more information, check with your benefits office.

Is investing in OregonSaves the same as putting money in a bank?

No, there are big differences. Banks offer checking and savings accounts that pay interest and may offer other savings and investment products. OregonSaves helps you save through payroll contributions to your own personal Roth IRA account. Your contributions are invested in various targeted, market-based investments.

Is there a risk of losing my money?

All investing involves some risk, including the risk of losing the money you invest. OregonSaves offers a range of investments with various levels of risk to help you meet your goals depending on your age, distance from retirement, and risk tolerance. We also offer a Money Market option that is intended to be a cash-like fund seeking to help investors preserve the value of their savings by investing in money market securities. There are other risks to consider, apart from your investment fund selections. If you do not have sufficient retirement income you may outlive your savings, and inflation can reduce the value of the savings you accumulate.

What about market volatility?

While there is always a risk of loss, investing for retirement should be approached with a long-term goal to grow your savings over time. Investments will fluctuate—there’s no way to time your investment activity to only benefit from positive gains. OregonSaves offers investment options with various risk levels. Choose the one(s) that best fit your risk tolerance.

What if I don’t select investments for my account?

If you are enrolled in OregonSaves with the standard savings choices and do not make any investment selections, your funds will be invested temporarily in the Capital Preservation Fund for 90 days after your initial contribution. After 90 days, if you have not changed your investment strategy, your funds will be exchanged automatically to a default Target Retirement Date Fund based on your date of birth.

How can I learn more about investment options?

You can find general information about available funds here or talk to a financial advisor about your investment options.

Who is responsible for choosing the available investment options?

The Oregon Retirement Savings Board is responsible for making decisions about the investment options available to participants of the program.

Does the program have an investment consultant?

Yes. The program has a private investment consultant that provides input and feedback about investments to the Board.

Which company is administering the program?

The Oregon Retirement Savings Board has selected Sumday as the program’s new administrator. Sumday Administration, LLC, is a wholly owned subsidiary of the Bank of New York (BNY) Mellon. Sumday is an experienced retirement and college savings services provider and will act as the IRA trustee, manage account records, operate the website, receive and process retirement contributions and distributions, and provide customer service.

What is auto escalation?

Auto escalation is a standard feature of the OregonSaves program. Your contribution amount will increase by 1 percent on January 1 of each year until a maximum of 10 percent is reached. You can opt out of auto escalation at any time.

How will I know when my contributions will auto escalate?

OregonSaves notifies participating savers about auto-escalation prior to any increase.

Will my money be pooled with money from other city, state, or federal programs?

It will not. The money you contribute to your own personal OregonSaves IRA account is only pooled with other OregonSaves participants to be invested in the specific investment options that you have elected for this program. You have complete control of your account, which is individually managed, so that you are able to easily track your performance.

Where do my automatic contributions go?

Your contributions are deposited into your own personal Roth IRA account that moves right along with you as you change jobs. Your OregonSaves account will always be completely within your control.

Can the State use money from this program to fund other programs, like PERS?

No. Payroll contributions go directly to your own personal OregonSaves IRA account. Accounts are not accessible to the State for other purposes and are not tied to any other retirement plans offered by the State, including Public Employees Retirement System (PERS).

Can I opt out of automatic contribution increases?

Yes, you can opt out of automatic contribution increases at any time online or by phone. Just visit the “Settings” section of your account.

Can I contribute a set dollar amount per paycheck instead of a percentage?

Contributions through payroll deductions can be made only as a percentage of your gross pay. If you’d rather contribute a set dollar amount on a recurring monthly schedule, you have the option to connect a bank account to your OregonSaves account.

Can I have an OregonSaves account plus another retirement savings plan?

Yes, you can contribute to more than one savings plan or account at a time. But remember, the IRS contribution limits are cumulative for all Traditional and Roth IRAs that an individual owns.

Can my employer choose to match my contributions?

No, OregonSaves does not allow employer contributions. The law limits your employer to facilitating the program for their employees.

Can I roll over money from another plan into my OregonSaves account?

Yes, you can roll over money from another plan into your OregonSaves account. It is best to consult with a tax expert or financial advisor before making any changes to better understand any steps to take and restrictions that may apply. Rollovers from pre-tax retirement plans like 401(k)s and 403(b)s will be taxed to convert them from pre-tax to post-tax status for inclusion in a Roth IRA.

How will I know if I am nearing the annual IRA contribution limit?

OregonSaves will monitor your account and notify your employer to stop contributions when you are nearing the limit. However, OregonSaves will not have information on any other IRAs you may maintain and contribute to. You should ensure that the total of all your retirement accounts is within the IRS’s annual limits. Please consult with a tax expert or financial advisor to discuss your specific circumstances.

If I have another IRA in addition to the State's program, does the contribution limit apply to each separately or to the combined amount?

The IRS's annual IRA contribution limits apply to the combined amount contributed to all your IRAs, both Traditional and Roth.

Is my contribution pre-tax or post-tax?

Contributions to OregonSaves are made on a post-tax basis. The percentage contributed is based on your gross income earned (the amount you make before any taxes or deductions have been taken out) with your facilitating employer. If you also contribute to a Traditional IRA, those contributions may be deductible on your tax return. It may be best to consult with a tax professional to determine what you can or cannot deduct.

Why don’t OregonSaves contributions show up on my W2?

OregonSaves acts as a payroll deduction IRA, not a retirement plan as defined for the W2, so you won’t see your contributions reflected on your W2. Your IRA trustee will file “Form 5498 IRA Contributions Information” with the IRS, and you’ll receive a copy no later than May 31. This does not need to be filed with your taxes but should be kept with your tax records as documentation of your contributions for a particular tax year.

Is the contribution rate based on gross or net income?

Your contribution rate is based on your gross income (total income before taxes and other regular deductions).

Is there a limit to how much I can contribute?

Yes, contribution limits for IRAs are set by the federal government. For 2021, you can save up to $6,000 per year if you’re younger than 50 and $7,000 per year if you’re 50 or older, as long as you have earned at least that much. If you ‘re contributing to a Roth IRA, you also need to meet certain income levels based on your modified adjusted gross income (MAGI). This contribution limit applies across all IRAs you may have (both Traditional IRAs and Roth IRAs with the State and elsewhere).

Is there a maximum percentage of income that can be contributed?

There is no upper limit on the percentage of income that can be contributed; however, IRAs have annual contribution limits. Roth IRA contributions may be further limited by your income if it is above certain limits. Your contributions are made post-tax, and your employer can’t deduct more than the amount of your available pay after the employer has made any other payroll deductions that have higher preference as required by law.

Are there additional withdrawal restrictions beyond normal Roth IRA restrictions?

No. The only withdrawal restrictions for OregonSaves IRAs are those set by the federal government for any Roth or Traditional IRA. Please consult with a tax expert or financial advisor about your circumstances.

Can I transfer my OregonSaves money into another retirement savings account?

Money in your Roth IRA can be transferred or rolled into another Roth IRA only. You should consult with a tax expert or financial advisor first.

Is there a minimum retirement age for OregonSaves?

There is no minimum retirement age associated with the program. There is a federal tax penalty for withdrawing any investment earnings from a Roth IRA before age 59½, unless it’s for a qualifying reason. For a Traditional IRA, there is a required minimum withdrawal when you reach age 72. Please consult with a tax expert or financial advisor.

Is there a waiting period before I can withdraw my money?

You can take your money out of your Roth IRA at any time.

I requested a withdrawal. How long will it take to receive my money?

Please allow up to 3-5 business days. Generally, distributions will be processed within 3 business days of your request. During periods of market volatility and at year-end, distribution requests may take up to 5 business days. For security purposes, there will be a hold of 15 calendar days when there is a change to your address and a hold of 15 calendar days following a change to your banking information. Contributions made by check or ACH will not be available for withdrawal for 5 business days.

What happens to my money if I die with no named beneficiaries?

If you die and have no named beneficiaries, the account will be payable to your estate under the terms of the IRA. Accounts that become unclaimed property will be subject to applicable law.

How do I know if my employer facilitates the State's program?

If you haven’t received your automatic notification and enrollment, you should ask your employer or call 1-844-661-6777.

Is my employer required to offer OregonSaves?

Yes, unless your employer already offers a qualified, employer-sponsored retirement plan to employees in Oregon.

How will I be notified about the program?

If your employer is required to facilitate OregonSaves, they will register with the program and automatically enroll you. You will then receive an invitation from OregonSaves.

What do I need to do after I’m enrolled?

You will be automatically enrolled in OregonSaves unless you choose to opt out, and you will have 30 days to decide after your employer adds you to the program. Once you are enrolled, you can choose to do nothing or customize your savings options. Deductions will start as soon as your next paycheck. If you choose to opt out, you will be automatically removed from the program and can always rejoin at a later time.

What if I already have an existing OregonSaves account?

OregonSaves accounts are designed to be portable and stay with you throughout your career. When your new employer adds you to their OregonSaves portal, they will simply need to provide some basic information about you, and OregonSaves will direct new payroll contributions to your existing account.

How do I set up my OregonSaves account online after I’m enrolled?

If you choose to participate, set up your account here and follow the on-screen instructions. If you need help, just give us a call at 1-844-661-6777. 

Can I set up my account or opt out without using the website?

Yes. Please contact client services at 1-844-661-6777 for assistance.

What happens to my account if I move out of state?

Your OregonSaves IRA belongs to you. If you continue to work for an employer that facilitates OregonSaves, you can participate with your same account via payroll contributions. If your new employer doesn’t facilitate the program, you can make contributions on your own through your bank account. You can also roll over or transfer your savings into an IRA outside of OregonSaves, if that IRA accepts rollovers or transfers.

What happens to my account if I change employers?

Your OregonSaves IRA belongs to you. Your money will always remain in your retirement savings account under your control. If your new employer facilitates the program, OregonSaves will notify you and payroll contributions will begin at your new job, unless you choose to opt out. If your new employer offers a qualified, employer-sponsored retirement plan, they are not required to facilitate. However, you can contribute directly to your OregonSaves account through your bank account or by check via a paper mail-in form.

Is my personal information reported to government agencies to determine immigration status?

No. Reports are not made for the purpose of determining immigration status.

Am I eligible for the Saver's Credit from the IRS?

You may be able to take advantage of the Saver's Credit if you meet the eligibility requirements. The Saver's Credit is a federal tax credit you can get for making contributions to your retirement plan. For more information visit here. You may also want to consult with a tax expert or financial advisor.

What does the administrative fee pay for?

The fee covers all administrative costs associated with the program, such as the cost of maintaining your account, oversight of the program’s investments, providing customer service, keeping records, online and phone services, and the operating expenses of the underlying investment funds in which the investment options are invested.

Is there an administrative fee or penalty for withdrawing my money?

There is no administrative fee or penalty for withdrawing the money you put into your Roth IRA. You already paid taxes on your contributions, and you can have it back any time you choose. However, the interest your money has been earning is taxable and possibly subject to a 10% penalty if withdrawn before you reach age 59½. For a Traditional IRA, withdrawals may also be subject to income tax and an early withdrawal penalty. Please consult with a tax expert or financial advisor to determine what steps and restrictions may apply to you.

Why did my investments change?

While many of our investment options remain similar to what was previously available, the adjustments we did make to the program’s investment and fee structures were made for the benefit of both current and future generations of savers. For those that like the structure of the Capital Preservation Fund, we now offer a new OregonSaves Money Market Option that uses the same underlying investment option for those looking to preserve the value of their savings.

Savers have the ability to make changes to their investment choices at any time. Like most retirement programs, OregonSaves offers a range of funds to help our savers meet their future needs. How savers choose to invest will depend on their investment goals and risk tolerance.

Who decided to make changes to the program?

In conversations initiated by the previous OregonSaves service provider, the State of Oregon and Ascensus were not able to reach terms agreeable to both parties on proposed changes to the program structure. OregonSaves was designed to serve those most in need of building financial security and it is essential that the program structure serves that purpose for savers.

The State of Oregon embarked on their partnership with new program manager, Sumday, to best serve the needs of Oregon businesses and savers, providing a more streamlined online experience and the ability to innovate in the future. Changes to the program and investment structure were kept to a minimum to provide as positive an experience as possible for our participants.

Was there notification of the change in program manager?

The state sent early notification to 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 arrived via email, by default, and letters were sent to savers when contact information was limited. Participants will continue to receive regular communications related to post-transition activities that impact their accounts, including reminders to log in and update their savings elections as desired.