Get answers to frequently asked questions.

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.

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.

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.

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.

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 0.50% of its value per year ($0.50 for every $100 saved). There is also an account fee of $4.00 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.

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.

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.

Yes, similar programs are up and running in other states, including California, Connecticut, 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 Colorado and New Mexico, among others.

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.

No. This program is not related in any way to PERS and is not a pension plan. OregonSaves is for private sector employees to save their own money in their own individual accounts.