Get answers to frequently asked questions

Frequently asked questions for savers

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.