Get answers to frequently asked questions.
Frequently asked questions for savers
- Account Access
- Contributions
- Eligibility
- Employer Registration
- Fees and Costs
- General
- Investments
- Linking Bank Accounts
- Onboarding Process
- Saver's Credit
- Security
- Tax Forms
- Withdrawals
- Which company is administering the program?
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The Oregon Retirement Savings Board has selected Vestwell State Savings, LLC, dba Sumday Administration, as the program’s new administrator. Sumday, a Vestwell Holdings, Inc. company, 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?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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No, OregonSaves does not allow employer contributions. The law limits your employer to facilitating the program for their employees.