FAQs

Get answers to frequently asked questions

Frequently asked questions for savers

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.