FAQs

Get answers to frequently asked questions

Frequently asked questions for savers

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, Vestwell State Savings, LLC, dba Sumday Administration, 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.