Get answers to frequently asked questions.

Frequently asked questions for savers

Is there a minimum age to participate in OregonSaves?

Yes, the minimum age to enroll in OregonSaves is 18.

Do I have to work for a certain amount of time in order to participate?

Employers have 60 days from the date of hire to enroll a new employee in OregonSaves or accept their election to opt out of the program. If you work for an employer for fewer than 60 days, you will not be enrolled until you reach that milestone.

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.

Are there income limits to participate in OregonSaves?

Yes. It is up to the employee to determine if you meet the applicable income limits to contribute to a Roth IRA account. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will then determine how much you are able to contribute to your Roth IRA account. Generally speaking, if you file taxes as a single person and your MAGI is under $161K in 2024, or if you are married and file jointly and your MAGI is under $240K, you will be able to contribute the maximum amount of $7,000 ($8,000 if you’re 50 or older). At this time OregonSaves offers Traditional IRAs to savers who need to recharacterize prior year contributions. Traditional IRAs do not have an income limit.

I'm retired, can I participate in this program?

Yes, if you have earned income you can join through a facilitating employer or by signing yourself up. 

I’m self-employed. Can I set up my own OregonSaves account?

Yes, if you are 18 or older, have earned income, are employed in Oregon, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up. If you work for an employer that is not required to facilitate OregonSaves, you may still be able to contribute through payroll deductions, but only if your employer is willing to set up a deduction for you.

I’m already participating in an employer-sponsored retirement plan at work. Can I also join this program?

Yes. If you are 18 or older, have earned income, are employed in Oregon, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up through your bank account or by check using a mail-in paper form after the account has been set up. And you may be able to contribute through payroll deductions, but only if your employer is willing to set up a deduction for you. Please note that there are IRS limits to how much you can contribute to a Roth IRA. If you have any questions regarding these limits, please consult with an accountant or tax advisor.

I’m not eligible for the employer-sponsored retirement plan at my job. Can I join OregonSaves?

Yes. If you are 18 or older, have earned income, are employed in Oregon, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after the account has been set up. And you may be able to contribute through payroll deductions, but only if your employer is willing to set up a deduction for you.

What are the opt-out and opt-in rules for OregonSaves?

You can opt out at any time online or by calling 1-844-661-6777, or by mailing in a completed Opt-Out Form to the program. You can rejoin the program at any time by notifying your employer that you would like to start contributing to your account again, or by signing yourself up if you meet eligibility requirements.