Get answers to frequently asked questions.
Frequently asked questions for savers
- Account Access
- Employer Registration
- Fees and Costs
- Onboarding Process
- Saver's Credit
- Can I take money out of my account?
Yes, you can take money out of your Roth IRA at any time. There is no fee or penalty for withdrawing the contributions you make. You already paid taxes on your contributions, and you can have it back any time you choose. However, investment earnings are subject to taxation and an additional penalty if taken out before you reach age 59½ and before you’ve had your first Roth IRA for five years. There is an exception for first-time homebuyers. Your Roth IRA withdrawal could be tax-free if you have met the five-year requirement. Taking early withdrawals from Traditional IRAs may also be subject to income tax and penalty. Please consult with a tax expert or financial advisor for information specific to your own circumstances.
- What happens if I opt out?
You can opt out at any time. If you opt out within the 30-day period after OregonSaves notifies you about being enrolled, no payroll deductions will be made from your paycheck, and your account will not be activated. If you choose to stop participating after contributions have begun, payroll deductions will cease. You can leave the money in your account to grow your retirement savings. You can transfer your money or roll it into another IRA. You may also request a withdrawal, which may be subject to penalties and state and federal taxes. And if you change your mind, you can always opt back in again at any time by contacting OregonSaves.
- Are there additional withdrawal restrictions beyond normal Roth IRA restrictions?
No. The only withdrawal restrictions for OregonSaves IRAs are those set by the federal government for any Roth or Traditional IRA. Please consult with a tax expert or financial advisor about your circumstances.
- Can I transfer my OregonSaves money into another retirement savings account?
Money in your Roth IRA can be transferred or rolled into another Roth IRA only. You should consult with a tax expert or financial advisor first.
- 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.