Why does a program like this exist?
The retirement savings crisis is a serious problem here in Oregon and throughout the nation. In the absence of a nationwide retirement savings program, many states have begun considering state-based programs like OregonSaves. In Oregon, an estimated one million workers lacked access to a work-based retirement plan prior to OregonSaves. The retirement savings gap in America is estimated to be at least $28 trillion and OregonSaves provides Oregonians who fall in that gap with a clear means to save for their future.
The Oregon legislature created OregonSaves to improve people’s access and outcomes for retirement savings. The program is designed to lower barriers wherever possible, such as using automatic enrollment and savings through payroll contributions. Today, Oregon workers have saved more than $130 million towards their future. This means the state will have fewer people entering retirement in poverty and individuals will have more dignity and choice as they age.