Where do my automatic contributions go?

Your contributions are deposited into your own personal Roth IRA account that moves right along with you as you change jobs. Your OregonSaves account will always be completely within your control.

Can the State use money from this program to fund other programs, like PERS?

No. Payroll contributions go directly to your own personal OregonSaves IRA account. Accounts are not accessible to the State for other purposes and are not tied to any other retirement plans offered by the State, including Public Employees Retirement System (PERS).

Can I opt out of automatic contribution increases?

Yes, you can opt out of automatic contribution increases at any time online or by phone. Just visit the “Settings” section of your account.

Can I contribute a set dollar amount per paycheck instead of a percentage?

Contributions through payroll deductions can be made only as a percentage of your gross pay. If you’d rather contribute a set dollar amount on a recurring monthly schedule, you have the option to connect a bank account to your OregonSaves account.

Can I have an OregonSaves account plus another retirement savings plan?

Yes, you can contribute to more than one savings plan or account at a time. But remember, the IRS contribution limits are cumulative for all Traditional and Roth IRAs that an individual owns.

Can my employer choose to match my contributions?

No, OregonSaves does not allow employer contributions. The law limits your employer to facilitating the program for their employees.

Can I roll over money from another plan into my OregonSaves account?

Yes, you can roll over money from another plan into your OregonSaves account. It is best to consult with a tax expert or financial advisor before making any changes to better understand any steps to take and restrictions that may apply. Rollovers from pre-tax retirement plans like 401(k)s and 403(b)s will be taxed to convert them from pre-tax to post-tax status for inclusion in a Roth IRA.

How will I know if I am nearing the annual IRA contribution limit?

OregonSaves will monitor your account and notify your employer to stop contributions when you are nearing the limit. However, OregonSaves will not have information on any other IRAs you may maintain and contribute to. You should ensure that the total of all your retirement accounts is within the IRS’s annual limits. Please consult with a tax expert or financial advisor to discuss your specific circumstances.

If I have another IRA in addition to the State's program, does the contribution limit apply to each separately or to the combined amount?

The IRS's annual IRA contribution limits apply to the combined amount contributed to all your IRAs, both Traditional and Roth.

Is my contribution pre-tax or post-tax?

Contributions to OregonSaves are made on a post-tax basis. The percentage contributed is based on your gross income earned (the amount you make before any taxes or deductions have been taken out) with your facilitating employer. If you also contribute to a Traditional IRA, those contributions may be deductible on your tax return. It may be best to consult with a tax professional to determine what you can or cannot deduct.