- Account Access
- Contributions
- Eligibility
- Employer Registration
- Fees and Costs
- General
- Investments
- Linking Bank Accounts
- Onboarding Process
- Program Manager Transition
- Saver's Credit
- Security
- Tax Forms
- Timing
- Withdrawals
- Is there a fee for participating in OregonSaves?
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Yes, as with any investment or retirement program, there is an ongoing fee which is paid as a percent of the money in your account. The fee for each investment option is approximately 0.50% of its value per year ($0.50 for every $100 saved). There is also an account fee of $4.00 that is assessed each quarter. These fees pay for the administration of the program, and the operating expenses charged by the underlying investment funds in which the program’s portfolios are invested. The asset-based fee is computed daily, and your investment returns are credited to your account minus the fee. There are no fees while you are invested in the Capital Preservation Fund.
- Are there any fees for employers to participate?
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No, there are no employer fees, and OregonSaves does not allow employer contributions. The employer's role is limited to simply facilitating the program for employees.
- Is there a penalty for businesses that fail to facilitate OregonSaves as required by law?
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Any business with employees in Oregon that does not offer an employer-sponsored retirement plan is required to facilitate OregonSaves for its employees. We’ve designed the process to be simple and straightforward. The State will provide assistance to help employers meet deadlines and requirements. Employers that are out of compliance may be subject to enforcement action, including penalties and fines.
- Is there a penalty for late or omitted payroll deductions?
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Failure to remit deductions in a timely manner violates Oregon law, including wage and hour requirements. The State may impose penalties for these violations.
- What does the administrative fee pay for?
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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?
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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.
- What if my payroll company won't help me administer OregonSaves?
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You can still offer OregonSaves to your employees on your own with no complex administration — easily making it a part of your own payroll process. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.
- What if my payroll provider is stating they will charge a fee for remitting contributions with OregonSaves?
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Whether you use a payroll provider or not, OregonSaves does not charge a fee to remit contributions. If your payroll provider will charge you a fee for helping you facilitate the program, you can easily administer it on your own. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.