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Oregonians are 15 times more likely to save if there is a retirement option at work.1

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1,000,000

1 million workers in Oregon (more than half the workforce) don't have the option to save for retirement at work.2

Who it helps

Workers: OregonSaves is for all workers who do not have a retirement savings option at work.

Employers: OregonSaves will benefit employers, who won’t need to offer a retirement plan of their own if they don’t have the time or resources to set it up.

Tax payers: OregonSaves will also help taxpayers because more people saving means less strain on our public safety net programs.

What it is

OregonSaves is a completely voluntary, simple, and convenient way for workers to save their own money into their own accounts. It’s automatic. Employees don’t need to do anything to enroll. Savings are through payroll deductions, which will make it simple for businesses, just like deducting payroll taxes.

OregonSaves won’t compete with existing company retirement plans, such as 401(k)s.

OregonSaves is not a pension plan and it is not connected in any way to the Oregon Public Employee Retirement Fund (PERS).

When it started

OregonSaves will launch in July 2017, almost two years after the Legislature passed House Bill 2960 (2015).

Why we need it

Workers in Oregon needed an easy way to save for retirement through their job. OregonSaves is a way for workers in Oregon to put away their own money for their retirement in their own Roth IRA accounts that go with them from one job to the next. This way you don't have to worry about where your money is when you change jobs. The contributed amount is entirely up to the employee, every little bit will help once you hit retirement.

For most of us, Social Security payments won’t be enough when it comes time to retire. Many people also have to retire sooner than originally planned. Saving even a little now can make a big difference later.

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Find out more about the Oregon Retirement Savings Board, program rulemaking, and upcoming engagements.

oregon.gov

 

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Help us help Oregonians. If retirement savings is important to you, we have ideas and tools to help you get involved.

Partner with us

 

1AARP Access to Workplace Retirement Plans by Race and Ethnicity Fact Sheet

2Center for Retirement Research at Boston College, Oregon Market Research Report, July 2016

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