Updated: April 18, 2022
“Act” means Oregon Revised Statutes 178.200 to 178.245, as amended from time to time.
“Board” means the Oregon Retirement Savings Board established under the Act.
“Code” means the Internal Revenue Code of 1986, as amended, and any regulations, rulings, announcements, or other guidance issued thereunder, as amended.
“Program” means OregonSaves.
“Program Administrator” means Vestwell State Savings, LLC, dba Sumday Administration, LLC, a third party administrator chosen by the Board to assist in carrying out the requirements of the Act.
“Program Rules” means the administrative rules for the Program set forth in the Oregon Administrative Rules, chapter 170, division 200, including any temporary rules and as amended from time to time.
“OregonSaves Account” means a Roth IRA or a Traditional IRA (if such option becomes available under the Program) established by or for an eligible employee under the Program.
Confidentiality of OregonSaves Account Information.
Individual OregonSaves Account information, including but not limited to names, addresses, telephone numbers, personal identification information, amounts contributed and earnings on amounts contributed, is confidential and will be maintained as confidential:
-except to the extent necessary to administer the Program in a manner consistent with the Act, the tax laws of Oregon and the Code; or
-unless the person who provides the information or is the subject of the information expressly agrees in writing that the information may be disclosed.
The Board may disclose your OregonSaves Account information to other persons or entities to the extent authorized by you in a written signed release provided to the Board. For purposes of this paragraph, “OregonSaves Account information” includes information pertaining to (i) your IRA account, (ii) beneficiary designations, (iii) distributions, or (iv) other information contained in any applicable court order. A written authorization to release information is valid until the earlier of (a) the date you provide the Board with a signed revocation of such authorization or (b) the end date, if any, specified in the original authorization.
Subpoena or Court or Other Governmental Order.
As part of Program administration, the Board may disclose your OregonSaves Account information as required by a valid and applicable subpoena or court or other governmental order.
Other Disclosure Necessary to Administer Program.
The Board may disclose information that it is required to disclose under the Oregon Public Records Law or other applicable law. The Board may also disclose anonymized data which does not include information that is identifiable to an individual employee or employer for purposes of research associated with the Program. The Board may disclose OregonSaves Account Information to the Program Administrator, the providers of investments for the Program, regulatory agencies to the extent disclosure is required by law, and to other persons or entities to the extent the Board determines disclosure is necessary or appropriate to administer the Program.