• Which company is administering the program?

    The Oregon Retirement Savings Board has selected Vestwell State Savings, LLC, dba Sumday Administration, as the program’s new administrator. Sumday, a Vestwell Holdings, Inc. company, is an experienced retirement and college savings services provider and will act as the IRA trustee, manage account...

  • Who decided to make changes to the program?

    In conversations initiated by the previous OregonSaves service provider, the State of Oregon and Ascensus were not able to reach terms agreeable to both parties on proposed changes to the program structure. OregonSaves was designed to serve those most in need of building financial security and it...

  • Who is responsible for choosing the available investment options?

    The Oregon Retirement Savings Board is responsible for making decisions about the investment options available to participants of the program.

  • Who is responsible for choosing the investment options for participants?

    The Oregon Retirement Savings Board is responsible for making decisions about the investment options available to participants of the program.

  • Who is responsible for oversight of OregonSaves?

    As required by the Enabling Legislation (ORS 178.200), the Oregon Retirement Savings Board was tasked with the establishment and oversight of a state-run retirement savings program that provides Oregonians with an opportunity to save through payroll deductions. The seven-member board is chaired by...

  • Who will be responsible for determining if employees meet income limits?

    Employees are responsible for determining if they meet income limits and are not eligible to contribute to Roth IRA accounts. Program materials will include information on income limits to help employees give consideration to whether and how they can participate in the program. At this time,...

  • Why are there automatic contribution increases?

    OregonSaves aims to improve access to retirement savings accounts for workers and also improve outcomes when it comes time to retire. A savings rate of 5 percent is a good place to start, but employees may need to save more than 5 percent over time to achieve financial security in retirement....

  • Why did my investments change?

    While many of our investment options remain similar to what was previously available, the adjustments we did make to the program’s investment and fee structures were made for the benefit of both current and future generations of savers. For those that like the structure of the Capital Preservation...

  • Why did OregonSaves transition away from their former service provider?

    In conversations initiated by our former service provider, the state and Ascensus were not able to reach terms agreeable to both parties on proposed changes to the OregonSaves program structure. OregonSaves was designed to serve those most in need of building financial security and it is essential...

  • 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...