• 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...

  • Why does the program include an auto escalation of contributions?

    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 don’t OregonSaves contributions show up on my W2?

    OregonSaves acts as a payroll deduction IRA, not a retirement plan as defined for the W2, so you won’t see your contributions reflected on your W2. Your IRA trustee will file “Form 5498 IRA Contributions Information” with the IRS, and you’ll receive a copy no later than May 31. This does not need...

  • Why was this program created and how does it benefit my employees?

    As Oregonians, we are not saving enough. Research shows that people are 15 times more likely to save if they have a savings option through work, but more than 1 million workers—more than half of the working population in Oregon—did not have a savings option at work prior to OregonSaves. The...

  • Will my contribution rate increase automatically?

    Yes, your contribution rate increases automatically by 1 percent each year, until it reaches 10 percent, unless you opt out of automatic increases. The increase occurs each year on January 1 for those who made their first contribution on or before July 1 of the prior year.

  • Will my money be pooled with money from other city, state, or federal programs?

    It will not. The money you contribute to your own personal OregonSaves IRA account is only pooled with other OregonSaves participants to be invested in the specific investment options that you have elected for this program. You have complete control of your account, which is individually managed,...

  • Will services and materials be available in other languages?

    Yes. The call center will offer assistance in English and Spanish and will have access to translation services for other languages. Certain materials may also be available in Spanish.