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Can I have an OregonSaves account plus another retirement savings plan?
Yes, you can contribute to more than one savings plan or account at a time. But remember, the IRS contribution limits are cumulative for all Traditional and Roth IRAs that an individual owns.
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Can I opt out of automatic contribution increases?
Yes, you can opt out of automatic contribution increases at any time online or by phone. Just visit the “Settings” section of your account.
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Can I roll over money from another plan into my OregonSaves account?
Yes, you can roll over money from another plan into your OregonSaves account. It is best to consult with a tax expert or financial advisor before making any changes to better understand any steps to take and restrictions that may apply. Rollovers from pre-tax retirement plans like 401(k)s and...
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Can I set up my account or opt out without using the website?
Yes. Please contact client services at 1-844-661-6777 for assistance.
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Can I take money out of my account?
Yes, you can take money out of your Roth IRA at any time. There is no fee or penalty for withdrawing the contributions you make. You already paid taxes on your contributions, and you can have it back any time you choose. However, investment earnings are subject to taxation and an additional penalty...
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Can I transfer my OregonSaves money into another retirement savings account?
Money in your Roth IRA can be transferred or rolled into another Roth IRA only. You should consult with a tax expert or financial advisor first.
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Can my company join the program before its required date?
You can join at any time. The required date is considered to be your deadline to comply. Simply visit our sign-up page, then enter your EIN and Access Code. If you have not yet received a formal invitation letter with your Access Code, please reach out to our call center for assistance at...
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Can my employer choose to match my contributions?
No, OregonSaves does not allow employer contributions. The law limits your employer to facilitating the program for their employees.
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Can the State use money from this program to fund other programs, like PERS?
No. Payroll contributions go directly to your own personal OregonSaves IRA account. Accounts are not accessible to the State for other purposes and are not tied to any other retirement plans offered by the State, including Public Employees Retirement System (PERS).
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Can the State use money from this program to pay for other programs?
No. Employee contributions go directly to their own personal OregonSaves IRA account. Accounts are not accessible to the State for other purposes and are not tied to any other retirement plans offered by the State, including Public Employees Retirement System (PERS).
If you’re a business with 3 or more employees, you are required to sign up by March 1, 2023.