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Do I have to work for a certain amount of time in order to participate?
Employers have 60 days from the date of hire to enroll a new employee in OregonSaves or accept their election to opt out of the program. If you work for an employer for fewer than 60 days, you will not be enrolled until you reach that milestone.
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Do I need to facilitate the program if I have only a small number of employees?
Yes, all employers, no matter how many employees they have (even one) must facilitate OregonSaves, if they don't offer a qualified, employer-sponsored retirement plan.
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Do I need to offer the program to work-study students?
No, you do not need to facilitate the program for full-time students in work-study programs.
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Do I need to report contributions on my employees’ W2s?
No. The OregonSaves program is structured as a payroll deduction IRA and not as a traditional retirement plan that needs to be reported on your employees’ W2s. The IRA trustee for the OregonSaves program will file “Form 5498, IRA Contributions Information” with the IRS (as needed for your...
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Do other states have programs like this?
Yes, similar programs are up and running in other states, including California, Connecticut, and Illinois. And many other states are about to launch state-sponsored retirement savings programs or are in the process of passing legislation to support them, including Colorado and New Mexico, among...
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Do payroll deduction IRAs count as an employer-sponsored retirement plan?
No. Payroll deduction IRAs are not qualified retirement plans as defined by either federal or Oregon state statutes.
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Does my employer need to facilitate the program if I am the only employee?
Yes. Even if you’re the only employee, your employer must facilitate the OregonSaves program if they don't offer a qualified, employer-sponsored retirement plan.
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Does the program have an investment consultant?
Yes. The program has a private investment consultant that provides input and feedback about investments to the Board.
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Does the program provide information and consumer protections to participants?
Yes, OregonSaves helps ensure that employees have more choices, more information, and easier access to retirement savings accounts. Consumer protections are included in the program and may be enforced by appropriate state agencies.
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Does the State have printed or electronic materials to help my employees understand the benefits?
Yes. There are educational materials you can print for employees or send electronically.
If you’re a business with 3 or more employees, you are required to sign up by March 1, 2023.