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Do employers have to facilitate this State program?
Yes, any business with employees in Oregon must facilitate the State’s program for its employees, unless it already offers a qualified, employer-sponsored retirement plan.
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Do family members who work for my business count as employees?
Yes, they can participate if they are considered to be employees for tax purposes.
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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.