Sep 232017
 

Oregon Saves is a new state-sponsored program that provides a vehicle for employees to save for retirement.

This program applies to all employers who don’t already offer a retirement plan to their employees.

Eligible employers will need to implement on the following timeline:

  • more than 100 employees: enroll in October 2017, start participating November 15th, 2017
  • 50 – 99 employees: enroll in April 2018, start participating May 15th, 2018
  • 20 – 49 employees: enroll in November 2018, start participating December 15th, 2018
  • 10 – 19 employees: enroll in April 2019, start participating May 15th, 2019
  • 5 – 9 employees: enroll in October 2019, start participating November 15th, 2019
  • 4 or fewer employees: enroll in April 2020, start participating May 15th, 2020

Most interaction with the plan will be through a website. Oregon Saves will mail an enrollment form to all employers of record in the state with instructions on either certifying they are exempt, or enrolling in the program.

New employers will be subject to the rules starting 90 days after being deemed an employer.

Once an employer is a participant in Oregon Saves, all new hires will be enrolled by default, with a savings rate of 5% of gross earnings. The rate will automatically increase each year thereafter by 1%, up to a maximum savings rate of 10%.

Employees can choose to change their savings rate, including stopping contributions.

Here is an introductory video that explains the program:

 Posted by at 10:18

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