Legislative Summary:
Oregon House Bill 2960 was introduced in February 2015, and passed both the House and Senate in June 2015. The program was implemented in July of 2017.
Program Description:
The OregonSaves program is administered by the Oregon Retirement Savings Board, to provide a state-facilitated payroll-deduction individual retirement savings plan for private sector employees who do not have access to employer-sponsored retirement savings plans.
Affected Employers:
All employers, regardless of number of employees, who do not currently offer a qualified retirement plan.
General Requirement:
Automatic enroll employees at 5% deferral with annual increases of 1% (up to a maximum of 10%) of the enrollee’s wages. Every affected employer must register and choose to opt-in or claim exemption.
Launch Status:
Full Implementation:
Compliance Deadline:
| Deadline | Affected Employers |
|---|---|
| November 15, 2019 | Employers with 5+ employees |
| March 1, 2023 | Employers with 3+ employees |
| July 31, 2023 | Employers with 1+ employees, or employers that utilizes a Professional Employer Organization (PEO) or Leasing Agency |
Non-Compliance Penalties:
Employer Costs:
Employee Costs:
Investments:
The program offers a suite of 12 target date funds (TDFs), as the default investment option, and additional investment options - including a capital preservation, money market and growth funds.