The good news: We are living
longer. The bad news: We’re not
saving enough. The average savings for Americans nearing retirement is
just $12,000. Studies have shown we are 15 times more
likely to save if we have a retirement option at work, but about 1 million workers in Oregon don’t
have that option today.
To address this crisis,
the Legislature passed legislation to create OregonSaves, which will help individuals and families
save and help businesses without retirement plans compete with those that do.
It will also help taxpayers
because more people saving means less strain on our social services programs.
is a simple and convenient way for workers to save for retirement. Enrollment is automatic; employees
don’t need to do anything. Contributions are through payroll deductions,
and employees’ Roth IRAs stay with them throughout their careers. Facilitating OregonSaves is also simple for businesses; it's just like deducting payroll taxes.
The program began with a pilot
in July 2017 with employers who expressed interest in participating. After the pilot, it began rolling out in phases, starting in October 2017 with larger
businesses and over time to smaller businesses. Employers from later waves can join early by contacting OregonSaves.
Input and feedback from the public,
workers, businesses, and industry is critical to helping the program work well for all. To join the mailing list, provide input, or join the program early, please email us at RetirementSavings@ost.state.or.us.
OregonSaves is overseen by the Oregon Retirement Savings Board, a part of the Oregon State
Treasury. Board meetings are open to the public. Check out the meeting page for information on upcoming and past meetings.
As part of drafting the Oregon Administrative Rules under which the program operates, the Board had two public comment periods and a public hearing to get feedback from employers large and small, payroll service providers, industry associations, consumer groups, investment industry representatives, and financial institutions. After receiving public comments, the Board modified its draft rules and officially filed its first set of rules for OregonSaves with the Secretary of State's Office on April 19, 2017.
A second stage of rulemaking that began June 14, 2017 considered technical matters that were not in the first set of rules, such as the process for employment services. A public rulemaking hearing occured on September 19, 2017, and the updated rules were officially filed with the Secretary of State's Office on October 24, 2017.
Please note: the OregonSaves mark and OS logo are trademarks of the Oregon Retirement Savings Board and may not be used without permission.
02 /17 /2017
02 /11 /2017
02 /10 /2017
12 /08 /2016
11 /01 /2016
08 /25 /2016
06 /20 /2016
05 /25 /2016
04 /14 /2016
Input sought from Oregon employers statewide to help design landmark retirement savings plan, which launches in 2017
03 /15 /2016
More than 1 million Oregonians lack access to savings option, illustrating importance of Retirement Savings Plan
01 /06 /2016
Retirement Savings Board seeks market research and financial analysis to design landmark plan, which will allow more Oregonians to save
12 /15 /2015
Oregon Retirement Savings Plan Board discusses potential elements of landmark plan that will help workers, employers
11 /17 /2015
Treasurer Wheeler applauds proposed new federal guidelines that could facilitate more retirement savings
09 /28 /2015
Treasurer Wheeler Introduces Executive Director of Oregon Retirement Savings Plan
06 /16 /2015
Treasurer Wheeler Applauds Final Passage of Retirement Security Bill
03 /09 /2015
Treasurer Wheeler Applauds Legislative Effort on Retirement Security
09 /15 /2014
Ted Wheeler Presents Retirement Security Task Force Recommendations
03 /18 /2014
Retirement Savings Task Force convenes, will seek public input on strategies to improve preparedness
03 /14 /2014
New fact-finding panel will explore ways to help Oregonians increase retirement savings
03 /12 /2014
Treasurer Wheeler testifies to Congress to highlight need for additional retirement savings options
Letter to U.S. Treasury from Treasurer Wheeler, chair of the Oregon Retirement Savings Board, about conservative savings options
"State-sponsored programs confront the challenge of the retirement crisis" - joint opinion in Pensions & Investments by State Treasurers of Oregon, California and Illinois.