Salem, OR—SALEM, OR – OregonSaves, which helps Oregon’s private sector workers save for retirement when their employer doesn’t offer an option at work, is celebrating a major milestone: $100 million saved as of April 2, 2021.
Participants in OregonSaves reached $100 million in assets saved in just under four years. When OregonSaves launched in 2017, it was the first state-based retirement savings program in the country. The program’s popularity shows that having a convenient, accessible way to save for retirement helps people choose to build better futures for themselves and their families.
“OregonSaves started with the idea that everyone should have an easy way to save for their retirement at work,” said State Treasurer Tobias Read. “It is gratifying to see the program grow, and to know that more than a hundred thousand Oregonians are giving themselves more choices and a stronger financial foundation for their future.”
Participation continues to exceed projections, with seven in 10 workers electing to remain in the program as opposed to opting out, and with workers saving an average of around $135 a month – a higher rate than initially anticipated.
Prior to the launch of OregonSaves, an estimated one million workers in the state lacked access to a work-based retirement plan. The program is in the latter stages of a statewide rollout. In 2018, OregonSaves opened its doors to the self-employed and gig economy workers. And at the end of 2020 and beginning of 2021, SEIU-represented Personal Support Workers, Homecare Workers and Personal Care Attendants were welcomed to the program.
The state’s smallest businesses are set to join in 2022, which will add to the more than 105,000 accountholders currently contributing to accounts.
Administered via a public-private partnership, OregonSaves will help more people retire with dignity after a lifetime of work, and over time will help to reduce government costs by millions, according to an AARP study.
The trailblazing Oregon program leads a national movement: 11 states are in various stages of creating similar programs to respond to the retirement savings crisis, and another 23 states have legislation introduced.
OregonSaves is a simple way for Oregonians to save for retirement at work. Employees contribute part of their paycheck into their own personal IRAs that stay with them throughout their careers. The program also benefits employers who don't offer a qualified retirement plan by helping them compete with businesses that do. Brought to you by Oregon State Treasury, the program is overseen by the Oregon Retirement Savings Board and administered by a program service provider. To learn more about OregonSaves or to open an account, please visit www.oregonsaves.com
or call 844-661-6777. For more information on portfolios offered by OregonSaves, go to saver.oregonsaves.com.
The Oregon Treasury Savings Network, part of Oregon State Treasury, was launched in January 2001 to administer the Oregon College Savings Plan. It has since expanded to administer the Oregon ABLE Savings Plan and national ABLE for ALL Savings Plan, and the first state-run retirement program, OregonSaves.