Senate Committee on Finance asks about landmark Oregon program as part of search for ways to improve retirement readiness
Washington, DC—More Oregonians are on the path to a more secure financial future, thanks to the successful launch of OregonSaves, State Treasurer Tobias Read testified today in a national hearing on retirement readiness.
Read was among the invited leaders to address the U.S. Senate Committee on Finance about options to combat the retirement savings crisis. In his remarks, he highlighted how OregonSaves – the nation’s first operating state-based retirement savings program -- was built in collaboration with small businesses, employees, nonprofits and legislators, and now enjoys a high level of public support.
The ultimate reward, Read said, is that so many Oregon workers now have an option to save for retirement at work – and they are taking advantage of it.
“OregonSaves is already increasing the long-term financial stability of thousands of Oregonians,” he said. “And we are just getting started.”
The hearing aired nationally on C-SPAN3. You can see the Treasurer’s prepared remarks at https://www.oregon.gov/treasury/news-data/pages/tr...
and watch an archived video stream of the hearing and read submitted materials at https://www.finance.senate.gov/hearings/challenges...
As of Monday, tens of thousands of workers – most of them first time savers – had set aside a combined $19 million. More workers sign up every month. The combined assets are now climbing at a pace of $2.2 million per month, which will continue to grow as more Oregonians start participating.
Other states including Illinois and California are in the process of launching their own state-based retirement programs. Treasurer Read said every American will be better off, when more people have the option to save.
“Everyone should be happy to see the efforts of Oregon and other states to expand savings options to more people—a smart approach that will help workers of every income level and their families,” Treasurer Read said. “Empowering more people to invest in their own futures is vital to the financial wellbeing of individuals, families, and federal, state and local governments.”
Anybody can save with OregonSaves. You can learn more at www.oregonSaves.com.
If employers do not offer a retirement plan to their workers, then those workers will be enrolled in OregonSaves, where they save a portion of their own paychecks in their own savings accounts. Participants have the option to opt out, yet most people elect to stick with OregonSaves and save.
The Oregon State Treasury improves the financial well-being of all Oregonians. We provide low-cost banking, debt management and investment programs for governments, and empower Oregonians to invest in themselves and their loved ones for a more secure future, through the Oregon College Savings Plan, Oregon ABLE Savings Plan, and OregonSaves.