In 2015, the Oregon Legislative Assembly enacted legislation, which created the Oregon Retirement Savings Board. House Bill 2960
tasked the Board with the establishment and oversight of a state-run retirement savings program that provides employees with a flexible opportunity to save through payroll deductions and the ease of getting started with automatic enrollment and annual contribution escalation.
The program, called OregonSaves, is overseen by the Board and is administered by the Board’s contracted plan service provider. The program began with a pilot in July 2017 with employers who expressed interest in participating. After the pilot, it is rolling out to employers statewide in phases, starting with the largest employers in late 2017. For more information about OregonSaves, visit www.oregonsaves.com
About the Board
established the Board in the office of the State Treasurer. The Board is tasked with:
- Establishing, implementing, and maintaining the program
- Adopting rules for the program
- Directing the investment of funds contributed to the program
- Collecting fees to defray the costs of administering the program
- Entering into contracts to carry out the program
- Evaluating the need for private insurance
- Developing and implementing an outreach plan for the program
Prior to establishing the program, the Board conducted a market analysis
and feasibility study
, consulted with legal experts, and engaged a wide range of stakeholders--including representatives of workers, various-sized employers, business associations, industry groups, and professionals in the financial services industry--in a thoughtful, deliberate public process to help ensure that the public had an opportunity to comment and provide input on the program.
The Board has seven members: the State Treasurer; four members appointed by the Governor including a representative of employers, a representative with experience in investments, a representative of an association representing employees, and a member of the public who is retired; a member of the Oregon House of Representatives, and a member of the Oregon Senate.
State Treasurer Tobias Read
Treasurer Read oversees Oregon public investments totaling roughly $90 billion and is a longtime advocate for improving the financial security of Oregonians at all stages of life. He understands that financial empowerment, wise investments, and sound management are vital to yield opportunities for Oregonians, and are foundational to the state's fiscal health. He served in the Oregon Legislature for a decade before he was elected Treasurer in 2016. As a lawmaker, he helped design and was a chief sponsor of the bill that successfully created the OregonSaves. As Treasurer, his goals are to encourage long-term thinking, to help Oregonians invest in themselves, and to do business the right way. He has worked at the U.S. Treasury and as a liaison between the designers and the manufacturing units at Nike Inc. He earned his bachelor's degree at Willamette University and his MBA at the Michael G. Foster School of Business at the University of Washington.
Appointed by Governor
Ms. Backus is an employee benefits attorney at the Portland firm of Bullard Law, and serves as president of the Portland chapter of the Western Pension & Benefits Council. She has experience with qualified and non-qualified retirement plans, health benefit plans, executive compensation issues, and employee benefits aspects of mergers and acquisitions. She works with clients to design and draft benefit plans, to monitor compliance with new legislation and ERISA, and to interact with the IRS and the Department of Labor regarding plan issues. She has written and spoken on the Affordable Care Act’s impact on Oregon employers. She earned her Bachelor’s Degree at Amherst College and her Juris Doctorate at the University of Southern California.
Appointed by Governor
Mr. Brewington is an executive council member and volunteer for AARP Oregon. Before he joined AARP as a volunteer, he was a senior executive at IBM and senior vice president of KinderCare. He now works part-time as an adjunct business professor at Marylhurst University in the MBA program.
Appointed by Governor
Mr. Clay currently serves as President of the United Food and Commercial Workers Union Local 555 based in Tigard, Oregon and has worked for UFCW since 2000. He has served on the boards of the Oregon Retail Employees Pension Trust, the UFCW Local 555 – Employers Health Trust, and Health Republic Insurance Coop. He is a lifelong Oregonian and has a degree in Biblical Theology from Multnomah Bible College in Portland. Cory Streisinger
Appointed by Governor
Ms. Streisinger is an attorney and retired in 2011 as director of the Oregon Department of Consumer and Business Services (DCBS). She was a clerk at the U.S. Supreme Court before joining the Portland law firm of Lindsay Hart Neil & Weigler. She became legal counsel to Oregon’s governor in 1987, and from 1991 to 2001 was general counsel to the Port of Portland. Former Governor Ted Kulongoski appointed her as DCBS director in 2003. She is active in the Portland City Club and volunteers as a financial coach with Innovative Changes, a nonprofit community development financial institution that provides financial education and asset-building opportunities.
Sen. Lee Beyer (D-Springfield)
Sen. Beyer has served more than a decade in the Oregon Legislature -- in both the House and Senate -- and is the former chairman of the Oregon Public Utility Commission, from which he retired in 2010 after nine years. He currently is chair of the Senate Business and Transportation Committee. He has served on the Oregon Global Warming Commission, the Governor’s Energy Planning Council, the National Association of Regulatory Utility Commissioners (NARUC) Electricity Committee, and as Director of the Western Electricity Coordinating Council. He worked professionally for more than 25 years in business and industrial development. He is an elected Director of the Willamalane Parks & Recreation District, the Wildish Community Theater Board, and is a former Springfield city councilor. Rep. Pam Marsh (D-Ashland)
Representative Marsh was elected to House District 5 in southern Oregon in November 2016 after four years as a member of the Ashland City Council. Prior to joining the council, Ms. Marsh was a member and chair of the city Planning Commission and a member of the Ashland Charter Review Committee. From 2006-2012 Ms. Marsh worked as Deputy Director of a local nonprofit providing drug and alcohol prevention and treatment. She served as Executive Director of Ashland Emergency Food Bank from 2012 until December 2016. Ms. Marsh has lived in Southern Oregon since 1994, when she and her husband, Diarmuid McGuire, moved their four children from Palo Alto, California, to the mountains above Ashland. In Palo Alto, Ms. Marsh worked for a state legislator, managed a cities association, and served in a variety of governmental and nonprofit volunteer positions. For a decade Ms. Marsh was actively involved in management and operation of Green Springs Inn and Cabins. Her family continues to own the business, now managed by her husband and son.