Work Hard. Save Easy.

OregonSaves is a simple, convenient way for workers in Oregon to save for retirement. It allows employees who don’t have a reti​rement savings option at work to save part of their paycheck in their own, professionally managed accounts that go with them from one job to the next. It always remains their money and their account.

For most, Social Security payments won’t be enough when it comes time to retire. Many people also have to retire sooner than they planned. Saving even a little now can make a big difference later. Putting away $25 a week can add up to more than $25,000 in 20 years, and in 30 years, it can be worth $39,000.

Saving money for the future can also save you money now. The IRS offers a tax credit called the Saver’s Credit to those who save.

Who it’s for

OregonSaves is for anyone 18 and older who doesn’t have a retirement savings option at work. This includes:

  • Workers whose employer doesn’t offer a retirement savings plan.

  • Workers who aren’t eligible for their employer’s plan, such as part-time workers.

  • Self-employed workers.

To participate, you must also make less than the income limits​ set by the federal government for Roth Individual Retirement Accounts, which are $133,000 for a single tax filer and $196,000 for married tax filers in 2017.

How it works

OregonSaves is an easier way to save. It’s automatic but you always have the choice to opt out or change how much you save and how you invest your money.

Select a topic below to learn more:

  • If your employer doesn’t offer a retirement savings plan, you won’t need to anything to enroll and start saving. Your employer will enroll you unless you opt out.

  • Other workers like the self-employed will have the ability to opt-in to the program.​

  • ​Every pay period, your employer will save 5 percent of your paycheck in your account, but you can choose to save more or less, starting as low as 1 percent.

  • Starting at a future date, your contributions will automatically increase by 1 percent per year until they reach 10 percent, unless you opt out of the increases.

  • Savings will be made into a Roth Individual Retirement Account in your name. Savings are made after tax. You can also choose to save through a traditional Individual Retirement account if you wish, which would allow you to save pre-tax.

  • You can save up to $5,500 per year if you’re younger than 50 and $6,500 per year if you’re 50 or older.​

  • Your money will be managed on your behalf by professionals, with the goal of gaining value over time.

  • Your money will be investment in an age-based fund based on when you plan to retire. Age-based funds shift the amount of stocks, bonds, and other investments to help increase earnings early on and then reduce risk as you approach retirement age.

  • All investments carry risk, and OregonSaves will not offer any guarantee of returns. If you want to limit your risk, you can choose a capital preservation fund instead of an age-based fund. There will also be an investment growth option for those who have a higher risk tolerance.​

  • You can access your account at any time online or by phone.

  • Your account is portable and stays with you. If you move to another job that doesn’t offer a retirement savings option, your new employer will make deductions into the same account. If you work for more than one employer, they will all put your money into the same account. And if you move to a job in another state or start working for an employer that offers its own plan, you can keep your money in your OregonSaves account, roll it over into something else, or even take out your money.

  • You can take out your money at any time if you need to. There is no penalty for taking out your money early, but doing so will have an impact on your retirement.​​ 

  • OregonSaves has a low fee of 1 percent of employee assets under management, similar to the fee for other large retirement plans, to help pay for management of your account and investments. There is no employer fee.

  • ​There are no fees for withdrawing contributions from a Roth IRA or making changes to your type of investment or contribution amount.​​

​​When it’s coming

OregonSaves will launch in July 2017 to a small pilot group of businesses. It will then roll out in phases based on the number of employees a business has, starting with businesses with 100 or more employees in 2018. If you are interested in participating sooner than the scheduled start date for your company, ask your employer to reach out to the Oregon State Treasury. Employers can join before their scheduled date if they want to.

A plan for Oregonians by Oregonians

OregonSaves is offered by the State of Oregon and overseen by a board of experts. It was designed based on industry best-practices and with the input of state and national experts.

OregonSaves is not a pension plan. And it is not connected in any way to the Oregon Public Employee Retirement Fund (PERS). OregonSaves is a way for workers in Oregon to put away their own money for their retirement in their own accounts.

​​Want to learn more?

The Oregon Retirement Savings Board​ is discussing the potential details of the plan, and its meetings are open to the public.

Do you have questions? 

Send them our way! Your input and feedback will help us ensure OregonSaves works well for everyone.​

Join our mailing list 

Help build a retirement savings option that improves the quality of life for all Oregonians. Join the mailing list to receive news about the plan, be better informed, and offer your feedback.

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