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Changes are coming soon to OregonSaves

Changes are coming soon to OregonSaves

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OregonSaves is dedicated to providing Oregon families with a simple and secure way to achieve their savings goals. We take the trust you have placed in us seriously and work hard to ensure our savers have the tools they need to achieve financial security in retirement.

With that in mind, we would like to make you aware that we will soon be working with a new program manager, Sumday Administration, LLC. Sumday is a wholly owned subsidiary of the Bank of New York Mellon, one of the world’s largest financial institutions. Sumday is not new to the state of Oregon. The company currently serves as program manager for both the Oregon ABLE Savings Plan and the Oregon College Savings Plan. We are pleased that Sumday will now bring their financial expertise and Oregon-specific knowledge to our state’s retirement savings program, OregonSaves.

Why is this happening?

The decision to move to a new program manager was made to better serve you and we’re confident you’ll welcome the enhancements we’re making to your OregonSaves account. These improvements are designed to enrich and streamline your online experience and improve the Plan’s investment options.

While we look forward to the many positive changes coming to OregonSaves, we want to assure you that the program structure will remain largely the same, as will most of the account features you’ve grown accustomed to. The Oregon Retirement Savings Board will continue to oversee the program and the work of our new program administrator. You’ll keep reaching out to us at the same website address and phone number, using the same account number. OregonSaves will be the same great program!

Rest assured, your money and account information will remain secure during the conversion process.


What does this mean for Employers?

As we make the change to a new program manager, we’d like you to be aware of a few key items related to the management of your employer account.

  • Starting 8/13 (close of business), you will not be able to add new employees to your OregonSaves account management portal until the transition is complete. We apologize for any inconvenience, but we want to ensure an uninterrupted registration experience for our savers. You will be notified when the transition is successful, and you will once again be able to add employees to your account starting 10/18.
  • Employers will be able to continue their normal payroll contributions for existing employees until mid-October. Payroll contributions via ACH Pull will be accepted through 10/14, while payroll contributions via check or ACH Push will be accepted through 10/15.
  • The official account transition date is 10/15. We’ll make sure to remind you!
  • After the transition, you'll still visit OregonSaves.com to access your account, but the website will look different, with a streamlined and more user-friendly account interface. Other benefits—the new system will include significant payroll integration capabilities, a simplified onboarding process, and a more intuitive employer platform. The new system was built with ease-of-use in mind, and was adjusted based on insight from interviews with employers (like yourself!) currently facilitating OregonSaves.

What’s next?

  • Watch for emails. Sumday will send reminders as the transition date approaches, including when blackout dates are approaching and when it’s time to retrieve your account.
  • Once the transition is complete, you will be asked to retrieve your account and create a new password (don’t worry, it’s simple).
  • Finally, get ready to enjoy the new and improved OregonSaves employer portal!

New to OregonSaves? If you’re an employer interested in registering with OregonSaves, you will not be able to sign up for the program from 8/13 (close of business) through 10/18. Please reach out to us at retirementsavings@ost.state.or.us to let us know of your interest and we will send you a reminder to begin registration after the conversion is complete. We apologize for any inconvenience, but we want to ensure an uninterrupted registration experience for employers new to the program.


What does this mean for Savers?

We’ll take care of the big stuff, but there are a few small things to be aware of as we make this change.

  • You'll still visit OregonSaves.com to access your account, but the website will look different, with a streamlined and more intuitive account interface.
  • Your retirement fund investment options will be similar to what is currently available.
  • We restructured account fees to be only $1.50 per month and approximately 0.25% per year. We will not bill you for these fees. They will be deducted from your account as they are now.
  • If you currently hold an Oregon ABLE Savings Plan or an Oregon College Savings Plan account, your OregonSaves account will appear in your account dashboard once the transition is complete, allowing for more convenient and streamlined account management.

When will all of this happen?

  • The official account transition date is 10/15.
  • Starting 10/15 (close of  business), you will not be able to sign in to your OregonSaves account, or make any transactions, until the transition is complete
  • Online access to accounts will be restored by 10/18. Your automatic contributions will continue as before.

How can I prepare?

  • Log in to your account to make sure your contact information is up to date.
  • Make a note of your OregonSaves account number, which you will need to reactivate your account after the transition.
  • Your annual account statements will move right along with your account and remain available. However, as a precaution, you may want to download copies of any statements, tax forms or transaction activities that you might need moving forward.

What's Next?

  • Watch for emails. Sumday will send reminders as the transition date approaches, including when it’s time to reactivate your account.
  • Once the transition is complete, if you want online access to your OregonSaves account, you will need to verify your identity (don’t worry, it’s simple) and create a new account password.
  • Finally, get ready to enjoy your new and improved OregonSaves account!

New to OregonSaves? If you’re self-employed or don’t work for an employer registered with OregonSaves, you can simply sign yourself up and set up automatic contributions from your bank account. We recommend waiting until after the conversion on 10/18 to start the process. It’s easy and only takes a few minutes.

Have Questions?

We are here We are here for your normal account needs during this process. Please continue to reach out to us.

We will post information on the transition of your account right here on this website. You can also monitor our social media pages for updates:

Twitter | Instagram | Facebook

If you need to speak with someone related to the transition, get in touch with us via email at retirementsavings@ost.state.or.us.


FAQs

What is OregonSaves?

A state retirement program that allows Oregon workers to automatically enroll in a Roth Individual Retirement Account (IRA) through their job, if their employer does not offer an employer-sponsored retirement plan. Contributions are made through payroll deductions.

Why are we transitioning away from our current service provider?

In conversations initiated by our current service provider, the state and Ascensus were not able to reach terms agreeable to both parties on proposed changes to the OregonSaves program structure. OregonSaves was designed to serve those most in need of building financial security and it is essential that our program structure serves that purpose for our savers.

Our partnership with Sumday will best serve the needs of Oregon businesses and our savers, providing a more streamlined online experience and the ability to innovate in the future. The change in program managers also comes with a solid technology partner in Vestwell. Participating employers will benefit from significant payroll integration capabilities, a simplified onboarding process, and a more intuitive employer platform.

We are confident we can move forward with a program that continues to provide an excellent user experience for savers and employers alike. The success of state-based retirement programs is paramount and we want Ascensus, their partner states, and all parties involved in this industry to thrive.

How will I be notified about transition activities?

The state will send early notification to employers and savers related to the change in program managers, followed by a series of communications from Sumday detailing specific transition activities (i.e. timeline, what to expect, and how to prepare). Notifications will arrive via email, by default, and letters will be sent to savers when contact information is limited. Participants can expect regular communication for the duration of the transition and for up to 10 days post-conversion.

Savers are able to opt-out, withdraw their contributions or make changes to their investment choices at any time leading up to the transition, at which point there will be a narrow window of time without account access. Transactions can be resumed directly after accounts are converted, and automatic contributions will continue as before.

Note: Ascensus will mail formal notification of the change in program managers to savers 30 days in advance of the transition.

How does the transition affect my investment fees?

We restructured account fees to be only $1.50 per month and approximately 0.25% per year. Fees have been structured in such a way as to fix everyone’s cost. We look at fees on a 30-year time horizon and expect that fees will be lower every year after a modest $2,500 is saved. While we know that this will temporarily impact savers that have not yet met that threshold, the fee structure has been designed in such a way that the long-term effect on accounts is positive.

Will investment fund options change under a new service provider?

The mechanics of the Capital Preservation Fund structure is shifting from the first $1,000 invested to a 90-day and sweep model. As with the previous structure, there will be no fees for savers during their time in this initial Capital Preservation Fund, however, the duration of the stay is now set to a 90-day time period, rather than being tied to a dollar amount. Savers will be unable to elect to stay in this Capital Preservation Fund after the initial 90-day window, but have the option of selecting the OregonSaves Money Market Fund that uses the same underlying investment option. This change was made with long-term program sustainability in mind, and for the benefit of future generations of savers. Other retirement fund investment options will be similar to what is currently available.

How can I be sure my funds will be safe during the transition?

The contributions made by our savers have always been in custody with BNY Mellon and it isn’t moving during the transition. BNY will remain custodian, but as the new program manager, their role will be much more involved moving forward.

About Sumday

About Vestwell

About the Oregon Retirement Savings Board.


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