Oregon House Bill 2960 was introduced in February 2015, and passed both the House and Senate in June 2015. The program was implemented in July of 2017.
The OregonSaves program is administered by the Oregon Retirement Savings Board, to provide a state-facilitated payroll-deduction individual retirement savings plan for private sector employees who do not have access to employer-sponsored retirement savings plans.
All employers, regardless of number of employees, who do not currently offer a qualified retirement plan.
Automatic enroll employees at 5% deferral with annual increases of 1% (up to a maximum of 10%) of the enrollee’s wages. Every affected employer must register and choose to opt-in or claim exemption.
|November 15, 2019||Employers with 5+ employees|
|March 1, 2023||Employers with 3+ employees|
|July 31, 2023||Employers with 1+ employees, or employers that utilizes a Professional Employer Organization (PEO) or Leasing Agency|
The program offers a suite of 12 target date funds (TDFs), as the default investment option, and additional investment options - including a capital preservation, money market and growth funds.