The Oregon State Treasury recently launched a new program called OregonSaves that may impact your business and clients. OregonSaves is a simple and convenient way for workers to save for retirement. It allows them to save a part of each paycheck through payroll deductions facilitated by their employer and invest their savings in professionally-managed investment options in a Roth individual retirement account. The account is also portable, allowing them to take it with them from job to job.
According to a July 28, 2017, press release from the Oregon State Treasury:
To help address the looming crisis of inadequate retirement savings, Oregon this month [July 2017] launched the test phase of OregonSaves, an innovative program that will allow hundreds of thousands of people to start saving at work.
OregonSaves will be available statewide in phases starting in 2018, and will be open to workers with no saving option at their place of employment. Market research shows that roughly 1 million Oregon workers – representing more than half the workforce – have no work-based plan today.
Materials and more information about OregonSaves can be found on the Oregon Saves website.
Resources include an animated video that explains what the program is and how it works, a PowerPoint presentation and recorded webinar, and informational flyers in English, Spanish, and Russian.