Next OregonSaves Enrollment Deadline Is May 15, 2018
Wave 2 of the OregonSaves three year roll out plan is now in progress. Employers with 50-99 employees are required to enroll by May 15, 2018. Employers with fewer than 50 employees can choose to enroll in OregonSaves but are not required to at this time.
OregonSaves is an initiative to encourage more employees to participate in retirement savings. It allows Oregon employees to contribute to a Roth IRA through a paycheck deduction. By May 2020, all Oregon companies who do not offer a retirement plan will be required to enroll in OregonSaves.
Employers are responsible for reporting new employee information to the state, accommodating the paycheck deduction, and remitting those deductions to OregonSaves. The employer has no fiscal responsibility in the plan, so they are not responsible for managing invested funds nor do they match the employee's contribution. Employees are auto enrolled for a 5% contribution. They must contact OregonSaves or log in to the online saver portal to opt out or change their contribution amount.
Compulsory company enrollment will happen gradually through 2020 and will be based on company size. Enrollment is required for businesses with Oregon employees who do not offer a retirement plan and meet the employee count for the current implementation wave. Businesses with 100 or more employees were required to register their company by November 15, 2017.
Visit https://employer.oregonsaves.com/home.html for more info or to enroll.