Mid-Sized Oregon Employers Must Enroll in OregonSaves by December 15th
The third wave of the OregonSaves three year roll out plan requires employers with 20-49 employees enroll in the program by December 15, 2018. Employers with fewer than 20 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 and an automatic 1% contribution increase each year. They must contact OregonSaves or log in to the online saver portal to change their contribution amount, opt out of the automatic annual increase, or to opt out of the program entirely.
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 50 or more employees should already be enrolled in the program as their compulsory enrollment deadlines have passed.
Visit https://employer.oregonsaves.com/home.html for more info or to enroll.