OregonSaves is a statewide program started in July 2017 by the State of Oregon to provide a public retirement savings program for private workers. It was estimated that more than half of Oregon's working population lacked access to a retirement savings plan through their employer, or more than one million workers in the small business heavy state. The program allows workers at businesses that do not provide an employer-sponsored retirement plan to automatically enroll in the OregonSaves program and start saving a percentage of their paychecks into an Individual Retirement Account in their name. Self-employed and gig economy workers can also sign themselves up directly through the website. OregonSaves accounts are portable and stay with workers throughout their careers.[1][2][3][4]
The program is rolling out in waves based on the number of employees a business has. By May 15, 2020, the state will require all employers to either provide their own employer-sponsored retirement plan or to facilitate OregonSaves for their employees.[5]
References edit
- ^ "New program will help Oregonians save their own money at work". www.bizjournals.com. Retrieved 3 February 2023.
- ^ Olson, Elizabeth (17 November 2017). "In Oregon, You Can Now Save for Retirement. Unless You Object". The New York Times. ISSN 0362-4331. Retrieved 3 February 2023.
- ^ "Oregon launches automatic retirement savings for private workers whose employers lack a plan". The Seattle Times. 1 December 2017. Retrieved 3 February 2023.
- ^ Wong, Peter. "Oregon launches retirement savings plan". PortlandTribune.com. Retrieved 3 February 2023.
- ^ "How employers can help with the costs of child care". The Week. Retrieved 3 February 2023.