Oregon Retirement Savings Program Amends Enrollment Language
The Oregon Retirement Savings Program
(ORSP, or OregonSaves) on June 22 filed a temporary amendment to its program rules with the Oregon Secretary of State’s office. The amendment modifies language related to enrollment in the program. It comes a little more than a week before the July 1 launch of the ORSP’s first pilot.
The temporary rule inserts language to clarify that if an employee has not established an IRA after being notified and having been given an opportunity to opt out of the program, an IRA will be established for that employee under directives and procedures the ORSP Board establishes.
The ORSP reports that its Department of Justice legal counsel, in coordination with outside legal counsel and the ORSP plan service provider, had determined that additional language “is necessary to clarify responsibilities related to automatic enrollment.” It says that the additional rule language “clarifies responsibilities of the Board, and by proxy, the program administrator” and that it “also mitigates potential questions that may arise from employees who are auto-enrolled into the program.”
The Rules Coordinator will solicit comments on this language and other amendments or additions to the Oregon Retirement Savings Program rules during the permanent rulemaking process in the second half of 2017.
This temporary amendment is effective June 22 through Dec. 18, 2017.