State’s Proposal Would Expand OregonSaves to Individuals

By John Iekel • September 05, 2018 • 0 Comments
The Oregon Retirement Savings Board (ORSB) reports that the Oregon State Treasury has filed a notice of proposed rulemaking that would create an option by which individuals could participate in OregonSaves. Currently, individuals can only participate in OregonSaves through their employers.

The formal proposal was filed on Aug. 30; it had been discussed during advisory committee meetings earlier in the summer. The office of Oregon State Treasurer Tobias Read issued a report on Aug. 1 that indicated such a proposal was under consideration.

In addition to the proposal to allow individuals to enroll in OregonSaves, the Treasury is also considering a proposal to add a traditional IRA as an option in the program.

A public hearing regarding the rulemaking will be held on Sept. 18, 2018, from 9:00 a.m. to 11:00 a.m. at the Oregon State Treasury Tigard Office, Mt. Hood Board Room, 16290 SW Upper Boones Ferry Road, Tigard, OR. Interested parties are welcome to attend in person or call in to the hearing. The last date and time for public comment regarding the rulemaking is Sept. 21, 2018, at 5:00 PM.

Status Report

The ORSB also reports that by Sept. 1, 1,160 employers have registered for OregonSaves; 131 more employers have done so since Aug. 1, which has added 2,941 more employees. The total tally of employees enrolled now stands at 39,284.

Assets in OregonSaves stood at $6.7 million by Sept. 1; that is $1.2 million more than the $5.5 million the program had one month before.

In mid-August, OregonSaves sent employers with 20-49 employees in Oregon an early notice about the program in case they would like to register or claim an exemption from doing so now; by Sept. 1, 210 of those employers had done so. Employers in this third wave of registrations have until Dec. 15, 2018, to do so.