OregonSaves Pilot Launched
The pilot program for OregonSaves
, the state-run auto-IRA program for private-sector workers in Oregon, was launched on July 1. The program is set to roll out in phases, starting in 2018 with larger businesses and over time to smaller businesses.
The pilot is for employers that expressed interest in participating. According to the Oregon Retirement Savings Board, there are 11 employers participating in the first pilot program; they will begin payroll deductions for participating employees.
Also according to the Board, at the end of July, the state will start sending the first notices about OregonSaves to employers with 100 or more employees. The notices will include instructions on how and when to complete the registration process. Employees that size that need to facilitate OregonSaves will have until Nov. 15, 2017
to register with the program. Starting that date, those employers must either certify that they already offer their workers access to a qualified retirement plan — such as a 401(k), 403(b), 457(b), SEP or SIMPLE IRA — or automatically enroll them into OregonSaves.
OregonSaves will roll out in phases in 2018, says the Board, starting with larger business and eventually including smaller employers. The program is to be fully phased in by May 15, 2020.