OregonSaves Rolls Out - Offer a retirement plan for employees? If not...You better get up to speed.

July 11th, 2017

The Oregon State Treasury is launching a new program called OregonSaves that may impact your business, clients, and members.

OregonSaves is a simple and convenient way for workers to save for retirement. It allows them to save a part of each paycheck through payroll deductions facilitated by their employer and invest their savings in professionally-managed investment options in a Roth individual retirement account. The account is also portable, allowing them to take it with them from job to job.

Any business with employees that does not sponsor a qualified retirement plan* will need to register to facilitate OregonSaves for its employees. The registration process is designed to be simple in order to limit any burden on employers. Employers can choose to offer their own retirement plans to some or all of their employees instead of participating in the program.

The program is scheduled to roll out in phases, and the State will let employers know when their phase will begin. The deadlines for employers to register to facilitate are as follows:

• An employer employing 100 or more employees: November 15, 2017
• An employer employing 50 to 99 employees: May 15, 2018
• An employer employing 20 to 49 employees: December 15, 2018
• An employer employing 10 to 19 employees: May 15, 2019
• An employer employing 5 to 9 employees: November 15, 2019
• An employer employing 4 or fewer employees: May 15, 2020 (more…)

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