OregonSaves, the state-sponsored retirement plan for private-sector workers, is now open to any employer of any size in Oregon. A recent update on OregonSaves from the Oregon Retirement Savings Board (ORSB), the body that runs the program, included that announcement.
OregonSaves originally had been open to employers with 100 or more employees; they had until Nov. 15, 2017 to either register with OregonSaves or certify that they are exempt from the program. The ORSB says that most of the employers that registered have added their employees to the system; some have begun making payroll deductions.
The first contributions to OregonSaves began in July 2017; since then, reports the ORSB, the 1,635 employees who have started making contributions to their OregonSaves IRAs have saved more than $392,000. The ORSB expects that later in this month deductions will begin for the majority of participating employees.
More than 60 employers with fewer than 100 employees also have signed up, says the ORSB.
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