The Oregon Retirement Savings Board, the body that runs OregonSaves, the state-sponsored retirement plan for private-sector workers, has issued a reminder regarding the next registration deadline and a report on some of the results of the program so far.
Nov. 15 Deadline Looms
Nov.15 is the deadline for employers with 100 or more employees in Oregon to either register to facilitate OregonSaves or certify that they are exempt from the program. Employers that have not responded will receive a reminder notice 10 days before the deadline.
Employers that register will have 30 days after registration to add all of their employees to the system. Once employees are added, the system will send them notice about the program. Employees then have 30 days to decide if they want to participate. After that period ends, employees who haven’t opted out will be automatically enrolled, and payroll deductions should begin on the first pay date afterward.
Results So Far
Employees in the pilot program of OregonSaves have saved more than $146,000 since July, says the board, and approximately 72% of the nearly 2,500 eligible employees have chosen to stay in the program. Most employees are contributing the standard 5% of gross pay; the average contribution rate is 4.7%, and the average contribution is approximately $57 per pay period.