OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, marked its first anniversary on July 1. The pilot for the program was launched on July 1, 2017.
The Oregon Retirement Savings Board (ORSB), reports that since then:
- The program has since completed the first two waves of its statewide rollout.
- As of July 1, 2018, 990 employers have registered for the program, 571 of which joined in advance of the wave deadlines.
- More than 58,000 employees are participating in the program, 73% of those eligible to do so.
- Through OregonSaves, participants save an average of $46.42 per pay check, or $100.21 per month; the average savings rate is currently 5.14% of gross pay.
- OregonSaves’ assets now total $4,559,107.75.
- The ORSB, has held 200 events and presentations for groups and associations and 95 education sessions for employers and employees concerning OregonSaves.
- The ORSB client services staff has handled more than 12,000 phone calls and answered more than 4,000 emails.
The ORSB says that it will launch its third wave of implementation on Dec. 15, targeting employers with 20-49 employees. It adds that it is preparing other features for future rollout, including allowing workers to opt in to an OregonSaves IRA without having to be an employee of a participating employer, and adding a traditional IRA as a plan option in addition to the Roth IRAs that are currently available.
The ORSB is also working on some important features to be rolled out in the future, including the ability for workers to opt in to an OregonSaves IRA without needing to work for a facilitating employer and the addition of a traditional IRA option as an alternative to a Roth IRA.