OregonSaves, the state-sponsored auto-IRA program for private-sector workers in the Beaver State, may expand the savings options available to those workers.
A report issued Aug. 1 by the office of Oregon State Treasurer Tobias Read indicates that on July 18 the state Treasury began a new round of rulemaking for the program and formed a rulemaking advisory committee of subject matter experts and stakeholders. This round of rulemaking, the report says, will include discussions of:
- expanding OregonSaves to allow individuals, such as the self-employed, to sign up and participate in the program;
- adding a traditional IRA as an investment option, in addition to the Roth IRAs currently available; and
- miscellaneous updates to language and definitions.
The Treasury report also provided an update on the status of the program as of Aug. 1. In the 13 months since the OregonSaves pilot was launched:
- 1,029 employers have registered for the program;
- 36,343 employees — almost three-quarters of those eligible — have enrolled;
- employees contribute an average of $100 per month to their OregonSaves accounts;
- the average savings rate is 5.19%; and
- total assets in OregonSaves exceed $5.5 million.
The Treasury adds that in mid-August it will begin sending employers with 20-49 employees early notices about OregonSaves. Registration of these employers, which is the third wave of implementation, has a Dec. 15, 2018 deadline; the Treasury says it wants to give them early notice in case they want to register or claim exemption from participation well in advance of the deadline.