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OregonSaves Wave 2 Deadline Approaches

The deadline by which employers in Oregon with 50-99 employees are to register with OregonSaves, the first of the state-run retirement IRA programs for private sector workers to come online, is fast approaching.

These employers, the second wave Oregon employers to be required to register with OregonSaves, have until May 15 to comply. Those that want to certify that they are exempt from having to register have until May 10 to do so.

The Process

After an employer registers, it has 30 days to provide information about its employees to the program and OregonSaves then sends their employees notice about the program. Within 30 days, they must decide if they want to participate; those who have not opted out are automatically enrolled, and payroll deductions begin on the first pay day after that.

Program Status

The program has shown steady growth this year:
Date Number of Employers
That Have Registered
March 1 362
April 2 493
May 1 753

The percentage of eligible employees has ranged been at least 75% for over a month. On April 2, 77.6% had registered; by May 1, 75% had done so.