12 Months of OregonSaves

Most employers in the Beaver State that do not offer a retirement plan must register with OregonSaves, the state-run retirement program. So how do things stand with the program in the last year?

Registrations and Assets

The program’s phased-in registration deadlines were Nov. 15, 2017 for employers with 50 or more employees, Dec. 15, 2018 for those with 20-49 employees, May 15, 2019 for those with 10-19, and Nov. 15, 2019 for those with five to nine employees. Employers with four or fewer employees will be required to register in 2022. 

The figures for registrations and assets reflect the growth in the pool of employers and employees covered by the registration requirements. As of June 1, 2018—by which time employers with 50 or more employees were to have registered—954 employers had registered, and OregonSaves had assets of more than $3.5 million. As of June 1, 2021, more than six months after employers with five or more employees were to register, 16,919 employers had registered and assets amounted to $113,149,423. 

According to the Oregon Saves Retirement Board, OregonSaves’ assets and employer registrations in the last 12 months have been as follows:  
 

Employee Withdrawals

Employees have the option to make withdrawals of the money that is deposited in their accounts. As with assets and registrations, withdrawals have generally consistently grown as the pool of employers and employees participating has grown. 

Employee Opt-Outs

Employees also have the option to opt out of OregonSaves. The opt-out rate has been roughly steady at close to one-third of employees registered.