If a measure before the Oregon Senate becomes law, ABLE accounts would be added to the options available to employees in Oregon. If enacted, the new option would be available beginning Jan. 1, 2025.
SB 571 provides that if an employer offers or provides contributions to employee retirement accounts, the employer would offer employees the option to receive equal contributions to ABLE accounts — which are tax-advantaged savings programs for eligible people with disabilities — in lieu of contributions to employee retirement accounts. That includes OregonSaves — the bill also provides that an employer that offers employees the opportunity to contribute to an OregonSaves account through payroll deductions also would offer employees the option of directing such deductions to an ABLE account instead of an OregonSaves account.
The bill states that the Oregon Retirement Savings Board, the Oregon 529 Savings Board, and the State Treasurer:
- may take any action before Jan. 1, 2025 that is necessary to make those ABLE accounts available;
- shall adopt any necessary rules;
- shall provide information to specified persons of their ABLE account options; and
- would establish a process to direct payroll deductions to an ABLE account in lieu of an OregonSaves account.
- SB 571 also provides that the Treasurer, in collaboration with the Oregon Retirement Savings Board and the Oregon 529 Savings Board, shall:
- identify individuals who are making contributions to an OregonSaves account and are also beneficiaries of an ABLE account and notify those individuals of the options required under subsections (1) and (2) of this section;
- regularly provide information to individuals who are beneficiaries of an ABLE account regarding the potential impact of an employee retirement account on the individual’s access to services and potential advantages of the options required under subsections (1) and (2) of this section; and
- establish a process to allow employers to direct employee payroll deductions to an ABLE account instead of an OregonSaves account.
Sen. Sara Gelser Blouin (D-Benton County) introduced the bill, which is now before the Senate Committee on Labor and Business.
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