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OregonSaves Gears Up to Auto-escalate

Practice Management

OregonSaves, the first of the state-run IRA programs for private sector workers, is getting ready to take things up another notch.

Specifically, the contribution rates for OregonSaves participants will, beginning Jan. 1, automatically increase 1% on the first day of each year, until they reach 10% of gross pay. The automatic increase only applies to participants who have been contributing for six months or more and who are currently contributing less than 10% – and participants may opt out – or back in – to automatic contribution increases at any time through the program’s website or by phone. The program’s default contribution rate is 5%, while the average savings rate in the program is currently 5.17%.

Additionally, on Nov. 15, OregonSaves sent notices about the upcoming Dec. 15, 2018, registration deadline to employers in Wave 3 that had yet to register or claim exemption from the program. The program notes that 703 employers from Wave 3 have registered to facilitate the program to date.  OregonSaves notes that they have two field reps available to assist employers in-person and who can do presentations for employees. Additional information on the field team is available at

As of Nov. 30, 1,760 employers have registered to facilitate OregonSaves for their employees. A total of 47,701 employees (73% of those eligible) have enrolled in the program. On average, employees continue to contribute about $100 per month, and assets in the program now exceed $9.8 million. This represents continued growth; an earlier report put savings at $8.8 million at the start of the month.