The Oregon State Treasury reports that OregonSaves, the state-run auto-IRA program for private-sector employees whose employers do not offer a retirement plan, continues to grow in registrations and assets.
According to the Treasury, the number of employers registered with OregonSaves and the savings accumulated through it have grown in the last month in this manner:
| July 1, 2018 | Nov. 1, 2018 | Dec. 31, 2018 | Feb. 1, 2019 | Change, Dec. 31, 2018 to Feb. 1, 2019 | |
| Employers Registered | 990 | 1,331 | 2,649 | 2,899 | +250 |
| Assets | $4,560,000 | $8,800,000 | $10,900,000 | $12,500,000 | +$1,600,000 |
Also as of Feb. 1, 62,888 employees are participating; this represents 72% of the employees eligible to do so.
The Treasury reports that has requested information from professional employer organizations (PEOs) operating in Oregon about PEO client employers that will be responsible for facilitating OregonSaves for employees a PEO provides.
The state Treasury also says that it expects to begin a new round of rulemaking later in February to make permanent a temporary rule that allows the state to presume employers are exempt from the program based on information from the U.S. Department of Labor’s Form 5500 database.
- Log in to post comments