The Oregon Retirement Savings Board is proposing that a temporary extension of two deadlines related to OregonSaves be made permanent.
In October 2019, the board, which administers the state-run plan that offers a way to save for retirement for employees whose employers do not offer a retirement plan, had adopted a temporary rule extending the registration deadlines for client employers and for employers with four or fewer employees. It arrived at that decision based on information from employers and employer associations.
The board had extended the deadline for client employers to May 15, 2020, which was also the deadline by which employers with four or fewer employees were to register. However, through its work with employers and employer associations, the board has determined that these deadlines need to be extended.
“Small businesses were intricately involved in drafting the original OregonSaves rules and in the development of the program overall. Through feedback from the small business community, we decided it would be best for them and the program to extend the registration process of their wave,” says the board in its notice of proposed rulemaking.
The board says that it discovered that the May 15, 2020 deadline for employers with four or fewer employees “is not possible due to the sheer number of employers in this category and the fact that we need to move the Client Employer deadline back to this same date.” The board extended that deadline to Jan. 15, 2021.
The board is now proposing that the required registration deadline for Client Employers of May 15, 2020, and the deadline for employers with four or fewer employees of Jan. 15, 2021 be made permanent.
The board is also proposing that the requirement that employers recertify with OregonSaves every three years be eliminated.
The board is accepting comments on these amendments through 1:00 AM PDT, April 21, 2020.
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