As most of you know, the state or Oregon is continuing to roll out its new retirement savings program, OregonSaves, with the goal of providing every Oregonian with an easy way to save for retirement with every paycheck. So far, 584 employers across the state have signed up, and 77% of the 39,667 eligible employees have enrolled in the program. Employees are saving about $100 a month on average, and that’s really starting to add up. In just a few months, workers have already saved $2.2 million combined.
The next key registration date for OregonSaves is quickly approaching. Please note that by May 15, 2018, employers with 50-99 employees in Oregon will need to either register to facilitate OregonSaves or certify that they are exempt from the program if they offer an employer-sponsored retirement plan. The registration or exemption process can be completed online in just a couple of minutes.
Many have already registered or claimed exemption. Those that haven’t should expect to receive notice on or about April 15, 2018 from OregonSaves about the deadline. We wanted to make sure you knew that these notices would be going out, and we are hoping you might be able to help us raise awareness about the deadline.
The notice from OregonSaves will include a link to http://employer.oregonsaves.com and a unique access code employers will need to complete the registration or certification process online. For employers with an email address on file, the notice will be sent by email from firstname.lastname@example.org. For all others, it will be sent by regular mail in an envelope marked “OregonSaves.”
Smaller employers can join OregonSaves now or they wait until closer to their scheduled deadlines. For a list of the deadlines, visit https://employer.oregonsaves.com/. Smaller employers can expect to receive notice several months ahead of the deadline for their wave. If an employer doesn’t receive the notice and should have, has questions about which wave they’re in, or needs assistance, they can reach out to the OregonSaves client services team at (844) 661-1256 or email@example.com.