Reported by Rebecca Moore
Two years after its launch, OregonSaves, the state-run retirement program for private-sector employees, is reporting $25 million saved for retirement.
OregonSaves, a state facilitated payroll deduction individual retirement account (IRA) program, is the first program of its kind in the nation to launch. It is now leading a national movement, with five states and two cities following Oregon’s lead in creating programs that respond to the growing retirement savings crisis.
OregonSaves began with a pilot program in July 2017 and is expanding statewide in waves, having started with the largest employers. Right now, the rollout is ongoing for those with 10 or more employees and enrollment for all employers is set to conclude in 2020. Employers of any size can enroll early, and nearly 2,000 have already chosen to do so.
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OregonSaves Filling the Retirement Plan Coverage Gap