OregonSaves Pilot Program Expands; Implementation of Phase 1 Nears

[POST CORRECTED OCT. 12]

After expanding in August and September, the pilot program for OregonSaves, the state-run retirement program run by the Oregon Retirement Savings Board, now includes 42 more employers and more than 2,000 additional employees, according to the Oregon State Treasury.

Furthermore, some of the employers in the pilot already have begun to take payroll deductions for their participating employees. The State Treasury says that those employees have saved more than $40,000 through the program.

The Treasury says that based on feedback from the employers in the pilot, the Treasury accordingly is prioritizing improvements it will make to the program. It held a public hearing on Sept. 19 about the current round of rulemaking concerning the program, which yielded public comments that will be considered in the preparation of the final draft of the rules for OregonSaves.

As the program’s pilot winds down, efforts on the program’s platform remain focused on the registration for phase 1 of the program. Oregon employers with 100 or more employees will receive notifications around Oct. 15 about the Nov. 15 deadline to register for phase 1; contributions are slated to begin on Jan. 1, 2018. That  focus also includes implementation of payroll provider functionality, data loading of 200 potential providers and expansion of methods of employer funding.

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