Participants in OregonSaves, the first state-run retirement plan for private-sector employees whose employers do not offer one, have now cumulatively saved more than $200 million through the program.
So reported the Oregon Retirement Savings Board and State Treasurer Tobias Read, who serves as board chair, on June 20. OregonSaves was launched in 2017. OregonSaves’ assets came to $113,149,423 by June 2021.
Said Read in a press release,
Six years ago, Oregon made history. We started with the belief that everyone should have an easy way to save for their retirement at work. Every Oregonian now has that opportunity. OregonSaves is delivering, and it’s more than a visionary Oregon idea; it has served as inspiration for other states—with more than $800M saved nationally for a more secure future.
Where It Stands
The board reports that now nearly 118,000 workers from more than 21,000 businesses in Oregon are saving through OregonSaves.
Here’s a look at contributions and assets as of May 31.
|
Measure |
As of April 30, 2023 |
As of May 31, 2023 |
Change, April to May |
|
Monthly contributions |
$6,849,073 |
$7,400,436 |
+$551,363 |
|
Average monthly contribution |
$168 |
$178 |
+$10 |
|
Median monthly contribution |
$132 |
$137 |
+$5 |
|
Max contribution amounts |
$22 |
$34 |
+$12 |
|
Total contributions |
$278,837,866 |
$286,366,973 |
+$7,529,107 |
|
Total assets |
$194,526,327 |
$195,790,104 |
+$1,263,777 |
Participants can make withdrawals from their accounts, as well.
|
Measure |
As of April 30, 2023 |
As of May 31, 2023 |
Change, April to May |
|
Withdrawals |
+$83,200,845 |
$86,960,755 |
+$3,759,910 |
|
Accounts from which there has been a withdrawal |
39,404 |
40,631 |
+1,227 |
