OregonSaves Membership, Balances Growing

The Oregon State Treasury has announced that OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, continues to gain new participants and to grow in the balances set aside through the program.

The Treasury says that by the end of 2018, OregonSaves membership and savings stood as follows:

July 1, 2018 Nov. 1, 2018 Dec. 31, 2018
Employers registered 990 1,331 2,649
Savings $4,560,000 $8,800,000 $10,900,000

 

Also as of Dec. 31, participating employees continue to save approximately $100 per month, and the average savings rate is 5.2%.

The deadline for the third wave of registrations, which was for employers with 20-49 employees, was Dec. 15, 2018. Employers that missed the deadline can still register or claim exemption online.

Automatic contributions have now begun for the program. The contribution rates for participants automatically increased by 1% on Jan. 1, 2019 for participants who:

  • have been contributing six months or more;
  • are contributing less than 10%; and
  • have not opted out of automatic contribution increases.

The increase should apply to the first pay date of the new year.

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