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OregonSaves Now Allows Non-employees, MEPs to Participate

The Oregon State Treasury has announced that OregonSaves, the state-run auto-IRA program for private-sector workers, has been expanded to allow individual Oregonians, such as self-employed or gig economy workers, to join the program.

Under the expansion, certain individuals can choose from a simple menu of investment options, and can start saving as little as $5 per month through automatic contributions from their bank accounts or payroll deductions.

Rule Updates

The rules for OregonSaves were amended Oct. 9 to expand the definition of “qualified employer” to include multiple employer plans (MEPS) and multiemployer or (Taft Hartley) plans. The change became effective on Oct. 19. Also on Oct. 9, the definitions of automatic contribution plan, minimum initial contribution, participating individual and traditional IRA were added, and the definitions of “executive director,” and “participating employee” were adjusted.

On Oct. 11, six more definitions were added: client employer, employer of record, executive director, non-payroll contributions, payroll deduction contributions, and worker leasing company. That change became effective on Oct. 24.

Status Report

The state treasury also reports that membership and savings through the program continue to grow:






















July 1, 2018Nov. 1, 2018Change
Employers registered9901,331+431
Savings$4,560,000$8,800,000+$3,240,000

 

As of Nov. 1, participating employees continue to save approximately $100 per month, and the average savings rate is 5.15%, according to the state treasury.

Third Wave of Employer Registrations

Employers with 20-49 employees are to register for OregonSaves by Dec. 15, 2018, in the third wave of employer registrations. As of Nov. 1, 321 employers of that size had done so.

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