OregonSaves is a retirement program for those who aren’t offered one by their employers. Oregon led the nation implementing this program in 2017. Since then, the participants in the program have reached $100 million in assets.
Prior to launching OregonSaves, the state estimated that around one million Oregonians did not have access to a work-based retirement plan. Since, the program has expanded to include more participants from various employment groups; in 2018 SEIU-represented Personal Support Workers, Home Care Workers, and Personal Care Attendants joined. In 2022, participants from the smallest businesses are open to join the current 105,000 accountholders. On average the participants save $135 per month.
OregonSaves is administered via a public-private partnership.
“It is gratifying to see the program grow, and to know that more than a hundred thousand Oregonians are giving themselves more choices and a stronger financial foundation for their future,” said State Treasurer, Tobias Read. “OregonSaves started with the idea that everyone should have an easy way to save for their retirement at work.”
Following Oregon, eleven states have started similar endeavors and by now are in various stages of their implementation, and 23 other states have introduced the appropriate legislation.
OregonSaves, initiated by the state treasury, has been overseen by the Oregon Retirement Savings Board and administrated by a program service provider. To learn more about the program or open an account visit www.oregonsaves.com or call 844-661-6777. One may also contact the individuals listed below for questions.
By Joanna Rosinska