OregonSaves

OregonSaves is a statewide program started in July 2017 by the State of Oregon to provide a public retirement savings program for private workers. It was estimated that more than half of Oregon's working population lacked access to a retirement savings plan through their employer, or more than one million workers in the small business heavy state. The program allows workers at businesses that do not provide an employer-sponsored retirement plan to automatically enroll in the OregonSaves program and start saving a percentage of their paychecks into an Individual Retirement Account in their name. Self-employed and gig economy workers can also sign themselves up directly through the website. OregonSaves accounts are portable and stay with workers throughout their careers. [1][2] [3][4]

The program is rolling out in waves based on the number of employees a business has. By May 15, 2020, the state will require all employers to either provide their own employer-sponsored retirement plan or to facilitate OregonSaves for their employees. [5]

References
  1. New program will help Oregonians save their own money at work; Portland Business Journal; November 20, 217; https://www.bizjournals.com/portland/news/2017/11/20/new-program-will-help-oregonians-save-their-own.html
  2. Olson, Elizabeth; In Oregon, You Can Now Save for Retirement. Unless You Object.; New York Times; November 17, 2017; https://www.nytimes.com/2017/11/17/your-money/oregon-save-for-retirement.html
  3. Olson, Elizabeth; Oregon launches automatic retirement savings for private workers whose employers lack a plan; The Seattle Times; December 1, 2017; https://www.seattletimes.com/business/oregon-launches-automatic-retirement-savings-for-private-workers-whose-employers-lack-a-plan/
  4. Wong, Peter; Oregon launches retirement savings plan; Portland Tribune, October 23, 2017; https://portlandtribune.com/pt/9-news/376270-261238-oregon-launches-retirement-savings-plan
  5. How employers can help with the costs of child care; The Week; December 3, 2017; http://theweek.com/articles/740418/how-employers-help-costs-child-care
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