OregonSaves explained

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]

Further reading

• Belbase, A., & Sanzenbacher, G. T. (2018). How Have Workers Responded to Oregon’s Auto-IRA?. Issue in Brief, 18, 22.
• Chalmers, J., Mitchell, O. S., Reuter, J., & Zhong, M. (2021). Auto-enrollment retirement plans for the people: Choices and outcomes in OregonSaves (No. w28469). National Bureau of Economic Research.
• Chalmers, J., Mitchell, O. S., Reuter, J., Zhong, M., & Submitter, M. R. (2021). Auto-Enrollment Retirement Plans in OregonSaves. Auto-Enrollment Retirement Plans in OregonSaves (September 2021).
• Chalmers . John . Mitchell . Olivia S. . Reuter . Jonathan . Zhong . Mingli . Do State-Sponsored Retirement Plans Boost Retirement Saving? . AEA Papers and Proceedings . 112 . May 1, 2022 . 2574-0768 . 10.1257/pandp.20221021 . 142–146.
• Chalmers . John . Mitchell . Olivia S. . Reuter . Jonathan . Zhong . Mingli . 2024 . Will State-Based Retirement Savings Plans Boost Retirement Saving? New Evidence from OregonSaves .
• Cole, C. R. (2017). The Potential Impact of State-Based Retirement Plans on Retirement Savings. Journal of Financial Service Professionals, 71(5).
• Dao . Ngoc . Does a requirement to offer retirement plans help low-income workers save for retirement? Early evidence from the OregonSaves program . Contemporary Economic Policy . 42 . 3 . 2024 . 1074-3529 . 10.1111/coep.12648 . 524–543. Revised from Dao . Ngoc . 2021 . Does a Requirement to Offer Retirement Plans Help Low-Income Workers Save for Retirement? An Early Evidence from the Oregon Saves Program . University of Wisconsin-Madison Center for Financial Security / University of Wisconsin–Madison Retirement and Disability Research Center . 1793/83769 . free .
• Book: Gale . William G. . John . David C. . State-Sponsored Retirement Saving Plans: New approaches to boost retirement plan coverage . Gale . W.G. . Iwry . J.M. . John . D.C. . Wealth After Work: Innovative Reforms to Expand Retirement Security . Rowman & Littlefield Publishers . 2021 . 978-0-8157-3935-7 . https://books.google.com/books?id=_gIfEAAAQBAJ&pg=PA158 . 158ff. Previously published in Book: State-Sponsored Retirement Savings Plans: New Approaches to Boost Retirement Plan Coverage --> last1=Mitchell . O.S. . Clark . R. . Maurer . R. . How Persistent Low Returns Will Shape Saving and Retirement . OUP Oxford . Pension Research Council Series . 2018 . 978-0-19-256239-5 . 173.
• Harris, T. F., Troske, K., & Yelowitz, A. (2018). How will state-run auto-iras affect workers. The Journal of Retirement, 6(2), 27-33.
• Hou, W., Quinby, L., Belbase, A., & Sanzenbacher, G. (2019). Participation and Leakages in Oregon's Auto-IRA.
• Neal . M . Dys . S . Hasworth . S . Oregon small business owners' decisions concerning employee retirement savings plans . Innovation in Aging . 2 . suppl_1 . November 1, 2018 . 2399-5300 . 6227082 . 10.1093/geroni/igy023.1173 . free . 321.
• Quinby, L., Hou, W., Belbase, A., & Sanzenbacher, G. (2019). Participation and pre-retirement withdrawals in oregon’s auto-IRA. Available at SSRN 3490849.
• VanDerhei, J. (2019). What if OregonSaves Went National: A Look at the Impact on Retirement Income Adequacy. Available at SSRN 3484394.
• Zhong . Mingli . Optimal Default Retirement Saving Policies: Theory and Evidence from OregonSaves . 2021-04-16 . 10.2139/ssrn.3535881 . free . 20.500.14332/43957 . free .

External links

• • Oregon Retirement Savings Board webpage, with monthly program reports

Notes and References

1. News: New program will help Oregonians save their own money at work . 2023-02-03 . www.bizjournals.com.
2. News: Olson . Elizabeth . 2017-11-17 . In Oregon, You Can Now Save for Retirement. Unless You Object. . en-US . The New York Times . 2023-02-03 . 0362-4331.
3. Web site: 2017-12-01 . Oregon launches automatic retirement savings for private workers whose employers lack a plan . 2023-02-03 . The Seattle Times . en-US.
4. Web site: Wong . Peter . Oregon launches retirement savings plan . 2023-02-03 . PortlandTribune.com . 23 October 2017 . en.
5. Web site: How employers can help with the costs of child care . 2023-02-03 . The Week . 3 December 2017 . en.