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

^ "New program will help Oregonians save their own money at work". www.bizjournals.com. Retrieved 3 February 2023.
^ Olson, Elizabeth (17 November 2017). "In Oregon, You Can Now Save for Retirement. Unless You Object". The New York Times. ISSN 0362-4331. Retrieved 3 February 2023.
^ "Oregon launches automatic retirement savings for private workers whose employers lack a plan". The Seattle Times. 1 December 2017. Retrieved 3 February 2023.
^ Wong, Peter (23 October 2017). "Oregon launches retirement savings plan". PortlandTribune.com. Retrieved 3 February 2023.
^ "How employers can help with the costs of child care". The Week. 3 December 2017. Retrieved 3 February 2023.

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 (1 May 2022). "Do State-Sponsored Retirement Plans Boost Retirement Saving?". AEA Papers and Proceedings. 112: 142–146. doi:10.1257/pandp.20221021. ISSN 2574-0768.
Chalmers, John; Mitchell, Olivia S.; Reuter, Jonathan; Zhong, Mingli (2024). Will State-Based Retirement Savings Plans Boost Retirement Saving? New Evidence from OregonSaves (PDF) (Report).
Cole, C. R. (2017). The Potential Impact of State-Based Retirement Plans on Retirement Savings. Journal of Financial Service Professionals, 71(5).
Dao, Ngoc (2024). "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): 524–543. doi:10.1111/coep.12648. ISSN 1074-3529. 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 (PDF) (Report). University of Wisconsin-Madison Center for Financial Security / University of Wisconsin–Madison Retirement and Disability Research Center. hdl:1793/83769.
Gale, William G.; John, David C. (2021). "State-Sponsored Retirement Saving Plans: New approaches to boost retirement plan coverage". In Gale, W.G.; Iwry, J.M.; John, D.C. (eds.). Wealth After Work: Innovative Reforms to Expand Retirement Security. Rowman & Littlefield Publishers. pp. 158ff. ISBN 978-0-8157-3935-7. Previously published in Mitchell, O.S.; Clark, R.; Maurer, R. (2018). How Persistent Low Returns Will Shape Saving and Retirement. Pension Research Council Series. OUP Oxford. p. 173. ISBN 978-0-19-256239-5.
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 (1 November 2018). "Oregon small business owners' decisions concerning employee retirement savings plans". Innovation in Aging. 2 (suppl_1): 321. doi:10.1093/geroni/igy023.1173. ISSN 2399-5300. PMC 6227082.
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 (16 April 2021). Optimal Default Retirement Saving Policies: Theory and Evidence from OregonSaves (Report). doi:10.2139/ssrn.3535881. hdl:20.500.14332/43957.

External links

Official website
Oregon Retirement Savings Board webpage, with monthly program reports

[1] "New program will help Oregonians save their own money at work". www.bizjournals.com. Retrieved 3 February 2023.

[2] Olson, Elizabeth (17 November 2017). "In Oregon, You Can Now Save for Retirement. Unless You Object". The New York Times. ISSN 0362-4331. Retrieved 3 February 2023.

[3] "Oregon launches automatic retirement savings for private workers whose employers lack a plan". The Seattle Times. 1 December 2017. Retrieved 3 February 2023.

[4] Wong, Peter (23 October 2017). "Oregon launches retirement savings plan". PortlandTribune.com. Retrieved 3 February 2023.

[5] "How employers can help with the costs of child care". The Week. 3 December 2017. Retrieved 3 February 2023.

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