OregonSaves – 12/15/18 Deadline to Register for Employers with 20-49 Employees

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Back in November we posted about OregonSaves, a program that Oregon adopted to force employees to save for retirement.  On December 15, 2018, employers with 20 to 49 employees who do not offer an employer-sponsored retirement plan will be required to register, provide employees with information about the program, and then begin making payroll deductions and remitting them to the state.  Employees will be automatically enrolled and signed up to make a 5% contribution which will increase each year until 10% of compensation is being contributed.  Employees can opt out of the program or change the % deduction, but must take affirmative action to do so.

Employers may receive notice from OregonSaves of this upcoming deadline.  But even if notice is not received, employers are responsible for taking action to register by the December 15, 2018 deadline.  The deadline for employers with 10 to 19 employees is May 15, 2019.

FAQs about the program are here: https://employer.oregonsaves.com/home/resources/faqs.html

 

 

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