22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
Oregon Savings Plan for Employees
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FAQ
OregonSaves applies only to businesses that don't offer a qualified retirement savings plan for their employees. If you already offer a plan, your business has no W2 employees, or you're a sole proprietor, use your unique Access Code and EIN to certify your exemption here( opens in a new window ).
The default savings rate is 5 percent of your total pay (before taxes and other deductions are taken). Customize your account. You can choose to customize your savings choices and add beneficiaries.
Although OregonSaves offers retirement benefits to those who didn't have them before, the program doesn't maximize an individual's savings opportunities. Employers cannot match employee contributions and the annual contribution limit is less than other types of retirement plans.
You can opt out at any time. If you opt out within the 30-day period after OregonSaves notifies you about being enrolled, no payroll deductions will be made from your paycheck, and your account will not be activated. If you choose to stop participating after contributions have begun, payroll deductions will cease.
Please allow up to 3-5 business days. Generally, distributions will be processed within 3 business days of your request. During periods of market volatility and at year-end, distribution requests may take up to 5 business days.
The Employee Savings Plan, or ESP, is a savings plan offered by employers that allows employees to save over many years via paycheck deductions for a variety of goals, such as retirement.
Yes, all employers, no matter how many employees they have (even one) must facilitate OregonSaves, if they don't offer a qualified, employer-sponsored retirement plan. Do I need to offer the program to work-study students? No, you do not need to facilitate the program for full-time students in work-study programs.
The OregonSaves plan is a payroll-deducted Roth IRA that is run by the state of Oregon. If an employer adopts the OregonSaves plan, all of their W-2 employees are eligible to participate (including part-time workers).
