July 31 was the deadline for Oregon businesses to enroll in the state’s mandatory retirement plan, OregonSaves. However, as Oregon Public Broadcasting reported days later, many employers didn’t know about the deadline – or even what OregonSaves is.
On Sept. 14, the state treasurer’s office presented an overview of the program and answered questions from webinar participants.
For those who aren’t familiar with the program, employers that don’t offer their own retirement plans are required to enroll in OregonSaves. The program automatically directs 5% of employees’ salaries into their own IRAs via payroll deductions. Employees may choose to leave the program or change their contribution amounts.
Click the button below to watch a recording of the webinar.