OregonSaves
{{Short description|Pension fund (2017-)}}
{{Update|date=November 2024}}
{{Use dmy dates|date=September 2023}}
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.{{Cite news |title=New program will help Oregonians save their own money at work |url=https://www.bizjournals.com/portland/news/2017/11/20/new-program-will-help-oregonians-save-their-own.html |access-date=2023-02-03 |website=www.bizjournals.com}} {{Cite news |last=Olson |first=Elizabeth |date=2017-11-17 |title=In Oregon, You Can Now Save for Retirement. Unless You Object. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2017/11/17/your-money/oregon-save-for-retirement.html |access-date=2023-02-03 |issn=0362-4331}}{{Cite web |date=2017-12-01 |title=Oregon launches automatic retirement savings for private workers whose employers lack a plan |url=https://www.seattletimes.com/business/oregon-launches-automatic-retirement-savings-for-private-workers-whose-employers-lack-a-plan/ |access-date=2023-02-03 |website=The Seattle Times |language=en-US}} {{Cite web |last=Wong |first=Peter |title=Oregon launches retirement savings plan |url=https://www.portlandtribune.com/news/oregon-launches-retirement-savings-plan/article_40ff1623-b5cc-5e90-9ccb-df5f456de56a.html |archive-url=https://web.archive.org/web/20230203125154/https://www.portlandtribune.com/news/oregon-launches-retirement-savings-plan/article_40ff1623-b5cc-5e90-9ccb-df5f456de56a.html |url-status=dead |archive-date=3 February 2023 |access-date=2023-02-03 |website=PortlandTribune.com |date=23 October 2017 |language=en}}
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. {{Cite web |title=How employers can help with the costs of child care |url=https://theweek.com/articles/740418/how-employers-help-costs-child-care |access-date=2023-02-03 |website=The Week |date=3 December 2017 |language=en}}
References
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Further reading
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- 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).
- {{cite journal | last1=Chalmers | first1=John | last2=Mitchell | first2=Olivia S. | last3=Reuter | first3=Jonathan | last4=Zhong | first4=Mingli | title=Do State-Sponsored Retirement Plans Boost Retirement Saving? | journal=AEA Papers and Proceedings | volume=112 | date=May 1, 2022 | issn=2574-0768 | doi=10.1257/pandp.20221021 | pages=142–146}}
- {{cite report | last1=Chalmers | first1=John | last2=Mitchell | first2=Olivia S. | last3=Reuter | first3=Jonathan | last4=Zhong | first4=Mingli | date=2024 | title=Will State-Based Retirement Savings Plans Boost Retirement Saving? New Evidence from OregonSaves | url=https://www.jonreuter.com/research/ORSP_202406.pdf}}
- Cole, C. R. (2017). The Potential Impact of State-Based Retirement Plans on Retirement Savings. Journal of Financial Service Professionals, 71(5).
- {{cite journal | last=Dao | first=Ngoc | title=Does a requirement to offer retirement plans help low-income workers save for retirement? Early evidence from the OregonSaves program | journal=Contemporary Economic Policy | volume=42 | issue=3 | date=2024 | issn=1074-3529 | doi=10.1111/coep.12648 | pages=524–543}} Revised from {{cite report | last=Dao | first=Ngoc | date=2021 | title=Does a Requirement to Offer Retirement Plans Help Low-Income Workers Save for Retirement? An Early Evidence from the Oregon Saves Program | publisher=University of Wisconsin-Madison Center for Financial Security / University of Wisconsin–Madison Retirement and Disability Research Center | hdl=1793/83769 | hdl-access=free | url=https://minds.wisconsin.edu/bitstream/handle/1793/83769/EMF21-01.pdf?sequence=1&isAllowed=y}}
- {{cite book | last1=Gale | first1=William G. | last2=John | first2=David C. | chapter=State-Sponsored Retirement Saving Plans: New approaches to boost retirement plan coverage | editor-last=Gale | editor-first=W.G. | editor-last2=Iwry | editor-first2=J.M. | editor-last3=John | editor-first3=D.C. | title=Wealth After Work: Innovative Reforms to Expand Retirement Security | publisher=Rowman & Littlefield Publishers | year=2021 | isbn=978-0-8157-3935-7 | chapter-url=https://books.google.com/books?id=_gIfEAAAQBAJ&pg=PA158 | pages=158ff}} Previously published in {{cite book | last1=Mitchell | first1=O.S. | last2=Clark | first2=R. | last3=Maurer | first3=R. | title=How Persistent Low Returns Will Shape Saving and Retirement | publisher=OUP Oxford | series=Pension Research Council Series | year=2018 | isbn=978-0-19-256239-5 | url=https://books.google.com/books?id=DJVqDwAAQBAJ&pg=PA173 | page=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.
- {{cite journal | last1=Neal | first1=M | last2=Dys | first2=S | last3=Hasworth | first3=S | title=Oregon small business owners' decisions concerning employee retirement savings plans | journal=Innovation in Aging | volume=2 | issue=suppl_1 | date=November 1, 2018 | issn=2399-5300 | pmc=6227082 | doi=10.1093/geroni/igy023.1173 | doi-access=free | pages=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.
- {{cite report | last=Zhong | first=Mingli | title=Optimal Default Retirement Saving Policies: Theory and Evidence from OregonSaves | date=2021-04-16 | doi=10.2139/ssrn.3535881 | doi-access=free | hdl=20.500.14332/43957 | hdl-access=free | url=https://repository.upenn.edu/server/api/core/bitstreams/1f987485-c8d3-4812-bf9e-daa339da2254/content}}
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External links
- {{Official website|https://www.oregonsaves.com/}}
- [https://www.oregon.gov/treasury/financial-empowerment/pages/oregon-retirement-savings-board.aspx Oregon Retirement Savings Board webpage], with monthly program reports