The Oregon State Treasury would like to remind employers that the next deadline for employers to register in the new state retirement program known as OregonSaves is quickly approaching. Employers with 50-99 employees that have not already registered or claimed an exemption should receive a notice the week of April 15, 2018 from OregonSaves to remind them of the May 15th deadline.
The notice from OregonSaves will include a link to http://employer.oregonsaves.com and a unique access code employers will need to complete the registration or certification process online. For employers with an email address on file, the notice will be sent via email from firstname.lastname@example.org. For all others, it will be sent by regular mail in an envelope marked “OregonSaves.”
OregonSaves is a Roth IRA retirement savings program for employers that do not offer an employer-sponsored retirement plan, such as a 401K. Under the program, employers must register their company with OregonSaves or certify that the company is exempt from the program.
The program does not involve any employer contributions and employees are not required to participate. However, employees will be auto-enrolled soon after their employer registers for the program. Employees contribute 5% of their gross wages; this will increase by 1% annually up to the maximum of 10%. OregonSaves will send the employee details on how to login to the OregonSaves employee portal and the employee will have an opportunity to change their contribution amount or opt-out of the program.
Employers with 100 or more employees were expected to register last November. The remaining phased in registration deadlines for employers are as follows:
• Employers with 50 to 99 employees: May 15, 2018
• Employers with 20 to 49 employees: December 15, 2018
• Employers with 10 to 19 employees: May 15, 2019
• Employers with 5 to 9 employees: November 15, 2019
• Employers with 4 or fewer employees: May 15, 2020
According to the Agency, smaller employers can join OregonSaves now or they may wait until closer to their scheduled deadlines.
Employers who expect to receive a notice in this wave but do not receive one or who have other questions about which deadline applies to their organization can reach out to the OregonSaves client services team at (844) 661-1256 or email@example.com.
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This information is provided as a courtesy, may change and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney or Advisor.