Legislative Summary:

Oregon House Bill 2960 was introduced in February 2015, and passed both the House and Senate in June 2015. The program was implemented in July of 2017.

Program Description:

The OregonSaves program is administered by the Oregon Retirement Savings Board, to provide a state-facilitated payroll-deduction individual retirement savings plan for private sector employees who do not have access to employer-sponsored retirement savings plans.

Affected Employers:

All employers, regardless of number of employees, who do not currently offer a qualified retirement plan.

General Requirement:

Automatic enroll employees at 5% deferral with annual increases of 1% (up to a maximum of 10%) of the enrollee’s wages. Every affected employer must register and choose to opt-in or claim exemption.

Launch Status:

June 16, 2017

Full Implementation:

March 1, 2023

Compliance Deadline:

November 15, 2019 Employers with 5+ employees
March 1, 2023 Employers with 3+ employees
July 31, 2023 Employers with 1+ employees, or employers that utilizes a Professional Employer Organization (PEO) or Leasing Agency

Non-Compliance Penalties:

$100 per employee, up to $5,000, every year

Employer Costs:


Employee Costs:

$18 annual account fee + 0.25% on account assets


The program offers a suite of 12 target date funds (TDFs), as the default investment option, and additional investment options – including a capital preservation, money market and growth funds.

Program Website: