Oregonsaves
State of Oregon IRA program
Year enacted |
2015; amended 2019 |
Status |
Completed the bulk of the multiphase employee registration program. The last registration period for four or fewer employees is targeted for late 2022.
Prior registration deadlines:
|
Employers affected |
Mandatory for all employers that don’t provide their own qualified plan; also available to employees of nonparticipating employers and employers with no employees |
Type of account |
Roth IRA (default) and traditional IRA (optional) |
Automatic enrollment |
Yes |
Auto-escalation |
Yes (1% per year, up to 10%) |
Default contribution rate |
5% |
Employer contributions |
Not permitted |
Investment options |
Target-date funds (TDFs), a capital preservation fund, and a growth fund
Default—Contributions are invested in the capital preservation fund for 90 days, then they're moved to the age-appropriate TDF, if no other investment option is selected. |
Fees |
None for employers. Employee fee is 0.25% of the trust balance per year. There's also a monthly account fee of $1.50 that's assessed each quarter. |
Website |
Sources: Most of the information is from “State-Facilitated Retirement Savings Programs: A Snapshot of Plan Design Features,” Georgetown University Center for Retirement Initiatives, 10/31/21 and the program's website. It is subject to change without notice. Please contact the state to learn more.
Learn more about the opportunity with state-facilitated retirement plans
John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker dealer for the John Hancock mutual funds. Member FINRA, SIPC.
John Hancock Retirement Plan Services LLC offers administrative or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, New York. Product features and availability may differ by state. Securities offered through John Hancock Distributors LLC. Member FINRA, SIPC.
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