Adjustments were made to the Oregon’s new state-run retirement plan, OregonSaves, in this year’s legislative session making it an unlawful practice for employers to fail to develop an employee retirement savings plan (effective January 1, 2020).

Employers who do not comply will now be subject to investigation and civil penalties of up to $5,000 per calendar year.

UEA provided an alert when the OregonSaves Program was first implemented, and members may remember that the Program was rolled out in phases, based on number of employees:

• 10 or more employees – deadline has passed.
  
• 5-9 employees – November 15, 2019.
  
• 4 or fewer employees – May 15, 2020.
  

The new rules add an enforcement mechanism to the program.

Employers may be exempt from the Program, if they offer a qualified retirement savings option. If employers would like to opt out of the program because they do offer a qualified option, they must file for exemption from the program.

Click here to read SB 164

Click here to go to the OregonSaves website.