OregonSaves socks away $4.6 million in first year
People using the state's year-old retirement savings plan administered by the state have saved about $4.6 million as of June 30, according to the state treasury.
OregonSaves, the nation's first state-based retirement savings plan, officially launched July 1, 2017, and is getting off the ground in phases. The first company to sign on was a Portland chocolatier, Alma Chocolate.
The state treasury also says that it's now speeding up the availability of the plan to people who are self-employed "thanks to strong demand in the gig economy."
The state will eventually — by May 15, 2020 — require all businesses to offer a retirement savings option or to facilitate OregonSaves, which deducts savings from payroll into a Roth IRA. Employers don't pay fees or incur a fiduciary risk for facilitating the program, according to the state treasury.
About 64,000 Oregon businesses don't currently offer retirement savings options to their workers. A Boston College study found in 2016 that about 1.05 million Oregonians didn't have access to retirement savings plan at work.
Currently, the average monthly contribution to retirement savings through OregonSaves is $106.