HR Alert

Oregon Approves Rules for State Retirement Savings Program

Rules Phased In Based on Employer Size

Oregon has approved rules for the state Retirement Savings Program (the "Program"), a state-sponsored retirement savings plan for employees. Highlights of the rules are presented below.

Registration
On or before the registration date, each employer (section: 170-080-0005) must register with the Program or file a certificate of exemption. The registration date for employers will be as follows:

  • Employers with 100 or more employees (section: 170-080-0005): November 15, 2017.
  • Employers with at least 50 but no more than 99 employees: May 15, 2018.
  • Employers with at least 20 but no more than 49 employees: December 15, 2018.
  • Employers with at least 10 but no more than 19 employees: May 15, 2019.
  • Employers with at least 5 but no more than 9 employees: November 15, 2019.
  • Employers with 4 or fewer employees: May 15, 2020.

To register with the Program, a facilitating employer--an employer whose registration date has passed and who is not an exempt employer--must use an internet portal established by the Program Administrator (a third party administrator chosen by the state to assist in carrying out the requirements of the law).

Enrollment
The initial enrollment date for each facilitating employer will be a date that is not more than 60 days after the employer's required registration date. On or before the initial enrollment date, and on or before the enrollment date (section: 170-080-0005) for each subsequently hired employee, a facilitating employer must enroll its employees using the Program Administrator's internet portal or other means of data transmittal specified and validated by the Program Administrator.

Contributions
On each payroll date following the enrollment date, and in accordance with a participating employee's election, the facilitating employer must transfer from the participating employee's compensation for contribution to the participating employee's individual retirement account (IRA):

  • 5% of compensation;
  • The participating employee's elected contribution rate (if different from the standard elections); or
  • The auto-escalated percentage of compensation for that participating employee.

Click here (section: 170-080-0030) for more details.

Other Requirements
Facilitating employers must (among other things) retain the notice of any employee elections or election changes pursuant to any action defined in the rules for a period not less than 3 years from the date of the notice.

Furthermore, at least 30 days before the initial enrollment date, the facilitating employer will provide each of its employees with informational materials provided by the Program Administrator.

Additional information, including details on employer exemptions, is contained in the text of the rules. Further resources for employers and employees are available by clicking here.


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