OregonSaves Status Updated
A report concerning OregonSaves
, the state-run retirement plan run by the Oregon Retirement Savings Board, provides a look at the status of the program as it approaches full implementation.
Segal Macro Advisors has reported to the board that the deliverables concerning some aspects of the program’s design have exceeded expectations. Segal says that the cost of designing the program was within projections, the activities required of employers regarding the program are less than projected, program parameters are consistent, service has been improved by providing flexible alternatives, and a portal was created for employers that streamlines processes for employees.
Ascensus, tapped to administer OregonSaves, reports that registration for the second pilot of the program began on Aug. 15.
In the meantime, efforts on the program’s platform remain focused on the registration for phase 1 of the program, slated to start on Nov. 15, 2017, and for which contributions begin on Jan. 1, 2018. That includes implementation of payroll provider functionality, data loading of 200 potential providers and expansion of methods of employer funding.
Ascensus adds that it has:
- updated the program’s marketing materials, including a video, employer checklist and handbook;
- provided Spanish translations of the program’s opt-out form;
- worked with researchers to finalize baseline demographic surveys; and
- created a retirement calculator, which it is in the process of adding to the website.
The minutes of the board’s July 25 meeting report that by that date, 11 employers had registered through the first pilot of OregonSaves, and there were seven completed payroll deductions.
Regarding OregonSaves’ second pilot program, the minutes report that by July 25, 42 employers with a combined total of 2,189 employees, had expressed interest. Contributions in Pilot 2 can begin on Sept. 15.