OregonSaves is a simple, convenient, and completely voluntary way for Oregonians to save for retirement. OregonSaves is a Roth IRA program that allows you to automatically save for retirement through payroll deductions at work. Funds you save in this Roth IRA account is always your money. Your account is in your control and can go with you from job to job. Every little bit you save can potentially make a difference in retirement. Enrollment in OregonSaves will begin after you start an assignment with us with the first contributions taken out of your check 30-60 days after your initial start date.
Your choices today include:
- Start Saving - Enrollment Form (Please Complete Sections 1, 2, and 5 -7
- Claim your account now ‐ Elect to enroll and claim your account. Your contributions to your Roth IRA will start 30-60 days from your initial date of hire.
- Claim your account later ‐ Elect to enroll and start your deductions 30-60 days from your initial hire date. You can then claim your account when it is convenient to you.
- Opt‐Out - Opt-Out Form
- Opt‐out of participating in OregonSaves to prevent contributing money from your paycheck. You can change your enrollment status at any time and start your deduction 30 days after we receive your enrollment form. Just ask our staff for an enrollment form when you are ready to start saving for your retirement.
Standard savings choices – You can change your savings choice by turning in a new enrollment form to Personnel Source or by changing your contribution rate online at: https://www.oregonsaves.com/savers
- The standard, default savings rate for an OregonSaves account is 5 percent of your gross pay (the amount you earn before taxes), and that amount is deducted from your paycheck after taxes have been taken out. To make your savings contributions, your employer can deduct from the amount available in your paycheck only after other payroll deductions required by law have been made.
- A fixed enrollment contribution of your choice as a whole percent of your gross wages.
- Standard choices include a 1 percent annual increase in savings for your account unless you choose otherwise. For example, if you start out at 5 percent, next year your savings rate will increase to 6 percent. Your savings rate will increase each year thereafter, until you reach 10 percent. You can elect not to have your savings rate increase in any given year.
Investment Choices – You can change your investment choices by logging in at https;//www.oregonsaves.com/savers or calling 844.661.6777.
- Your funds will be invested temporarily (in the Capital Preservation Fund) for 30 days after your initial contribution unless you choose to invest in another fund. After 30 days, if you have not changed your investment strategy, your funds will be exchanged automatically to a default Target Retirement Date Fund based on your date of birth.
- Your OregonSaves account is a Roth IRA, so the total amount you save must be within the federal government’s Roth IRA contribution limits. The amount of money you can contribute to a Roth IRA depends on how much you earn and your Modified Adjusted Gross Income (MAGI), which is essentially what you earn at your job, plus any other income from investments and other sources. See this IRS publication for more information and an easy-to-follow worksheet for computing your MAGI.
- OregonSaves has an annual asset-based fee of approximately 0.50 percent. This means you’ll pay approximately $0.50 for every $100 in your account. The fee pays for the administration of the program and the operating expenses charged by the underlying investment funds in which the program’s portfolios are invested. There is also an account fee that is assessed as $4.00 each quarter. We will not bill you for these fees; they’ll be deducted from your account.
While the OregonSaves program requires that employers automatically enroll all employees in the program, Personnel Source has chosen to require all employees to complete an enrollment or opt-out form at the time of hire. This process will ensure that no one is automatically enrolled in the program who doesn't choose to be.