All employees on an assignment in Oregon will be automatically enrolled in the Oregon Saves program using the standard savings choice as required under Oregon Statute 178.210(1)(c) unless you return an opt‐out form to Personnel Source or change your enrollment status on the OregonSaves website: https://saver.oregonsaves.com.
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 been on assignment with us for 60 days with the first contributions taken out of your check after you have been on assignment with us for 90 days.
Your choices today include:
- Start Saving
- Claim your account now ‐ Elect to enroll and claim your account approximately 60 days after your initial hire date. Your contributions to your Roth IRA will start 90 days from your initial date of hire.
- Claim your account later ‐ Elect to enroll and start your deductions 90 days from your initial hire date. You can then claim your account when it is convenient to you.
- 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 as soon as 90 days after your initial date of hire. Just ask our staff for an enrollment form when you are ready to start saving for your retirement or change your enrollment status through the OregonSaves portal.
Standard savings choices – You can change your savings choice by turning in a new enrollment form to Personnel Source
- 5% of your gross pay (wages before taxes and other deductions) will be contributed to your Roth IRA. 12 months after enrolling an automatic 1% increase will occur every January 1st until it reaches a maximum of 10%.
- A fixed enrollment contribution of your choice as a percent of your gross wages.
Investment Choices – You can change your investment choices by contacting OregonSaves or by logging into their website. 844.661.6777 – www.oregonsaves.com
- Your first $1,000 will be invested in the OregonSaves Capital Preservation Fund; savings over $1,000 will be invested in an OregonSaves Target Retirement Fund based on your age.
- Your account will be a Roth IRA. Contributions into a ROTH IRA are made after‐tax and are not taxable when you remove them from your account. Any earnings on those contributions could be tax free if you meet certain IRS criteria.
- The only administrative charge for OregonSaves is in the form of an annual asset‐based fee of approximately 1%, which means you will pay approximately $1 per year for every $100 in your account. You will not get a bill. This cost is taken out of your OregonSaves balance on a regular basis to help pay for the administration of the program.