A new OregonSaves deadline is quickly approaching!
No later than December 15, 2018, employers with 20 to 49 employees who do not offer an employer-sponsored retirement plan will be required to register, inform employees about the program, and begin making payroll deductions and remitting them to the state.
Employers will receive notice from OregonSaves approximately 90 days prior to the upcoming deadline, however even if notice is not received, employers are responsible to register or claim exemption by the December 15, 2018 deadline.
OregonSaves is a retirement savings program administered by the Oregon Retirement Savings Board that provides Oregon workers a method of contributing post-tax deductions from their paycheck. The program is being rolled out in phases over the next couple years to all employers with Oregon employees and don’t offer an employer-sponsored retirement plan.
If you are a Xenium payroll client with 20-49 employees and do not currently offer an employer-sponsored retirement plan, email us or start a live chat on our website to learn about your options!
Further Reading about the rules and what actions employers need to take:
- Employer Registration/Exemption
- OregonSaves Employer FAQs
- OregonSaves – an Alternative Retirement Option for Employees