OregonSaves Marks Two Years and Celebrates $25 Million Saved for Retirement

First-time savers contributed majority of savings

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Aug 06, 2019, 06:08 ET

SALEM, Ore., Aug. 6, 2019 /PRNewswire/ -- Two years after its launch, OregonSaves, the statewide retirement program, is celebrating a key milestone—$25 million saved for retirement. OregonSaves is the first program of its kind in the nation, and is now leading a national movement, with five states and two cities following Oregon's lead in creating programs that respond to the retirement savings crisis.

"OregonSaves is doing exactly what we hoped it would do by helping Oregonians have an easy way to save for their retirement at work," said State Treasurer Tobias Read. "I love hearing stories from our savers. People light up as they talk about seeing their savings add up, and explain that they feel a little less anxiety about their financial future."

OregonSaves began with a pilot in July 2017 and is expanding statewide in waves, having started with the largest employers. The rollout is currently for those with 10 or more employees and will conclude in 2020.

OregonSaves has already demonstrated success by a number of measures, with more than 7 in 10 workers electing to stay in the program; workers saving at a higher percentage of pay than anticipated ($117/month average); and millions of dollars saved by workers who were not saving before.

"I'm 30 and now just thinking about my future," said John Malott, Data Entry professional for McMinnville-based nonprofit Provoking Hope. "For the first time in my life, I'm thinking ahead. Where I'm at today is a 180 turn—I never even had a bank account before. I'm grateful these types of programs are available to get people on the right track."

In May, State Treasurer Tobias Read provided testimony before the U.S. Senate about the success of OregonSaves. In another first, OregonSaves welcomed cannabis businesses and their employees into the program in February, a move toward inclusivity for an industry that has typically been excluded from other programs.

Last year, OregonSaves announced that the program is open to everyone, including the self-employed and gig economy workers. Hundreds of people have already self-enrolled, joining the 100,000+ employees that have enrolled through a facilitating employer.

OregonSaves is a new, simple way for Oregonians to save for retirement at work. Employees contribute part of their paycheck into their own personal IRAs that stay with them throughout their careers. Visit www.oregonsaves.com or call 844-661-6777.

Contact: Kasey Krifka, [email protected], 503-431-7976

SOURCE OregonSaves