Oregon retirement plan

Email received regarding new Oregon requirement for retirement plans for employees:

"The state of Oregon has begun requiring employers to provide retirement plans to their employees. If you do not provide a traditional employer-sponsored retirement plan, your employees should be setup with an OregonSaves plan depending on the amount of employees you have. This is an Oregon sponsored retirement plan and details and requirements are located on the agency website."

The employer sponsors the plan, but is not required to contribute. Employees contribute to the plan through payroll deductions.

The deadline for implementing this depends on how many employees are on payroll:

0-4: 5/15/20

5-9: 11/15/19

10-19: 5/15/19

20-49: 12/15/18

Tags: Payroll