SALEM, Ore., April 8, 2021 /PRNewswire/ -- OregonSaves, which helps Oregon's private sector workers save for retirement when their employer doesn't offer an option at work, is celebrating a major milestone: $100 million saved as of April 2.
Participants in OregonSaves reached $100 million in assets saved in just under four years. When OregonSaves launched in 2017, it was the first state-based retirement savings program in the country. The program's popularity shows that having a convenient, accessible way to save for retirement helps people choose to build better futures for themselves and their families.
"OregonSaves started with the idea that everyone should have an easy way to save for their retirement at work," said State Treasurer Tobias Read. "It is gratifying to see the program grow, and to know that more than a hundred thousand Oregonians are giving themselves more choices and a stronger financial foundation for their future."
Participation continues to exceed projections, with seven in 10 workers electing to remain in the program as opposed to opting out, and with workers saving an average of around $135 a month – a higher rate than initially anticipated.
Prior to the launch of OregonSaves, an estimated one million workers in the state lacked access to a work-based retirement plan. The program is in the latter stages of a statewide rollout. The state's smallest businesses are set to join in 2022, which will add to the more than 105,000 accountholders currently contributing to accounts.
Administered via a public-private partnership, OregonSaves will help more people retire with dignity after a lifetime of work, and over time will help to reduce government costs by millions, according to an AARP study.
The trailblazing Oregon program leads a national movement: 11 states are in various stages of creating similar programs to respond to the retirement savings crisis, and another 23 states have legislation introduced.
OregonSaves is a simple way for Oregonians to save for retirement at work. Employees contribute part of their paycheck into their own personal IRAs. To learn more about OregonSaves, please visit www.oregonsaves.com or call 844-661-6777.
The Oregon Treasury Savings Network, part of Oregon State Treasury, administers the Oregon College Savings Plan; Oregon ABLE Savings Plan; national ABLE for ALL Savings Plan; and the first state-run retirement program, OregonSaves.