In July 2017, Oregon State launched OregonSaves—a Roth IRA program that helps employers without qualified retirement plans provide better retirement savings options to their employees. Here’s a look at the program’s requirements and effective dates, which are approaching for some employers.

Effective Dates

Effective December 15, 2018, all Oregon employers with 20–49 employees are required to offer the program to their employees. Any employer that offers a qualified retirement savings plan will need to file for a Certificate of Exemption (CoE) on the OregonSaves website. Here are the requirements for a CoE:

• Several large employers received a notice of presumed exemption from the OregonSaves Program Administrator and weren’t required to take further action.
• Employers that employed 100 or more employees were required to register for OregonSaves or file a CoE by November 15, 2017.
• Employers that employed 50–99 employees were required to register for OregonSaves or to file a CoE by May 15, 2018.

A CoE is valid for three years from the date an employer files for the certificate and must be renewed prior to the expiration date. 

Additional Deadlines

There are several additional effective dates to apply for the OregonSaves program for employers with 10–19 employees, five to nine employees, and those with four employees or fewer. Those deadlines occur during 2019 and 2020.

New employers must abide by the effective dates specified for their size. If the effective date has passed, they have 90 days to comply.

We’re Here to Help

Registration is required on the OregonSaves website. For more information about how these changes could affect you or your business, please contact your Moss Adams professional.