Signed by Governor Kate Brown

Vote Smart's Synopsis:

Vote to pass a bill that establishes a state-managed retirement savings plan.

Highlights:

• Establishes the Oregon Retirement Savings Board to develop a retirement savings plan for employees under the following requirements (Secs. 1 & 3):

• An individual contributes to the plan through payroll deduction;

• Employees are automatically enrolled unless they opt out;

• An employee keeps the plan regardless of where they are currently employed; and

• All employers must offer the plan unless they already offer a qualifying one.

• Establishes the Oregon Retirement Savings Plan Administrative Fund, which appropriates funds accumulated to the Oregon Retirement Savings Board (Sec. 6).

• Requires the board to conduct a market analysis to determine the feasibility and legality of the plan in relation to the Federal Employment Retirement Income Security Act of 1974 (Sec. 7).

Full Bill Text