Are you an employer with employees who work in Oregon? If you do not have an employer sponsored retirement plan, you are now, or soon will be, required to register and participate in the Oregon Saves program. The law requires you to automatically enroll your employees and withhold funds from their pay which are sent to their own Roth IRA account at the State.
Employers are required to register on dates which vary based on the number of Oregon employees. The earliest dates, for the largest employers, have already passed. Beginning December 15, 2018 employers with 20 or more employees should have been enrolled. On May 15, 2019 the threshold drops to 10 employees, and then on November 15, 2019 it drops to five. Follow this link for the employer information page at the OregonSaves.com website.
Employees will automatically have 5% of their wages withheld and contributed to their account. An employee is allowed to opt out of the program, but the default is participation. Follow this link for the employee information page.
If you have any question regarding this new requirement, please contact your CPA.