07/31/2023 - Starting July 31st, 2023 All Oregon Businesses Must Offer OregonSaves Or Another Qualified Retirement Plan To Employees
As of today, all businesses in Oregon with at least one employee must offer a qualified retirement plan or otherwise sign up for OregonSaves.
"Businesses across the state have now been thrust into offering retirement and 401(k) planning. Yet, most have no idea where to begin, even if they are looking to get started with the most basic of offerings, OregonSaves" said the president of GNSA, Katharina Fink.
Back in March of 2023, businesses with at least three employees became required to offer a qualified retirement plan or otherwise sign up for OregonSaves. Now all businesses with at least one employee, as well as those utilizing a Professional Employer Organization (PEO) or Leasing Agency must offer a qualified retirement plan or OregonSaves.
"The biggest issue we find is that all these employers who are new to managing 401(k) and retirement get started with OregonSaves, and then most have trouble manually administering their retirement plans as well as keeping the information updated in both their payroll and 401(k) systems, again manually." Said Fink.
To avoid manual 401(k) and retirement plan administration, businesses have the option of turning to an integrated retirement and 401(k) plan, instead of OregonSaves, which eliminates the need for things such as manual deduction and contribution updates through a 360 integration with your payroll software.
With plans starting at just $120 per month and $4 per employee, employers who get started with 401(k) retirement planning can satisfy their OregonSaves compliance requirements without forcing themselves to use OregonSaves.
Businesses in Oregon should compare their Oregon Retirement Plan Mandate Options before making a final decision or defaulting to OregonSaves.
Oregon businesses that are unsure of what they should do or how to proceed regarding the new retirement plan requirements of the state should contact GNSA today.
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About GNSA
Residing in the heart of the Pacific Northwest for over 20 years, GNSA has established a customer portfolio that extends beyond our Portland, OR headquarters to include every state in the continental U.S. With over 175 years of combined experience, we have found that what really sets GNSA apart from our competitors is our people! Our motto consists of the never-ending belief that the customer experience is what is most important. For us to ensure this to our clients, we must have a staff that consists of Caring, Responsive, Exceptionally Bright individuals and, most importantly, Happy Employees! Meet the Team.
