EMPLOYEE RETIREMENT PLANS
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As of May 15, 2018, businesses with 50 or more employees will be required to enroll them in OregonSaves if they do not currently have a retirement plan in place, unless employees sign a waiver.
 
Employers only need to facilitate OregonSaves if they do not offer an employer-sponsored retirement plan. If they do offer a plan, they simply need to certify their exemption from the program, a process that takes an average of two minutes.
 
Businesses Do Have A Choice!
 
ORLA 401K / Profit Sharing:

• Allows up to a year waiting period with a 1,000-hour service requirement
• Opportunity to provide an employer contribution
• In addition to Roth, allows for pre-tax contributions, lowers taxable income
• Allows for enrollment based on employee elections and no required auto escalation
• Clients choose where to invest funds

 
For comparison, OregonSaves:

• Employees will be automatically enrolled within 60 days of employment
• Opting out (or in) is possible at any time
• After-tax Roth contributions are the only type of deposits currently available
• Employer contributions may not be made
• Fund options are selected by the Oregon Retirement Savings Board
• Distributions may be made at any time; earnings may be subject to taxation and penalties

 
Qualified ORLA 401K plans can be set up for as little as $300. Annual costs may be as low as $150 for the first three years, after the applicable tax credit. With a qualified plan you are exempt from participating in OregonSaves, and saving you hours of administrative work.
 
For more information, contact Professional Benefit Services, Inc., at 800.982.2012 or email Info@ProfBen.com.

Not a member? Contact ORLA Membership at 503.682.4422.

*Setup fees may apply.