Oregon’s 2015 Legislative Session Most Anti-Business Friendly in History

Inside Oregon’s new retirement savings program HB 2960 signed into Law by Governor Kate Brown creates a new Oregon Retirement Savings Board in the office of State Treasurer Ted Wheeler and directs board to develop a 3% payroll deduction retirement plan for folks employed in Oregon. The Oregon Retirement Security Bill will require businesses without retirement savings plans to automatically enroll their employees into a state-run individual retirement account beginning in July 2017. Can You Imagine the State of Oregon being in charge of investing Your Hard earned Wages?? The 7 Member Board will seek bids from private sector fund managers, much like is done for the state’s 529 College Savings Plans (remember the hit we took on that one?). This plan approved by the state faces several major issues, one being its high cost to our state. There are thousands of programs already available to Oregon workers. The problem is that people don’t have enough discretionary income to feel comfortable setting aside money for retirement. This State program besides taking aother 3 percent payroll deduction from workers, also prohibits employers from matching the contributions.


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