Last year Oregon became the first state to implement a mandatory retirement plan for companies not offering a retirement plan to their employees.  Continuing to blaze the trail the state is now expanding the program to individuals so that the self-employed and/or so-called gig economy workers may benefit.

Plan participants invest through IRA-like accounts that are portable in the event they change jobs.  Contributions can be as low as $5/mo.  Investment options include a series of target-date funds from State Street Global Advisors.

OregonSaves launched in November 2017 as a pilot program.  The focus was on nearly 2,000 Oregon-based companies with 100+ employees.  Enrollment currently stands at about 45,000 employees who have collected contributed more than $9 million towards the goal of funding their retirement.

Next up in the state’s push to get eligible employers onboard are employers with 20+ employees.  The deadline is December 15, 2018.  In total Oregon expects all eligible employers to sign on to the mandatory program by the end of 2020.