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Presumption of Employer Exemption from OregonSaves May Become Permanent

The Oregon Treasury on Feb. 16 filed a notice of proposed rulemaking, including a statement of need and fiscal impact, for a rule that would amend OregonSaves to allow a presumption of employer exemption. 

The proposed amendments would: 

  • Allow OregonSaves officials to use the federal Form 5500 to presume certain employers exempt from facilitating the Program. 
  • Create new rules and modify existing rules for OregonSaves that would make permanent temporary rules allowing the presumption that employers are exempt from participating in the program based on the federal Form 5500 they filed. 
  • Redirect employees to notify the OregonSaves Program Administrator when changing contribution rates and ceasing contributions, rather than notifying the participating employer.

The Treasury says that a rulemaking advisory committee of representatives of business associations helped draft the proposed rules. A hearing will be held on the proposed rule on March 19, and the Treasury is accepting comments on the proposed rule through March 22. 

Legislation is also pending in the Oregon Senate that addresses exemptions from participation, as well as penalties for not participating if they are eligible to do so.