Under OregonSaves, an employer must either offer a qualified retirement savings plan and file a certificate of exemption, or enroll employees in a retirement savings account managed by the State Treasurer and funded by employee contributions. If enrolled in OregonSaves, employees may, at any time, adjust their contribution levels or opt out entirely.
If an employer neither offers a qualified retirement plan nor participates in OregonSaves, employees will also soon be able to file a complaint with the Oregon Bureau of Labor and Industries (BOLI) on a rolling basis, starting January 1, 2020. If the complaint is substantiated, BOLI may levy a civil penalty of $100 per employee who is eligible to participate in a plan, and up to $5,000 total per calendar year.
One increasingly accessible option for employers looking to adopt their own qualified retirement plan and receive an exemption from OregonSaves is a Multiple Employer Plan (“MEP”). Under a MEP, a sponsoring association of employers may pool resources and create a single, cost-effective contribution plan. A new regulatory package easing the path forward for MEPs goes into effect today. Under these new rules, the Department of Labor expands the number of groups that may sponsor a MEP and removes uncertainty that previously made MEPs risky option for some employers. In light of the incentives for employers to adopt their own qualified retirement plans before OregonSaves’ new enforcement schemes come into effect, now is as good a time as any to determine whether a MEP may be the right solution for your business.
For questions on OregonSaves compliance or Multiple Employer Plans, contact Josh Goldberg at 503-276-2107 or email@example.com.
Electronic Alerts are written by Barran Liebman attorneys for their clients and friends. Alerts are not intended as legal advice, but as employment law, labor law, and employee benefits announcements. If this has been forwarded to you, and you would like to begin receiving Electronic Alerts directly, please email or call Traci Ray at 503-276-2115. Copyright ©2020 by Barran Liebman LLP.
Las Alertas electrónicas son escritas por abogados de Barran Liebman para sus clientes y amigos. Las Alertas no son proveídas como asesoramiento legal, sino solo como anuncios de leyes de empleo, leyes laborales y beneficios de empleo. Si esto ha sido remetido a usted y quisieras empezar a recibir las Alertas directamente, por favor mándanos un correo electrónico o llama a Traci Ray al 503-276-2115. Derechos de autor ©2020 por Barran Liebman LLP.