An Oregon task force recommended the state Legislature create a defined contribution plan for all Oregonians who lack access to a retirement plan at their workplaces.
Oregon's Retirement Security Task Force made the recommendation on Monday and it was presented by Oregon state Treasurer Ted Wheeler, said Michael Cox, spokesman for the treasurer, in an e-mail.
Under the recommendation, the plan should include nine features, including automatic enrollment, auto escalation of contribution levels with employee control, no required employer contribution and pooled professional investment management.
A new state board would sponsor and oversee the program.
The task force recommended the Legislature appropriate money for an RFI or RFP to receive input from financial service providers, experts and scholars to conduct a market analysis and program refinement and delivery. The search process should be used to investigate the extent financial firms can offer retirement savings plans with the nine characteristics, the recommendation shows. It should also “investigate market capacity and industry ability to expand traditional employer-based coverage into underserved markets, especially minorities, women and low-wage workers.”