Oregon Gov. Kate Brown signed a bill creating a board to set up a retirement savings plan for private-sector workers in the state who are not offered an employer-sponsored retirement plan.
Ms. Brown signed the bill Thursday.
The law creates the Oregon Retirement Savings Fund Board, which will set up a defined contribution plan. Under the law, the plan must be voluntary and easily accessible with portable accounts. Participants will be enrolled automatically with the right to opt out. Businesses will not be exposed to fiduciary liability, and the state will not be liable for investment losses.