Oregon Retirement Savings Board, Tigard, hired Ascensus as administrator for the new Oregon Retirement Savings Plan, pending successful contract negotiations, said James Sinks, spokesman for Oregon Treasurer Ted Wheeler.
The board launched an RFP in September. Officials plan to launch the plan in July to provide a defined contribution plan for Oregonians working for private employers who lack a retirement plan at work. There is an estimated 64,000 businesses with employees eligible for the plan.
Ascensus will absorb the startup costs and be repaid over the life of the contract. The length of the contract has not yet been determined, Mr. Sinks said. Ascensus will collect an annual fee from participants' accounts to cover the cost of administration, record keeping, marketing and packaging the investment options.
There will be a hearing on Dec. 15 to collect feedback on a draft of administrative rules. Written comments will be accepted through Dec. 23.