Oregon Retirement Savings Plan now has $100 million in assets.
The first state-sponsored private-sector retirement program in the country, known as OregonSaves, Tigard, also is the first to reach this milestone, spokesman James Sinks confirmed in an email. The program reached $100 million on April 2, less than four years after launching.
The program, launched in November 2017, offers a retirement plan to Oregon workers who don't have an employer-sponsored savings plan, including the self-employed, gig economy workers and employees in the cannabis industry.
Most recently, the program also welcomed SEIU-represented home-care workers in November 2020, and the state's smallest businesses are set to join the program in 2022, according to the news release.
"OregonSaves started with the idea that everyone should have an easy way to save for their retirement at work," State Treasurer Tobias Read said in the news release. "It is gratifying to see the program grow, and to know that more than a hundred thousand Oregonians are giving themselves more choices and a stronger financial foundation for their future."
The plan has three investment options managed by State Street Global Advisors: a capital preservation fund, an S&P 500 index offering and a suite of target-date funds.