Need to set up your account with OregonSaves. Click here to get started.
Or call SEIU 503’s Member Assistance Center for help: 1-844-503-SEIU (7348).
OregonSaves. A groundbreaking retirement plan for Oregon’s homecare and personal support workers.
What is OregonSaves?
In 2019, homecare and personal support workers won a retirement plan in their union contract. OregonSaves is a state retirement program that will manage your retirement plan, if you choose to participate.
How does it work?
Homecare workers will be automatically enrolled in the plan on February 1, 2021.
On your first paycheck in February, the raise you got in July will be diverted into a retirement plan. It will go into an IRA savings account and get invested so that it can grow over time. The money is still yours, and you can access it at anytime. Over a career, these savings can have a huge impact on a person’s financial security.
Someone working 40 hours per week will save $9,000 in five years through this program. $21,000 in 10 years. Or $55,000 in 20 years.
Your money, your choice! Take action before your enrollment date.
Auto enrollment will take place on February 1.
You may choose how much to contribute into the retirement program. Or if you’d like, you can choose not to participate at all. If you take no action, you will be automatically enrolled at 5% of your gross pay.
- Before your enrollment date visit Saver.oregonsaves.com or call 844-661-6777 and set up your account.
- You will need an access code that Oregon Saves will email to you on January 1. If you do not get the code, please call 844-661-6777 and ask for assistance.
- You must take action before January 31 if you do not wish to participate.
To opt out, visit Saver.oregonsaves.com or call 844-661-6777. Follow the steps to set up an account and choose to opt out.
A retirement plan was a huge win in our last contract. In 2019, thousands of homecare and personal support workers took our bargaining surveys and said that retirement security was a top concern. In response, the care providers on our Union’s bargaining team fought hard for, and won, a proposal to create a new retirement plan for care providers – the first of its kind in Oregon! This could not have happened without all of us joining together in Union.
Lean more about Oregon Saves
Do I have control over how my money is invested?
Yes. Like most retirement programs, OregonSaves offers a range of funds from conservative to aggressive. Click here to learn more.
Can I withdraw my savings?
Yes. You can withdraw your savings at anytime. This is your money and you will always be in control. OregonSaves accounts are Roth IRAs. Distributions from your OregonSaves Roth IRA account will be subject to taxation in accordance with applicable federal tax rules. Click here to learn more.
How much will I save?
Someone working 40 hours per week, making the base pay for a homecare or PSW, and who contributes the standard 5% will save $9,000 in five years through this program. $21,000 in 10 years. Or $55,000 in 20 years. Want an estimate that is specific to you? Click here for OregonSaves retirement calculator.
Do you have flyers?
We sure do.