Building a Foundation for Retirement Security
Every working Oregonian should have an affordable, secure way to plan and save for retirement.
The 2013 Oregon Legislature took an important step forward to ensure retirement is within reach for more Oregonians. Lawmakers passed House Bill 3436 which creates a task force will study and recommend a solution that will enable all working Oregonians to save for retirement.
Currently, nearly half of Oregonians aged 25-64 are not covered by a retirement plan at work. As a result, many are at risk of living in poverty when they retire – unable to cover basic living and medical expenses. Unless we address this problem proactively, we face insecurity for our growing senior population and a looming crisis for Oregon’s social safety net and the state budget.
Workers at small businesses, women, and communities of color have all been left out of many retirement options currently on the market. Among full-time employees nationally, less than half of African American, Latino and low-income workers have access to a retirement plan. And while women constitute just over 57 percent of all Oregon retirees, they make up nearly 83 percent of retirees in the bottom income group.*
We can—and must—find solutions that serve Oregonians and protect state resources.
Just as Oregon led the charge in addressing problems in our healthcare system, we need to tackle the challenge of creating retirement security for all working Oregonians.
HB 3436 is a responsible approach to developing a long-term solution.
The bill brings together the key players to study the issue of retirement security and develop a responsible solution. The Oregon Retirement Savings Investment Board includes representatives from employers, the financial services industry, the public and Oregon’s chief financial officer, the State Treasurer.
The board will study the issue over the next year, and recommend a plan to the 2015 Legislature.
The bill requires the board to develop a solution that:
- does not incur liability for the state, and
- is portable and accessible to all Oregon workers.
Download the Retirement in Reach fact sheet.