Monday the Oregon House passed a measure that would create a study group to find new and innovative solutions to help Oregonians save for retirement. The bill could pave the way for a new employee retirement fund overseen by the state.
According to a new survey from the AARP of Oregon, one out of every six Oregonians approaching retirement age has less than $5000 in savings.
Joyce DeMonnin is the Interim State Director for AARP and testified in favor the legislation.
“About half of our workers in Oregon don’t have access to workplace retirement savings and the reality is if you don’t save though work, chances are you don’t save.”
The bill would establish a task force made up of representatives from employers, the financial services industry, the public as well as the State Treasurer. Its job would be to develop a voluntary plan to help Oregonians save that would be in place by 2015.
The bill was sponsored by Portland Representative Jules Bailey. He says one solution might be something like the Oregon College Savings Plan.
The bill now heads to the Senate.