BEND, Ore. (AP) — The Oregon State Treasury says about 1 million Oregon residents have no way to save for retirement through their employers.
The Bulletin reports that that figure is more than 40 percent higher than the previous estimates of Oregon workers who lack access to work-based retirement plans.
The total combines workers whose employers do not offer retirement plans, workers who are not eligible for their employers’ plans and self-employed Oregon residents who do not have retirement plans.
Members of the Oregon Retirement Savings Board, who are designing the state retirement plan, heard the estimates during a meeting Tuesday.
Workers not covered by employer’s retirement plans would be automatically enrolled and contribute to the Oregon Retirement Savings Plan, unless they opt out, as soon as July 2017.