20 August 2019 Oregon employers must report retirement plan availability on annual withholding return Under recently-enacted legislation (L.2019, S165), Oregon employers are required to report if a qualified retirement plan is available to employees on the annual withholding return filed with the Oregon Department of Revenue. This information may be disclosed to the Oregon state treasurer. The requirement is effective with Oregon annual withholding returns required to be filed on and after January 1, 2020. The disclosure on the annual withholding return gives the Oregon state treasurer another mechanism to confirm if employers are exempt from the requirement to automatically enroll their employees in the Oregon Saves retirement plan. Under legislation enacted in 2015 (HB 2960; Chapter 557, 2015 laws), Oregon employers are required to automatically enroll their employees in the state-established Oregon Saves retirement plan if the employer makes no other qualified retirement savings plan available to them. In October 2018, the Oregon state treasurer announced that it would begin using Form 5500 data to automatically exempt employers from the requirement to register with Oregon Saves if they are identified as having a qualified retirement plan already in place. Employers with retirement plans that do not receive an automatic exemption notice are required to complete the exemption process online here. Materials for employees are posted on the Oregon Saves website. Materials include the auto-enrollment notification for employees, employee opt-out form, an animated video, an employee fact sheet and workplace posters. See also recently promulgated and proposed regulations.
Document ID: 2019-1495 | |||||||
