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Northwest News Network

Oregon Could Implement Retirement Plan For Private-Sector Workers

Oregon Treasurer Ted Wheeler
Oregon Treasurer Ted Wheeler

Oregonians could have another option when it comes to saving for the future.

Oregon Treasurer Ted Wheeler
Credit Oregon State Treasury
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Oregon State Treasurer Ted Wheeler

A task force chaired by State Treasurer Ted Wheeler is recommending a state-managed retirement plan that would be available to workers who don't have a savings plan at their jobs.

The employee would set aside part of their paycheck to fund the plan. And when they change jobs their retirement plan goes with them.

Wheeler said the idea is to make saving for retirement less daunting.

"When people are confronted by a complicated financial anything, but including a complicated financial retirement strategy, people tend to do nothing,” he said.

A similar proposal drew strong opposition during last year's legislative session. Business groups criticized the concept. They said it would put the state in direct competition with financial companies who already provide investment options for private sector workers.

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