THE OREGON SAVES RETIREMENT PROGRAM HAS GOTTEN THE ATTENTION OF THE U-S SENATE. THE FINANCE COMMITTEE ASKED OREGON STATE TREASURER TOBIAS READ TO EXPLAIN HOW IT WORKS. BUSINESSES THAT CAN’T OFFER A RETIREMENT PLAN CAN ALLOW EMPLOYEES TO AUTOMATICALLY SEND MONEY INTO AN IRA ACCOUNT.

SINCE THE PROGRAM STARTED, OREGON WORKERS HAVE SAVED $19,000,000. IT IS VOLUNTARY FOR WORKERS. READ SAYS THEY’VE REDUCED THE AMOUNT OF TIME IT TAKES EMPLOYERS TO TRANSFER THE MONEY. HE TOLD SENATORS HE’D LIKE TO SEE THE MINIMUM AGE TO USE AN I-R-A ACCOUNT LOWERED FROM 18 TO 16 TO HELP ENCOURAGE MORE RETIREMENT SAVING.