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Oregon Examining Bill To Get Workers To Save More

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Oregon lawmakers are considering legislation which would require workers who don't currently have a savings plan set up, to set aside money for retirement. House Bill 29-60 and Senate Bill-615 would create a Retirement Savings Board and a payroll deduction plan for workers in the State. Joyce DeMonnin says people are more likely to save money if it's deducted from their paychecks.

DeMonnin: "We’re not saying the state needs to contribute; we’re not saying employers need to contribute. We are just making it easier for employers to have a system where their workers can personally save their own money for retirement. And we’re not alone. Oregon is one of many states looking at this."

But critics contest the bill could burden small businesses. Stephen Michael heads Oregon's Main Street Alliance interest group.

Michael: "We know that if we’ve got an entire class of consumers that are retiring into a more financially secure environment, that’s a whole consumer base that’s going to continue to spend money locally, in small businesses across the state. That’s a really, really good thing for Oregon’s economy in general."

House Bill 29-60 got a hearing Friday. The Senate will examine SB-615 Monday in the Business and Labor Committee in Salem.

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