Oregon Treasury Savings Network

Annual Report

Oregon Treasury Savings Network

OregonSaves 2020

Annual Report

of the

Oregon Treasury Savings Network

Submitted to

The Honorable Kate Brown Governor, State of Oregon

and

The Oregon Legislative Assembly

Submitted by

Michael Parker, Executive Director Oregon Treasury Savings Network

OregonSaves 2020

Oregon Retirement Savings Board

TREASURER TOBIAS READ, CHAIR

Oregon State Treasury

JEFF ANDERSON Secretary-Treasurer UFCW Local 555

KARA BACKUS Attorney-Shareholder Bullard Law

EDWARD BREWINGTON Executive Council Member & Volunteer AARP Oregon SEN. LEE BEYER (D-Springfield) Senator Oregon Legislature Non-voting board member

CORY STREISINGER Retired Attorney & Oregon State Public Servant REP. PAM MARSH (D-Ashland) Representative Oregon Legislature Non-voting board member

STAFF Michael Parker, Executive Director

David Bell, Deputy Director Sabra Purifoy, Operations Director Kasey Krifka, Engagement Director

John Valley, Policy & Outreach Director Kaellen Hessel, Outreach/Advocacy Manager

Renzo Meza, Outreach Manager James Sinks, Financial Literacy Manager

Stephanie Swetland, Plan Specialist Missy Simpson, Executive Assistant

Oregon Treasury Savings Network 350 Winter Street NE, Suite 100

Salem, Oregon 97301 503-373-1903

[email protected]

OregonTreasurySavingsNetwork.com

Tobias Read State Treasurer Michael Kaplan Deputy State Treasurer

September 2021 To: Governor Brown Members, Oregon Legislative Assembly From: Tobias Read, State Treasurer & Board Chair, Oregon Retirement Savings Board Re: Oregon Treasury Savings Network – OregonSaves 2020 Annual Report

This is the Annual Report of the Oregon Treasury Savings Network (the Network) for the state of Oregon’s retirement savings plan, OregonSaves, pursuant to ORS 178.200 to 178.245. OregonSaves continued to grow in 2020, both in terms of assets and accounts. Investors contributed more than $48 million in fiscal year 2020 and funded more than 29,000 new accounts. At the end of December 2020, the Network had over $84 million in Assets Under Management invested for more than 87,000 savers. The average funded account balance ($964) also rose by 38% over the previous year, helping to grow the retirement savings of Oregonians, many of whom are first time savers. The Oregon Retirement Savings Board is committed to building on the Network’s success and is continually seeking new ways to improve the state’s retirement savings option for Oregonians. The Network plays a vital role in helping Oregon families to achieve the dream of a safe and comfortable retirement. It is the Board’s goal—with the continued support of the Governor and the Legislature—to ensure that as many Oregonians as possible have access to a simple and convenient retirement savings opportunity in their workplace. Together we can make a positive difference in the lives of tens of thousands of Oregonians.

Sincerely,

Tobias Read Michael Parker Oregon State Treasurer Executive Director Chair, Oregon Retirement Savings Board Oregon Treasury Savings Network

OregonSaves Program

Quarterly DashboardAs of December 31, 2020

Program Current Sep 2020 ChangeTotal Assets $84,741,739 $69,167,837 $15,573,902

Total Contributions $97,279,769 $82,909,197 $14,370,572

Total Withdrawals -$20,783,720 -$17,193,138 -$3,590,582

Monthly Contributions (Past 30 Days) $5,052,385 $4,054,036 $998,349

Monthly Withdrawals (Past 30 Days) -$1,259,381 -$906,514 -$352,867

Saver Current Sep 2020 ChangeTotal Funded Accounts 87,909 74,333 13,576Total Payroll Contributing Accounts 98,159 83,407 14,752Accounts with a Withdrawal 19,697 17,724 1,973Multiple Employer Accounts 27,387 23,903 3,484Max Contribution Accounts 258 69 189Average Monthly Contribution Amount $134 $136 -$2

Average Deferral Rate (Funded Accounts) 5.3% 5.3% 0.0%

Average Funded Account Balance $964 $931 $33

Effective Opt-Out Rate 34.1% 33.6% 0.5%

Employer Current Sep 2020 ChangeTotal Registered 16,292 14,235 2,057Total Added Employee Data 13,772 11,584 2,188Total Submitting Payroll Deductions 6,531 6,038 493Total Exempted Employers 16,276 14,881 1,395

Source: Ascensus, Sellwood Consulting.

Effective Opt-Out Rate is defined as the sum of accounts that had an opt-out action in 30 days and accounts that enrolled but never contributed divided by the sum of accounts that had an opt-out action in 30 days and enrolled accounts. Average contributions are based on accounts with a contribution during the last 30 days.

$85

$69$58

$47$41

$31$23

$16$11$8$5$2$0$0

12/2

020

9/20

206/

2020

3/20

2012

/201

99/

2019

6/20

193/

2019

12/2

018

9/20

186/

2018

3/20

1812

/201

79/

2017

Plan Assets by Quarter($ millions)

87,90998,159

19,69727,387

Total FundedAccounts

Total PayrollContributing

Accounts

Accounts with aWithdrawal

Multiple EmployerAccounts

Saver Accounts - December 2020

OregonSaves Program

Quarterly Cash FlowsAs of December 31, 2020


$13.8$11.8

$10.0$12.7

$11.1$10.1$7.7

$6.0

-$3.4-$2.7-$2.1-$3.6-$2.5-$1.9-$1.5-$1.1

-$15.0

-$10.0

-$5.0

$0.0

$5.0

$10.0

$15.0

$20.0

Dec-20Sep-20Jun-20Mar-20Dec-19Sep-19Jun-19Mar-19

Milli

ons

Quarterly Contributions & Distributions

Quarterly Contributions

Quarterly Distributions

$10.4$9.1

$7.8$9.1$8.6$8.2

$6.2$4.9

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

Dec-20Sep-20Jun-20Mar-20Dec-19Sep-19Jun-19Mar-19

Milli

ons

Quarterly Net Cash Flow

OregonSaves Program

Geographic LocationAs of December 31, 2020


84,537

71,23467,11264,001

56,17948,632

38,99931,525

21,74718,158

13,696

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Dec-20Sep-20Jun-20Mar-20Dec-19Sep-19Jun-19Mar-19Dec-18Sep-18Jun-18

Total In-State Funded Accounts

3,3743,1002,9442,816

2,5122,177

1,7811,499

1,1551,014790

0500

1,0001,5002,000

2,5003,000

3,5004,000


Total Out-of-State Funded Accounts

OregonSaves Program

Account StatisticsAs of December 31, 2020


87,909

74,33370,05466,81558,689

50,80940,780

33,02422,90219,172

14,486

010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000


Total Funded Accounts

45%41%

44%44%43%44%43%44%44%46%45%

0%5%10%15%20%25%30%35%40%45%50%


Funded Accounts as a % of Enrolled Accounts

OregonSaves Program


Source: Ascensus, Sellwood Consulting. Average contributions are based on accounts with a contribution during the last 30 days.

$964$931$830

$700$698$617

$559$491$479

$404$315 $295

$0

$200

$400

$600

$800

$1,000

$1,200


Funded Account Balance

Average

Median

$134$136$138$120$122$115$107$107$110$103$103 $104

$0

$20

$40

$60

$80

$100

$120

$140

$160


Monthly Contribution Amounts For Funded Accounts with a Contribution in the Last 30 Days

Average

Median

OregonSaves Program



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

7572696663605754514845423936333027242118

Acc

ount

s

Age

Savers by Age

Enrolled Accounts

Funded Accounts

OregonSaves Program

Funded Accounts by CountyAs of December 31, 2020


Sherman, 61Hood River, 574

Multnomah, 17,898

Washington, 8,930

Tillamook, 577

Clatsop, 1,007 Columbia, 879

Yamhill, 1,816Clackamas, 6,211

Polk, 1,659Marion, 7,607

Lincoln, 1,227

Coos, 1,180

Curry, 281 Josephine, 2,207

Jackson, 5,215

Gilliam, 23

Wheeler, 10

Benton, 1,690

Morrow, 177

Wallowa, 173

Funded Accounts

Count of Funded Accounts by County

OregonSaves Program

Funded Account Coverage Ratio by CountyAs of December 31, 2020

Source: Ascensus, Sellwood Consulting. Over 18 years county population taken from the 2018 Annual Estimates of the Resident Population provided by the U.S. Census Bureau.

Sherman, 4.4%

Hood River, 3.3%Multnomah,

2.8%Washington, 2.1%

Tillamook, 2.8%

Clatsop, 3.3% Columbia, 2.2%

Yamhill, 2.3%Clackamas, 2.0%

Polk, 2.7% Marion, 3.1%

Lincoln, 3.1%

Coos, 2.3%

Curry, 1.5% Josephine, 3.2%

Jackson, 3.1%

Gilliam, 1.5%

Wheeler, 0.8%

Benton, 2.3%

Morrow, 2.2%

Wallowa, 3.1%

Funded Accounts

Count of Funded Accounts as a % of County Population Over the Age of 18

Documents

Oregon Treasury Savings Network