OregonSaves, the first state-run program to provide retirement plan coverage to employees whose private-sector employers do not, is devoting $5 million to coverage for childcare providers. The Oregon Retirement Savings Board and State Treasurer Tobias Read made the announcement on Feb. 12. 
In Fall 2023, childcare workers were invited to participate in OregonSaves; they could set up an account in OregonSaves and receive an equal share of the $5 million split between eligible certified family childcare providers. The final distribution of the funds will be made in March.
“This strategic investment in the financial future of childcare workers reflects Oregon's commitment to fostering economic security for all of its residents, a commitment shared by Oregon State Treasury and OregonSaves,” said Read in a press release.
Funding the Expansion
The funds come from those allocated to the state through the American Rescue Plan Act (ARPA).
Oregon’s Department of Early Learning and Care (DELC), which licenses childcare providers, is allocating the $5 million to fund the OregonSaves retirement accounts of more than 900 Oregon childcare service providers. The active involvement of DELC, as well as American Federation of State, County and Municipal Employees (AFSCME), was of key importance to this expansion of coverage.
The funding was secured via negotiations by AFSCME and their Child Care Providers Together (CCPT) group. A joint labor-management committee determined that OregonSaves was the most qualified retirement plan in an open market and that it should be the preferred program provider for this initiative.
The Bigger Picture
“We are proud to have played a key role in bringing this retirement benefit to Oregon’s critical childcare service providers, ensuring a strong start on their path to retirement security,” said Read.
This expansion follows that of late 2020, when personal support workers had been added to those covered by OregonSaves.
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