To submit the OregonSaves opt-out form, go to connect.vestwell.com/retrieve/oregonsaves, call 844-661-6777, or mail a completed paper form to the program’s administrator in Boston. You can opt out at any time, but doing it within 30 days of your enrollment notification prevents any money from ever leaving your paycheck.1OregonSaves. What Happens if I Opt Out
What You Need Before You Start
The form asks for one of two identity-verification combinations. You can provide the last four digits of your Social Security number or taxpayer identification number on its own, or you can use your access code together with your date of birth.2OregonSaves. OregonSaves Employee Opt Out Form Your full Social Security number is not required.
The access code arrived in the enrollment notification OregonSaves sent you by email or postal mail.2OregonSaves. OregonSaves Employee Opt Out Form Lost the letter? Call client services at 844-661-6777 to retrieve the code. Pull your information together before you log in. Too many failed attempts can lock you out of the portal, and then you’re waiting or calling instead.
Submitting Online
The online portal at connect.vestwell.com/retrieve/oregonsaves is the fastest option.3OregonSaves. Program Details Enter your access code or the last four digits of your SSN, pull up your account, and follow the prompts to confirm the opt-out. The system will generate a confirmation number and send a verification email. Save both. That confirmation is your proof if deductions continue later.
Once you confirm, OregonSaves notifies your employer’s payroll department through an automated system. You do not need to call HR or payroll separately. The state handles that communication directly.
Submitting by Phone
Call OregonSaves at 844-661-6777.3OregonSaves. Program Details A representative walks you through the same verification steps and processes the opt-out while you’re on the line. Ask for a confirmation number before you hang up.
Submitting the Paper Form by Mail
Download the opt-out form from the OregonSaves website or ask client services to send you one. Complete every field using the exact information from your enrollment letter, sign the form, and mail it to:
OregonSaves
PO Box 55086
Boston, MA 022052OregonSaves. OregonSaves Employee Opt Out Form
The Boston address throws people off. OregonSaves uses a third-party administrator based there. Build delivery time into your plan if you’re close to the 30-day deadline. If the deadline is tight, use the online portal or phone instead.
The 30-Day Window
Your enrollment notification starts a 30-day clock. Opt out inside that window and no payroll deductions ever happen; your account is never activated.1OregonSaves. What Happens if I Opt Out Nothing to deduct, nothing to withdraw.
Miss the window and the first deduction comes out automatically at the default rate of 5 percent of your gross pay. You can still opt out at any point afterward, but the stop is not instant. Payroll usually needs one to two pay cycles to apply the change. Any money already deducted stays in your Roth IRA until you withdraw it.3OregonSaves. Program Details
Getting Back Money Already Deducted
If deductions started before your opt-out took effect, the money is sitting in your OregonSaves Roth IRA. Early contributions go into the Capital Preservation Fund, a low-risk money market investment.4Vestwell. OregonSaves Program Description Because contributions are made with after-tax dollars, you can withdraw your own contributions at any time without owing taxes or penalties.5OregonSaves. Withdrawals
Withdrawals during the first 30 days the money is in the Capital Preservation Fund carry no fees at all.5OregonSaves. Withdrawals After that, your contributions still come out tax-free, but any investment earnings pulled before age 59½ and before the account has been open five years face income taxes plus a 10 percent federal penalty.6Internal Revenue Service. Retirement Topics – IRA Contribution Limits For someone opting out shortly after enrollment, earnings are usually negligible, so the penalty rarely bites.
If Deductions Keep Coming After You Opt Out
An employer that keeps deducting after OregonSaves processes your opt-out is violating state law. Under ORS 178.210, failing to properly administer the program is an unlawful practice, and the Oregon Bureau of Labor and Industries can investigate.7OregonSaves. Compliance Penalties run up to $100 per affected employee, capped at $5,000.
If deductions continue through two full pay cycles after your opt-out confirmation, call OregonSaves at 844-661-6777 first. They can flag the employer directly. Have your confirmation number ready when you call.