Oregon now has a retirement plan called OregonSaves. We would like to start deducting for this plan for employees who have chosen it in 2019. I don't see a deduction in QuickBooks payroll for this yet?
It's a pleasure to have you join us here in the Community. I'm by no means an accounting professional, but I do have some insight and resources to provide that can help get you on the right track.
While I'm unable to confirm whether this is mandatory for just Oregon or all states, I would highly recommend consulting your state agency. They should be able to verify whether your business needs to set this up or not. For more information, you can check out our article: Oregon Payroll Tax Compliance
Keep me posted and let me know if there's anything else I can do to help you succeed with QuickBooks. Thanks for reaching out, cheers to a safe and productive day.
OregonSaves is specifically for employers in Oregon with employees working in Oregon. Their website is OregonSaves.com. They're doing a staggered roll-out, based on number of employees. Right now, they're in the "10 employees" range, next May they'll do "1-10 employees". If you have an active BIN, you'll get an email and a postcard in the mail about it when we get to your window.
If you don't currently have an employer-sponsored retirement plan, you are REQUIRED to participate in OregonSaves. You may be penalized if you don't.