The lawsuit alleges the act that created the Secure Choice program “violates the Supremacy Clause of the United States Constitution because it is expressly preempted by the Employee Retirement Income Security Act of 1974.”
The state-run retirement program for private-sector employees is reporting $25 million saved for retirement, and has announced expansion to more employer types.
At the time of an analysis from the Center for Retirement Research (CRR) at Boston College, 62% of eligible workers were participating, and 93% of contributing participants had not changed their default deferral rate of 5%.
The association claims OregonSaves’ reporting requirements obstruct ERISA.