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Treasury's savings programs show growth; agency highlights outreach and financial wellness scorecard
Summary
Ryan Mann of the Treasury Savings Network briefed the General Government Subcommittee on April 3 on the Oregon College Savings Plan, ABLE accounts and Oregon Saves, saying the three programs now serve roughly 367,000 accounts and hold nearly $6 billion and that outreach and a financial wellness scorecard are central to expanding participation.
Ryan Mann, executive director of the Oregon Treasury Savings Network, told the Ways and Means Subcommittee on General Government on April 3 that the Treasury's three savings programs have grown substantially and that the office is focusing on outreach and partnerships to increase participation.
Mann described the three core offerings: the Oregon College Savings Plan (529) for education and training‑related expenses, the ABLE program for people with disabilities to save without losing means‑tested benefits, and Oregon Saves, an auto‑IR A payroll program for workers without employer retirement plans. He said the network now administers about 367,000 accounts and is approaching $6 billion in assets.
Mann highlighted research showing that children with college savings accounts are more likely to attend and complete postsecondary education and gave examples of local outreach such as a ‘‘bottle drop’’ partnership that helps young people make small contributions. He said the savings network also staffs the Treasurer's Financial Empowerment Advisory Team and produces an annual financial wellness scorecard that identifies households with children as particularly financially stretched.
On outreach, Mann said the office pursues partnerships with trusted community messengers and welcomed collaborations with legislators on town halls and newsletters. He noted recent federal and state developments that could expand program eligibility and compliance for ABLE and Oregon Saves.
In public comment, Pam Levitt of Oregon Credit Unions praised the Treasury's leadership on financial empowerment and said partnerships between credit unions and the Treasury have helped "move the needle" on financial literacy in Oregon.
Ending: The savings network said it is not requesting policy packages this cycle and will continue outreach and program maintenance as part of the SB 5542 hearing record.
