AM Northwest: Annastasia Salon Joins OregonSaves – Retirement Savings Program

Updated : Aug 29, 2019 in Articles

AM Northwest: Annastasia Salon Joins OregonSaves – Retirement Savings Program


There’s now a new way for small businesses to help their employees save for retirement. Here to share why they’re so excited to be among the first to participate in OregonSaves. We welcome from Annastasia Salon, Luke Huffstutter and Natasha Strength. Good to have you both with us. You own the salon? Yes. So tell me about why you want to take part in OregonSaves, be part of the pilot project here. Yeah, it’s really important for us for our people to be able to you know have the best life possible and as a small business it’s kinda hard to offer all the benefits that big companies can, so this was an opportunity for us get involved early in this new program. That would allow our team to start saving right away. In the first two pay periods, they’ve already save like seven thousand dollars for retirement. So we’re like super excited. So, explain what OregonSaves is Natasha. Yeah, so OregonSaves is a new program that’s offered by the state and it’s an opt-in and you have the opportunity to opt out if you want. Since we’re in the pilot program, we are participating in the first phase and then it will slowly roll out to companies in the State of Oregon and the final phase will happening 2020. Why did you wanna take part? Well, people need to be able to retire. We know social security is great, but we want people to be able to have the most possible options. To be able to retire on time and retire early. There’s literally millions of people in the state and in the country that don’t have a 401(k) plan offered and we couldn’t afford to put that in place. OregonSaves creates this program that anybody can participate in and that creates a lot more options for our team to be able to save and retire when they want to and not have to keep working if they’re ready to retire. You have about 30 employees? Yeah, 35. What was their reaction when you told them about it? Yeah and how do they feel about it now with the two paychecks? Yeah you know they were they were thrilled. They were really excited. Because other salons don’t do that? Yeah, it’s it’s definitely a unique thing that we offer to our stylists and staff and you know we have been working like Luke had said. We’ve been working on trying to roll out a 401(k), but being a small business that makes it you know a little bit harder. Sure. And so when we heard about the State of Oregon offering this program, it was kind of a no brainer. We thought you know, let’s do it. Let’s see and our stylist and staff have just been really excited and their eighty percent have opted in at this point. Right, because I know put folks often times if there’s not a vehicle for them to save they just don’t save. Exactly and I think Oregon is being really progressive and bringing this to the state. It’s gonna be so cool for so many people to have a chance that wouldn’t have had an easy chance before. So, let’s say one of your employees that moves to another salon. What happens to the account? Yeah, well I think that’s really the beauty of the program. It’s actually their Roth. It’s a Roth IRA, so you know for our stylists if they decide you know I wanna take time to be a mom or heaven for bid they do leave us and you know go to another salon. It won’t happen, I’m just bringing it up. Yeah, exactly. But, let’s say if that happened or they went back to school or did something it’s theirs. They have control over it. It doesn’t belong to Annastasia Salon and it doesn’t belong to the state. So I think that’s exciting. And ultimately, what is your goal for the employees? Yeah, I’ll let Luke. Yeah, we want our people to have an amazing life and having a salon company allows them to work these amazing hours, serve people, have fun doing their job. You know make people beautiful and we have to have all the wins there. They have to be able to create a great living and a great life and a retirement. They have to have all of those things and this helps us kinda complete the package. We’ve got the fun job, they get the great life. A great work-life balance and now they have the opportunity to save for retirement as well. This is fantastic. And folks if you like to find out more about OregonSaves contact us with the information on our website KATU.com

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