How the PGE
401(k) Plan works

Click on the topic below for more information.


You can enroll in the 401(k) Plan online at PortlandGeneral401k.voya.com or by calling 844-PGN-401K (844-746-4015). Before you enroll, decide how much you want to save out of each paycheck and how you want to invest your savings.

Non-union employees are eligible for automatic enrollment,* and will receive an Automatic Enrollment Notice in the mail after their hire date. If you do not enroll in the Plan following the steps above (or opt out) within 60 days of the date on your notice, you will be automatically enrolled at a 6% before-tax contribution rate and invested in the Target Date Fund based on your birth year. You can change these automatic defaults at any time.

Your 6% contribution rate will automatically increase by 1% each year until you are contributing 15% of eligible pay. If you manually change your auto-enrolled contribution rate, the automatic rate increase will stop.

* Employees covered by a collective bargaining agreement will not be auto-enrolled.

Your 401(k) contribution is the money you save in the Plan. You can save between 1% and 50% of your eligible pay on a before-tax or Roth 401(k) after-tax basis, or a combination of the two. Contributions are deducted automatically each payroll period and deposited into your account.

You can change your contribution rate at any time and your change will take place within one or two payroll periods, depending on when you make the change.

An annual IRS dollar limit of $20,500 for the year 2022 applies to your before-tax and Roth 401(k) contributions. Any contribution over this limit for those under age 50 will automatically be deposited as after-tax contributions.

If you are age 50 or older, you can make catch-up contributions of up to $6,500 over and above the regular $20,500 IRS limit for a total annual contribution limit of $27,000. All contributions over the $20,500 limit will automatically become catch-up contributions until the catch-up limit is reached (for those age 50 or older).

Go to voya.com/IRSlimits for details on contribution limits.

Eligible employees receive Company matching contributions on their before-tax and Roth 401(k) after-tax contributions. These extra Company contributions can help your account grow faster. Go to Plan Details > Plan Highlights > Matching Contributions for more information about the match. Consider saving at least enough to get your maximum match.

If you have balances in other retirement savings plans—like a previous employer’s 401(k)—you can consolidate your savings by rolling over those balances into your PGE 401(k) Plan account. This can make it easier to manage your retirement savings strategy. Submit a Rollover Form, or call 844-746-4015 for more information.

You don’t have to manage your retirement savings all on your own. Investment advice is offered through Voya Retirement Advisors (VRA), powered by Edelman Financial Engines.*

  • Speak to a VRA Investment Advisor Representative. Get personalized advice from a licensed advisor over the phone by calling 844-PGN-401K (844-746-4015) weekdays from 6 a.m. to 6 p.m. PST. There are no additional fees for this service.
  • Online Advice. This service—available at no additional charge to you—is designed for individuals who prefer to manage their own account but who want some professional guidance along the way. Online Advice is available 24 hours a day, 7 days a week at PortlandGeneral401k.voya.com.
  • Professional Management. This program—available for an additional fee based on your account balance—lets you work with licensed VRA Investment Advisor Representatives who will manage your account on an ongoing basis and provide quarterly progress reports.*

* IMPORTANT: Forecasts, projected outcomes or other information generated regarding the likelihood of various investment options are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. In addition, results may vary each time a forecast is generated for you.

Advisory Services provided by Voya Retirement Advisors, LLC (VRA). VRA is a member of the Voya Financial (Voya) family of companies. For more information, please read the Voya Retirement Advisors Disclosure Statement, Advisory Services Agreement and your plan’s Fact Sheet. These documents may be viewed online by accessing the advisory services link(s) through the Plan website at PortlandGeneral401k.voya.com. You may also request these from a VRA Investment Advisor Representative by calling the Information Line at 844-PGN-401K (844-746-4015). Financial Engines Advisors L.L.C. (FEA) acts as a sub advisor for Voya Retirement Advisors, LLC. Financial Engines Advisors L.L.C. (FEA) is a federally registered investment advisor and wholly owned subsidiary of Edelman Financial Engines, LLC. Neither VRA nor FEA provides tax or legal advice. If you need tax advice, consult your accountant or if you need legal advice consult your lawyer. Future results are not guaranteed by VRA, FEA or any other party and past performance is no guarantee of future results. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. All other marks are the exclusive property of their respective owners. FEA and Edelman Financial Engines, L.L.C. are not members of the Voya family of companies. ©2022 Edelman Financial Engines, LLC. Used with permission.

Your 401(k) Plan is intended to help you put money away today to prepare you for tomorrow. It’s not a savings account to pay for expenses like a new car, your child’s college education or a down payment on a house. If you need extra money that you can’t get from any other source, you can borrow from your Plan account. The minimum loan amount is $1,000 and the maximum is 50% of your balance or $50,000, whichever is less. You can have only one loan outstanding at a time.

A loan will have an impact on the growth potential of your savings because you are taking money out of your investments. You will repay the loan amount plus interest through automatic payroll deductions. To model or request a loan, or to get more information, go to PortlandGeneral401k.voya.com.

Age 59½ — Once you reach age 59½, you can take withdrawals from your before-tax, Roth 401(k), after-tax and rollover balances, including all investment earnings. You can withdraw money exclusively from your Roth or non-Roth account. This allows you to take a Roth-only withdrawal and roll it into a Roth IRA, while leaving non-Roth money in the Plan.

After-Tax — You can take withdrawals from your regular after-tax account at any time, regardless of age. You will owe taxes on the investment earnings portion of your after-tax withdrawal.

Hardship — You can request a hardship withdrawal for specific financial hardships prior to age 59½. Money you withdraw through a hardship withdrawal generally is subject to income taxes plus a 10% early withdrawal penalty. Hardship withdrawals may be taken for any of the following reasons:

  • Medical expenses not covered by an employer-sponsored health plan for a serious illness, injury or accident involving you, your spouse or dependent child
  • Expenses for the purchase of your primary residence (excluding mortgage payments) or to prevent eviction from your primary residence or foreclosure on the mortgage of your primary residence
  • Burial or funeral expenses for your deceased parent, spouse, child or dependent
  • Expenses for the repair of damage to your principal residence that would qualify for the casualty deduction on your federal tax return
  • Tuition, related education fees and/or room and board for the next 12 months of postsecondary education for you, your spouse or dependent children.

You must first exhaust all other loan and withdrawal possibilities before requesting a hardship withdrawal, unless taking a loan would increase your financial hardship. The withdrawal amount may not exceed the amount required to satisfy the hardship. Your regular Plan contributions will be suspended for six months after taking a hardship withdrawal.

All withdrawals from the Plan (except hardship withdrawals) will be subject to 20% federal tax withholding and, if you are under age 59½, a 10% early withdrawal penalty may apply. Additional federal and state income taxes may apply.

Your beneficiary is the person(s) who will receive your account balance in the event of your death, so it's important to make and keep that election current. From PortlandGeneral401k.voya.com, go to Hi, < Your Name > and from the drop down select My Profile > Personal Information > Beneficiary Information to designate and/or update your election.

Quarterly account statements and confirmations of your transactions will be automatically delivered to your home address. You can help the environment and increase security by choosing to get your statements and confirmations delivered electronically to your secure mailbox on PortlandGeneral401k.voya.com. On the website, go to Hi, < Your Name > and from the drop down select Communication Preferences and follow the instructions. You can view your e-statements under Overview > Statements & Documents.

Account transactions completed weekdays before 1 p.m. PST will be processed that evening. Transactions completed after 1 p.m. PST or on weekends will be processed the next business day.

Voya’s S.A.F.E.® (Secure Accounts for Everyone) guarantee states that if any assets are taken from your workplace retirement plan account due to unauthorized activity and through no fault of your own, Voya will restore the value of your account, as long as you:

  1. Register your account at PortlandGeneral401k.voya.com. (On the log in page, select Register Now at the bottom of the log in box and follow the instructions.)
  2. Review your account information on a regular basis and keep your contact information current.
  3. Promptly report any suspected identity theft or unauthorized activity.
  4. Practice safe computing habits.

Please see the full S.A.F.E. Guarantee at voya.com/articles/safe-guarantee for more information.

If you forget or misplace your account password, go to PortlandGeneral401k.voya.com, select Forgot Password, then follow the instructions. If you don't have an email address on file with Voya and you have not established security questions to reset your account, call 844-746-4015, press 0 and a Voya Customer Service Associate will email you a temporary password.

Voya Financial® (NYSE: VOYA) is a retirement, investment and insurance company servicing the financial needs of millions of individual and institutional customers throughout the United States. Voya Institutional Plan Services LLC (VIPS), a member of the Voya family of companies, provides you with Plan information, saving and investing education, transaction processing and more on your journey to retirement.