2018 Regular Session
|At the request of:|
|Chief Sponsors:||Representative Parrish, Hayden|
|Regular Sponsors:||Representative Esquivel, Nearman (Presession filed.)|
|Bill Title:||Relating to public employee retirement; declaring an emergency.|
Establishes retirement benefits payable under Oregon Public Service Retirement Plan to persons who establish membership in Public Employees Retirement System on or after effective date of Act.
Provides that such persons do not become members of pension program of plan. Requires employers of such persons to make employer contributions to plan in amount equal to 10 percent of member's salary. Allows person to contribute additional two percent of salary, which is matched by employer. Provides break in service and change in service rules for persons who established membership in system before effective date of Act. Requires employer contribution rate set by Public Employees Retirement Board to be at least 18 percent of salary. For years beginning in 2019, caps at $200,000 annual salary used to calculate final average salary for purposes of Tiers 1 and 2 of system. Directs Oregon Investment Council to offer high, medium and low risk options for investment of individual accounts established under system. Directs board to adopt rules allowing members to elect from risk options. Directs Public Employees Retirement Board to recalculate employer contribution rates to reflect savings attributable to Act. Provides for expedited review of Act by Supreme Court upon petition by adversely affected party. Declares emergency, effective on passage.
|Fiscal Impact:||May Have Fiscal Impact, But No Statement Yet Issued|
|Revenue Impact:||May Have Revenue Impact, But No Statement Yet Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Business and Labor|