2018 Regular Session
|At the request of:||(at the request of Governor Kate Brown)|
|Regular Sponsors:||Printed pursuant to Senate Interim Rule 213.28 by order of the President of the Senate in conformance with presession filing rules, indicating neither advocacy nor opposition on the part of the President.|
|Bill Title:||Relating to employer contributions to the Public Employees Retirement System; prescribing an effective date.|
Establishes Employer Incentive Fund.
Appropriates moneys in fund to Public Employees Retirement Board for purpose of matching portions of certain lump sum payments of employer contributions to Public Employees Retirement System. Directs Department of Revenue to establish general tax amnesty program of limited duration. Directs department to transfer certain moneys collected under program to Public Employees Retirement Fund to be credited to side account for school districts.] Allows participating public employer that makes lump sum payment of employer contributions to system in amount equal to or greater than $10 million to choose amortization period for use of lump sum payment to offset employer contributions otherwise owed. Directs transfer of certain proceeds from debt collection, capital gains tax, estate tax, marijuana tax, wine, cider and malt beverage privilege tax and lawsuit settlements to Public Employees Retirement Fund to be credited to side account for school districts. Directs transfer of certain proceeds from lottery revenues to Public Employees Retirement Fund to be credited to side accounts for school districts, community colleges and public universities. Provides that Department of State Lands shall distribute certain proceeds from sale of unclaimed property in Common School Fund Account] transfer from Common School Fund Account all or part of interest earned from certain unclaimed property to Public Employees Retirement Fund to be credited to side account for school districts. Directs State Treasurer to study feasibility and prudence of borrowing moneys in Oregon Short Term Fund to be redeployed into investments. Directs State Treasurer to report to Legislative Assembly on results of study no later than September 30, 2019. Provides for direct review by Supreme Court. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Fiscal Impact Issued|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In Senate Committee|
|Current Committee:||Joint Committee On Ways and Means|