SB 1049 which makes changes to the financing of PERS (the Public Employees Retirement System) passed the Oregon State Senate 16-12 on May 23, 2019. Senator Sara Gelser (D-Corvallis) was one of 12 state senators to vote no on the bill citing concerns of fairness, trust, and fiscal responsibility.
As written, SB 1049 will refinance the PERS debt adding billions of dollars in interest to the unfunded liability, and stretching the period of time for which state and local governments must pay elevated PERS rates. The bill also dedicates sports betting money to paying pensions, and it redirects a portion of employee contributions to individual retirement accounts to the general pension account. This will cut the value of individual PERS retirees’ investment account by up to 12.5%….(read more)
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