Bill Text: OR HB3436 | 2013 | Regular Session | Enrolled
Bill Title: Relating to retirement investments; and declaring an emergency.
Spectrum: Partisan Bill (Democrat 13-0)
Status: (Passed) 2013-08-01 - Chapter 714, (2013 Laws): Effective date August 1, 2013. [HB3436 Detail]
Download: Oregon-2013-HB3436-Enrolled.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session
Enrolled
House Bill 3436
Sponsored by Representative BAILEY, Senators BEYER, ROSENBAUM;
Representatives BARTON, CLEM, DOHERTY, GARRETT, READ, REARDON,
VEGA PEDERSON, WILLIAMSON, Senators DINGFELDER, EDWARDS
CHAPTER ................
AN ACT
Relating to retirement investments; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + (1) The Oregon Retirement Savings Task Force is
established. The task force consists of seven members as follows:
(a) The State Treasurer or the designee of the State Treasurer.
(b) The following members appointed by the Governor:
(A) Two representatives of employers.
(B) Two members who have experience in the financial services
industry or in pension plans.
(C) Two public members.
(2) If there is a vacancy for any cause, the Governor shall
make an appointment to become immediately effective.
(3) The Governor shall select one of the members of the task
force as chairperson.
(4) A majority of the members of the task force constitutes a
quorum for the transaction of business.
(5) Members of the task force are not entitled to compensation
or reimbursement for expenses and serve as volunteers on the task
force.
(6) The Legislative Administration Committee shall provide
staff support to the task force.
(7) All agencies, departments and officers of this state are
directed to assist the task force in the performance of its
functions and to furnish such information and advice as the
members of the task force consider necessary to perform their
functions. + }
SECTION 2. { + (1) The Oregon Retirement Savings Task Force
established in section 1 of this 2013 Act shall develop
recommendations for increasing the percentage of Oregonians
saving for retirement or enrolled in a retirement plan, and for
increasing the amount of those individual savings.
(2) In developing its recommendations, the task force shall
consider the following factors and any other factors the task
force finds relevant:
(a) The access residents of this state have to
employer-sponsored retirement plans and individual retirement
products.
(b) The types of employer-sponsored retirement plans and
individual retirement products offered in this state.
Enrolled House Bill 3436 (HB 3436-C) Page 1
(c) Estimates of the average amount of savings and other
financial resources residents of this state have upon retirement.
(d) Estimates of the average amount of savings and other
financial resources that are recommended for a financially secure
retirement in this state.
(e) The level of reliance retired residents of this state have
on public assistance benefits as a result of insufficient
retirement savings or other income.
(f) Tax incentives currently offered in this state to encourage
retirement savings.
(g) Statistics on the use and effectiveness of tax incentives
available to residents of this state.
(h) Specific educational and marketing strategies that the
State of Oregon and private entities can pursue to encourage
businesses and residents of this state to increase awareness of
and participation in retirement savings plans.
(i) Possible structures of plans or products that could be
offered or facilitated by this state and the advantages or
disadvantages of each type of plan or product.
(j) Costs of the various structures of available plans and
products and an evaluation of the value of the benefits when
compared with those costs.
(k) The feasibility of creating of a public-private partnership
in this state that offers plans or products directly to
individuals.
(L) Adoption and expansion of successful approaches used to
increase participation in both employer-sponsored retirement
plans and individual retirement products.
(3) The task force may not:
(a) Recommend plans or products that would subject the State of
Oregon or private sector employers to responsibilities under the
federal Employee Retirement Income Security Act of 1974, or that
would result in tax treatment that is less favorable than that
provided under existing provisions of the Internal Revenue Code.
(b) Recommend plans or products that would create any guarantee
by the State of Oregon, or cause the State of Oregon to incur any
liability or obligation for payment of savings or benefits earned
by plan participants.
(c) Recommend plans or products that would create any financial
obligation, liability or guarantee on the part of private sector
employers whose employees participate in the plan, with regard to
investment or investment performance of the plan. + }
SECTION 3. { + On or before September 1, 2014, the Oregon
Retirement Savings Task Force established in section 1 of this
2013 Act shall report to an appropriate interim committee of the
Legislative Assembly on the recommendations developed under
section 2 of this 2013 Act. + }
SECTION 4. { + Sections 1 to 3 of this 2013 Act are repealed
on January 2, 2017. + }
SECTION 5. { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
----------
Enrolled House Bill 3436 (HB 3436-C) Page 2
Passed by House June 24, 2013
Repassed by House July 7, 2013
.............................................................
Ramona J. Line, Chief Clerk of House
.............................................................
Tina Kotek, Speaker of House
Passed by Senate July 7, 2013
.............................................................
Peter Courtney, President of Senate
Enrolled House Bill 3436 (HB 3436-C) Page 3
Received by Governor:
......M.,............., 2013
Approved:
......M.,............., 2013
.............................................................
John Kitzhaber, Governor
Filed in Office of Secretary of State:
......M.,............., 2013
.............................................................
Kate Brown, Secretary of State
Enrolled House Bill 3436 (HB 3436-C) Page 4
