Bill Text: OR SB256 | 2013 | Regular Session | Introduced

Oregon Senate Bill 256 (Prior Session Legislation)

Bill Title: Relating to retirement investments; declaring an emergency.

Spectrum: Committee Bill

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB256 Detail]

Download: Oregon-2013-SB256-Introduced.html



     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 2602

                         Senate Bill 256

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 (at the request of Senate Interim Committee on
  Business, Transportation and Economic Development)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Creates Oregon Retirement Savings Investment Board. Directs
board to develop plan for offering retirement investment plans to
employees in private sector and report to interim committee of
Legislative Assembly on plan.
  Declares emergency, effective on passage.

                        A BILL FOR 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 Investment
Board is established. The board consists of seven members
appointed by the Governor. All members of the board must be
residents of this state. Of the members of the board:
  (a) One must be an individual with retirement savings and
investment expertise;
  (b) One must represent small businesses;
  (c) One must represent employees; and
  (d) One must be a member of the public.
  (2) In selecting the members of the board, the Governor shall
strive to balance the representation on the board according to:
  (a) Geographic areas of this state; and
  (b) Ethnic group.
  (3) The term of office of a member of the board is four years,
but a member serves at the pleasure of the Governor. A member is
eligible for reappointment. If there is a vacancy for any cause,
the Governor shall make an appointment to become immediately
effective for the unexpired term.
  (4) The board shall annually select one of its members as
chairperson.
  (5) The board shall meet at least once per year.
  (6) Members of the board are entitled to compensation and
expenses as provided in ORS 292.495. + }
  SECTION 2.  { + (1) The Oregon Retirement Savings Investment
Board shall develop a plan for offering retirement investment
plans to employees in the private sector.
  (2) On or before September 1, 2014, the board shall report to
an interim committee of the Legislative Assembly related to
employment on the plan developed under subsection (1) of this
section. + }
  SECTION 3.  { + Notwithstanding the term of office specified by
section 1 of this 2013 Act, of the members first appointed to the
Oregon Retirement Savings Investment Board:
  (1) One shall serve for a term ending January 1, 2014.
  (2) Two shall serve for a term ending January 1, 2015.
  (3) Two shall serve for a term ending January 1, 2016.
  (4) Two shall serve for a term ending January 1, 2017. + }
  SECTION 4.  { + Sections 2 and 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. + }
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