Bill Text: OR SB268 | 2013 | Regular Session | Enrolled

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Bill Title: Relating to contributions for higher education supplemental retirement benefits; and declaring an emergency.

Spectrum: Committee Bill

Status: (Passed) 2013-05-24 - Effective date, May 16, 2013. [SB268 Detail]

Download: Oregon-2013-SB268-Enrolled.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

                            Enrolled

                         Senate Bill 268

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
  Education and Workforce Development for Oregon University
  System)

                     CHAPTER ................

                             AN ACT

Relating to contributions for higher education supplemental
  retirement benefits; creating new provisions; amending ORS
  243.930; and declaring an emergency.

Be It Enacted by the People of the State of Oregon:

  SECTION 1. ORS 243.930 is amended to read:
  243.930. (1) If an employee assisted under ORS 243.920 (1) has
made contributions to the Public Employees Retirement Fund during
each of five calendar years, the board shall contribute an amount
toward the purchase of the supplemental retirement benefits equal
to the contributions toward the purchase made by the employee on
annual salary in excess of $4,800. The amounts of those
contributions by the board shall be paid promptly by the board to
the life insurance or annuity company in accordance with the
terms of the applicable contract.
  (2) If an employee assisted under ORS 243.920 (1) has not made
contributions to the Public Employees Retirement Fund during each
of five calendar years, the board shall contribute an amount
toward the purchase of the supplemental retirement benefits equal
to that which it would contribute for current service under the
Public Employees Retirement System with respect to the annual
salary in excess of $4,800 of the employee if the employee
contributed under the system on that part of the salary.
  (3) The amounts of contributions by the board under subsection
(2) of this section, at intervals designated by the Public
Employees Retirement Board, shall be paid into the Public
Employees Retirement Fund. The Public Employees Retirement Board
shall keep a separate account for those amounts and prorated
earnings thereof, and for investment purposes the moneys in the
separate account shall be commingled with those of the Public
Employees Retirement Fund and shall be invested in the same
manner as moneys of the Public Employees Retirement Fund are
invested.
  (4) When an employee, with respect to whose annual salary in
excess of $4,800 the board has contributed under subsection (2)
of this section, has made contributions to the Public Employees
Retirement Fund during each of five calendar years, an amount
equal to the contributions made under ORS 243.920 (2) shall be

Enrolled Senate Bill 268 (SB 268-INTRO)                    Page 1

paid promptly to the life insurance or annuity company out of the
separate account referred to in subsection (3) of this section
for the purchase of additional supplemental retirement benefits
for the employee. If the moneys in the separate account are not
sufficient for that purpose, the amount of the deficiency shall
be paid promptly by the board to the life insurance or annuity
company for that purchase.
  (5) If an employee is separated from the service of the board
before the employee has made contributions to the Public
Employees Retirement Fund during each of five calendar years, the
amounts of contributions by the board paid into the Public
Employees Retirement Fund under subsection (3) of this section
and prorated earnings thereof shall remain in the separate
account referred to in subsection (3) of this section   { - for
the purpose described in subsection (4) of this section - } , and
the employee is not entitled to any part thereof or any benefit
derived therefrom.
   { +  (6) Amounts that remain in a separate account after an
employee is separated from the service of the board, as described
in subsection (5) of this section, may be transferred from the
account referred to in subsection (3) of this section and
credited to the board in the Public Employees Retirement Fund, to
be used to offset liabilities for employer contributions under
ORS 238.225. + }
  SECTION 2.  { + The amendments to ORS 243.930 by section 1 of
this 2013 Act apply only to amounts in a separate account under
ORS 243.930 (3) on or after July 1, 2013. + }
  SECTION 3.  { + 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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Passed by Senate March 27, 2013

    .............................................................
                               Robert Taylor, Secretary of Senate

    .............................................................
                              Peter Courtney, President of Senate

Passed by House May 9, 2013

    .............................................................
                                     Tina Kotek, Speaker of House

Enrolled Senate Bill 268 (SB 268-INTRO)                    Page 2

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 Senate Bill 268 (SB 268-INTRO)                    Page 3