Bill Text: OR SB445 | 2013 | Regular Session | Introduced

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Bill Title: Relating to public employee retirement.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB445 Detail]

Download: Oregon-2013-SB445-Introduced.html

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     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 1140

                         Senate Bill 445

Sponsored by Senator GEORGE (Presession filed.)

                             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.

  Provides that, if public body agrees to pay or provide benefit
to retired employees other than payments required or provided for
in statutes, public body must create separate accounts for
funding of those benefits and make annual contributions to
accounts in amounts necessary to amortize liability for benefits
in 25 years or less.

                        A BILL FOR AN ACT
Relating to public employee retirement.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) As used in this section, 'public body' has
the meaning given that term in ORS 174.109.
  (2) If a public body agrees to pay or provide any benefit to a
retired employee of the public body other than the payments
required or provided for in statutes governing retirement
benefits for retired public employees, the public body must
create separate accounts for the funding of those benefits and
make annual contributions to the accounts in amounts necessary to
amortize the liability for those benefits within a period of not
more than 25 years.
  (3) The provisions of this section apply to agreements to pay
or provide:
  (a) Health insurance after retirement of an employee;
  (b) An implicit subsidy of health insurance after retirement of
an employee through the grouping of active and retired employees
for the purpose of establishing premiums for health insurance;
  (c) Contributions to retirement accounts, annuities or other
accounts established for the purpose of providing benefits after
retirement;
  (d) Periodic payments to a retired employee; or
  (e) Any other benefit that is intended to provide retirement
benefits in addition to the benefits provided by law. + }
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