Bill Text: OR SB452 | 2013 | Regular Session | Introduced

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Bill Title: Relating to the Public Employees Retirement Fund; prescribing an effective date; providing for revenue raising that requires approval by a three-fifths majority.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB452 Detail]

Download: Oregon-2013-SB452-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 2069

                         Senate Bill 452

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.

  Directs Public Employees Retirement Board to establish separate
account in Public Employees Retirement Fund consisting of funds
transferred from portion of ending balances of other funds
accounts. Requires moneys in account to be applied to reduce
employer contributions required of local governments and school
districts.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to the Public Employees Retirement Fund; prescribing an
  effective date; and providing for revenue raising that requires
  approval by a three-fifths majority.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) As used in this section:
  (a) 'Other funds account' means a statutory fund or account
that includes fees, moneys or other revenues, including
Miscellaneous Receipts, but excluding lottery funds and federal
funds, collected or received by a state agency that are dedicated
or continuously appropriated to the agency by statute for the
uses and purposes of the agency.
  (b) 'State agency' has the meaning given that term in ORS
291.322.
  (2)(a) The Public Employees Retirement Board shall establish a
separate account within the Public Employees Retirement Fund.
The account shall consist of funds transferred to the Public
Employees Retirement Fund under subsection (3) of this section.
  (b) Eighty percent of the moneys in the account established
under this subsection shall be applied to reduce the employer
contributions required of participating public employers that are
local governments as defined in ORS 174.116, in the same manner
as lump sum payments are applied under ORS 238.229.
  (c) Twenty percent of the moneys in the account established
under this subsection shall be applied to reduce the employer
contributions required of participating public employers that are
school districts, in the same manner as lump sum payments are
applied under ORS 238.229.
  (3) Subject to subsections (4) and (5) of this section, on July
1 of each odd-numbered year, or the next business day following
adjournment sine die of the regular session of the Legislative
Assembly held in an odd-numbered year, whichever is later, each
state agency administering an other funds account shall transfer
from the ending balance of the account on June 30 of the
odd-numbered year, to the Public Employees Retirement Fund, an
amount equal to any difference between:
  (a) The ending balance of the other funds account on June 30 of
the odd-numbered year; and
  (b) 1.5 percent of the amount the agency is authorized by the
Legislative Assembly to spend from the other funds account for
the biennium beginning on July 1 of the odd-numbered year.
  (4) Subsection (3) of this section applies only if the ending
balance of the other funds account on June 30 of the odd-numbered
year is greater than 1.5 percent of the amount the agency is
authorized by the Legislative Assembly to spend from the other
funds account for the biennium beginning on July 1 of the
odd-numbered year.
  (5) Subsections (3) and (4) of this section do not apply to:
  (a) Funds or accounts that receive moneys appropriated from the
General Fund;
  (b) Funds or accounts established by the Oregon Constitution or
whose expenditures are limited or otherwise directed by
provisions of the Oregon Constitution;
  (c) Federal funds or lottery funds deposited in any fund or
account that includes dedicated or continuously appropriated
moneys; or
  (d) Dedicated or continuously appropriated moneys in an other
funds account that are authorized by law to be expended without
limitation. + }
  SECTION 2.  { + Notwithstanding section 1 (3) of this 2013 Act,
a state agency as defined in ORS 291.322 shall first transfer
moneys to the Public Employees Retirement Fund under section 1 of
this 2013 Act not later than 30 business days after the effective
date of this 2013 Act. + }
  SECTION 3.  { + This 2013 Act takes effect on the 91st day
after the date on which the 2013 regular session of the
Seventy-seventh Legislative Assembly adjourns sine die. + }
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