Oregon PERS Part 2: 2013 Proposed PERS Legislation

 

In part 1 of this 3-part series we reviewed the current Oregon Public Service Employees Retirement Plan (OPSRP) and the significant events leading up to the plan that became effective for employees hired after August 28, 2003. Now in part 2, we’ll examine what’s being proposed in the 2013 legislative session that sets the July 2013-June 2015 state budget and the potential effects of these proposals on employee retirement benefits. 

There are currently two reform bill proposals submitted to legislation for consideration.

The first is SB8221, proposed by Senator Richard Devlin, Co-Chair of the Ways and Means committee. Second, a proposal first introduced by Governor John Kitzhaber and later codified and expanded on in SB7542, sponsored by the Oregon School Board Association.  Both proposals contain provisions to cap or lower the annual cost-of-living adjustment (COLA) and eliminate state tax remedy for out-of-state retirees.

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The View on the Other Side of the Fiscal Cliff

Americans have a long history of independence: whether embarking on a harrowing voyage to an unknown land, striking out to conquer an already-occupied frontier, or tossing crates of tea into the sea to protest unfair taxation.

"In this year’s tax season, it might be wise to disregard the spirit of going it alone in favor of seeking out a tax professional."

This year’s tax code comes in at an estimated 4 million words. To put that into perspective, the Bible, the largest book in many American homes, weighs in at 774,746 words, or less than a quarter of the length of the tax law. National Taxpayer advocate Nina Olson said in her report to congress this week that, “Complying with the tax code will cost individuals and businesses in the U.S. 6 billion hours in 2013. If tax compliance were an industry, “Olson continued, “It would be the largest industry in the U.S.”

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