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.