With the continuously rising costs to the Public Employees Retirement System (PERS), the Legislature is under pressure to find solutions to buy down and curb the exponentially rising cost of PERS. Current estimates set the unfunded actuarial liability (UAL) at $26.6 billion.
Burden on Counties
What does the unchecked cost of PERS mean to Oregon counties? As costs remain unchecked, portions of county general funds are eaten away to pay down costs of PERS recipients, this strips county funds away from critical programs and services like public safety.
Inaction on PERS reform is not the only thing increasing the costs of the UAL. Counties should know, the Legislature is considering additional cost drivers for PERS.
On April 3, the House Committee on Business and Labor held