The Oregon State Legislature, in efforts to do major reform policies, ramped up the 2019 Legislative Session with six informational hearings on the Public Employees Retirement System (PERS) and reform options between February and May in the Joint Ways and Means Subcommittee on Capital Construction. At its May 10 meeting, the subcommittee received an overview of conceptual reform options for PERS through Senate Bill 1049. In its current form, the bill serves as a placeholder for possible future policy. If the bill advances in the legislative process, it will be ‘gut and stuffed’ with amendments. Thus far, two amendments have been presented to the subcommittee.
- Redirects the Individual Account Program (IAP), and restores IAP once Unfunded Actuarial Liability (UAL) is funded at 90 percent;