Bill Text: OR HB3143 | 2013 | Regular Session | Introduced
Bill Title: Relating to retirement investments; declaring an emergency.
Spectrum: Committee Bill
Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB3143 Detail]
Download: Oregon-2013-HB3143-Introduced.html
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 2523
House Bill 3143
Sponsored by COMMITTEE ON BUSINESS AND LABOR
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.
Creates Oregon Retirement Savings Investment Board. Directs
board to develop recommendations for establishing Oregon Secure
Retirement Plan for individuals and employees in private sector
and report to interim committee of Legislative Assembly on
recommendations.
Declares emergency, effective on passage.
A BILL FOR AN ACT
Relating to retirement investments; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + (1) The Oregon Retirement Savings Investment
Board is established. The board consists of seven members as
follows:
(a) The State Treasurer or the designee of the State Treasurer.
(b) The following members appointed by the Governor:
(A) Two representatives of employers.
(B) Two members who have experience in the financial industry
or in pension plans.
(C) Two public members.
(2) The term of office of a member of the board is three years,
but a member serves at the pleasure of the Governor. A member is
eligible for reappointment. If there is a vacancy for any cause,
the Governor shall make an appointment to become immediately
effective for the unexpired term.
(3) The Governor shall select one of the members of the board
as chairperson.
(4) A majority of the members of the board constitutes a quorum
for the transaction of business.
(5) Members of the board are entitled to compensation and
expenses as provided in ORS 292.495.
(6) The board may accept gifts, grants or contributions from
any source for the purposes of carrying out the duties of the
board.
(7) ____________ shall provide staff support to the board. + }
SECTION 2. { + (1) The Oregon Retirement Savings Investment
Board shall develop recommendations for establishing an Oregon
Secure Retirement Plan to offer retirement investment plans to
employees in the private sector.
(2) The plan must:
(a) Be accessible by the general public through pooled
individual retirement accounts.
(b) Use best business practices to build enrollment to a level
at which market efficiencies can lower costs to participants.
(c) Require private sector employers of a certain size who do
not offer an alternative retirement plan to offer the plan
through a voluntary payroll deduction.
(d) Be accessible on a voluntary basis to all private sector
employees and individuals.
(e) Be administered by the Oregon Retirement Savings Investment
Board or a third party contractor and be invested by an
appropriate third party contractor selected by the board.
(f) Provide options for individual retirement accounts or
individual retirement annuity plans under section 408(a) or
408(b) of the Internal Revenue Code.
(g) Accept rollover contributions from a participant in the
plan or from an eligible retirement plan from which the
participant is entitled to an eligible rollover contribution.
(3) The plan may not:
(a) Include any guarantee by the State of Oregon or cause the
state to incur any liability or obligation for payment of savings
or benefits earned by plan participants.
(b) Impose any financial obligation or liability on private
sector employers with regard to investment or investment
performance of the plan. + }
SECTION 3. { + (1) On or before December 1, 2013, the Oregon
Retirement Savings Investment Board shall report to an
appropriate interim committee of the Legislative Assembly. The
report must include:
(a) A description of the board's progress in developing
recommendations with regard to the Oregon Secure Retirement Plan.
(b) An analysis of whether the plan will comply with federal
law and whether any adjustments are needed to state or federal
law to facilitate compliance with the law.
(c) A review of similar plans in other states.
(2) On or before September 1, 2014, the board shall report to
an appropriate interim committee of the Legislative Assembly. The
report must include recommendations for establishing the Oregon
Secure Retirement Plan as described in section 2 of this 2013
Act, including:
(a) Compliance and enforcement measures.
(b) Minimum or maximum investment levels.
(c) Enrollment procedures.
(d) Appropriate types of investment vehicles.
(e) Whether to insure or reinsure the invested funds against
losses or poor returns.
(f) Procedures for account owners to withdraw funds from their
accounts.
(g) Whether to contract with a private provider to assist with
administration of the plan.
(h) Recommendations for necessary legislation to implement the
plan.
(i) Any proposed rules the board considers necessary for the
administration of the plan.
(3) The board may work with, contract with and enter into
agreements with private sector entities to develop its
recommendations under this section. + }
SECTION 4. { + Notwithstanding the term of office specified by
section 1 of this 2013 Act, of the members first appointed to the
Oregon Retirement Savings Investment Board:
(1) Two shall serve for a term ending January 1, 2014.
(2) Two shall serve for a term ending January 1, 2015.
(3) Three shall serve for a term ending January 1, 2016. + }
SECTION 5. { + Sections 3 and 4 of this 2013 Act are repealed
on January 2, 2017. + }
SECTION 6. { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
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