Bill Text: OR SB1593 | 2012 | Regular Session | Introduced

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Bill Title: Relating to public employee retirement.

Spectrum: Partisan Bill (Republican 14-0)

Status: (Failed) 2012-03-05 - In committee upon adjournment. [SB1593 Detail]

Download: Oregon-2012-SB1593-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2012 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 320

                        Senate Bill 1593

Sponsored by Senator FERRIOLI; Senators ATKINSON, BOQUIST,
  GEORGE, GIROD, KRUSE, MORSE, NELSON, OLSEN, STARR, TELFER,
  THOMSEN, WHITSETT, WINTERS

                             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.

  Requires that Public Employees Retirement Board use assumed
interest rate of six percent for purposes of calculating service
retirement allowance of Tier 1 and Tier 2 members of Public
Employees Retirement System.
  Provides for direct review by Oregon Supreme Court.

                        A BILL FOR AN ACT
Relating to public employee retirement.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2012 Act is added to and made
a part of ORS chapter 238. + }
  SECTION 2.  { + For the purpose of calculating the service
retirement allowance of a retiring member under ORS 238.300, the
Public Employees Retirement Board shall use an assumed interest
rate of six percent. + }
  SECTION 3.  { + Section 2 of this 2012 Act applies only to
members of the Public Employees Retirement System whose effective
date of retirement is on or after July 1, 2013. + }
  SECTION 4.  { + (1) Jurisdiction is conferred on the Supreme
Court to determine in the manner provided by this section whether
section 2 of this 2012 Act breaches any contract between members
of the Public Employees Retirement System and their employers or
violates any constitutional provision, including but not limited
to impairment of contract rights of members of the Public
Employees Retirement System under section 21, Article I of the
Oregon Constitution, or clause 1, section 10, Article I of the
United States Constitution.
  (2) A person who is adversely affected by this 2012 Act or who
will be adversely affected by section 2 of this 2012 Act may
institute a proceeding for review by filing with the Supreme
Court a petition that meets the following requirements:
  (a) The petition must be filed within 60 days after the
effective date of this 2012 Act.
  (b) The petition must include the following:
  (A) A statement of the basis of the challenge; and
  (B) A statement and supporting affidavit showing how the
petitioner is adversely affected.

  (3) The petitioner shall serve a copy of the petition by
registered or certified mail upon the Public Employees Retirement
Board, the Attorney General and the Governor.
  (4) Proceedings for review under this section shall be given
priority over all other matters before the Supreme Court.
  (5) The Supreme Court shall allow public employers
participating in the Public Employees Retirement System to
intervene in any proceeding under this section.
  (6) In the event the Supreme Court determines that there are
factual issues in the petition, the Supreme Court may appoint a
special master to hear evidence and to prepare recommended
findings of fact. + }
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