Federal Tax Reconnect
Updates connection date to federal Internal Revenue Code and other provisions of federal tax law. Identifies a revenue stream for Employer Incentive Fund and School Districts Unfunded Liability Fund.
Text of SB 1529
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SB 1546
OPSRP Vesting for Judge Members
Allows judge members to apply hours worked as a judge member toward hours of service required for vesting purposes only in the Oregon Public Service Retirement Plan (OPSRP) pension program. Applies to judges whose effective retirement date is on or after January 1, 2018.
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SB 1566
Employer Incentive Fund
Establishes Employer Incentive Fund (EIF). Directs EIF funds to Public Employees Retirement Board for purpose of matching portions of certain lump sum payments of employer contributions to Public Employees Retirement System.
For employers that make a lump sum payment under ORS 238.229 that is $10 million or greater and is not sourced from pension obligation bonds, the PERS Board must allow such employers to pick an amortization period of 6, 10, 16 or 20 years.
Establishes School Districts Unfunded Liability Fund. Directs moneys in fund to Public Employees Retirement Board for purpose of establishing and funding pooled account to be applied against liabilities of participating public employers that are school districts. Directs transfer of certain proceeds from debt collection, capital gains tax and estate tax and all or part of interest from certain unclaimed property to fund.
Establishes the Unfunded Actuarial Liability Resolution Program (UALRP) to assist employers with developing plans to improve their funded status and manage their contribution rate changes. Employers are not required to participate, unless they are applying for matching funds from the EIF. Funds from the EIF may be used for the administrative costs of the UALRP.
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HB 4012
Return-to-Work Exception for Retired Career and Technical Education Teachers
Extends sunset on provisions allowing retired member of Public Employees Retirement System to be reemployed by participating public employer as teacher of career and technical education without loss of retirement benefits. Allows Tier One and Tier Two retirees employed by a school district or an education service district as a CTE teacher to work unlimited hours without loss of retirement benefits through June 30, 2023.
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HB 4046
Outside Compensation for Oregon Health and Science University, Public University or Community College Employees
Provides that outside compensation of employee of Oregon Health and Science University, public university or community college is not included in employee's salary for purposes of Public Employees Retirement System. This bill only applies to members of the Public Employees Retirement System whose effective retirement date is on or after the effective date of this 2018 Act.
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HB 4159
Individual Account Program (IAP) Investment Option
Directs the PERS Board, in consultation with the office of State Treasurer, to adopt rules allowing members with Individual Account Program (IAP) accounts to elect to have the Oregon Investment Council (OIC) invest their monies in any investment option approved by OIC. The member may make this election once per calendar year, to be effective as of January 1 of the following year.