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Proposed PERS Administrative Rules
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Proposed Administrative Rules

 

Assumed Rate

Staff will return to the September 25, 2015 PERS Board meeting with rule modifications that implement any change to the assumed rate adopted today with an effective date of January 1, 2016. Those modifications are reflected in the proposed rule attached to this memo, which also includes a blank space to show the assumed rate once it is adopted by the Board.

An effective date of January 1 gives staff ample time to perform the necessary preparation, communicate with members and employers, and gives all members who retire in the year that the change is adopted equitable treatment, no matter which month they retire. The January 1 date also allows members sufficient time to understand how the change will affect their plans for retirement. One effective date for all transactions related to the assumed rate will be clear and simple for PERS members and agency staff to understand and administer. The new assumed rate will be aligned with the new actuarial equivalency factors (AEFs), which will allow for a clear effective date for all transactions that involve calculations using both the latest year-to-date rate and AEF components.

Draft Rule:     459-007-0007


COLA

On April 30, 2015, the Oregon Supreme Court issued its ruling in the Moro case, invalidating the COLA reductions enacted by Senate Bill 822 (effective May 6, 2013) and Senate Bill 861 (effective October 6, 2013) as applied to benefits earned before the effective dates of those bills. As a result, members who have earned benefits both prior to the effective dates of the bills as well as after the effective dates will receive a blended COLA based on the COLA formula in effect when the benefits were earned.

In addition, the Supreme Court ruling voided the supplementary payment provision in SB 861, so OAR 459-005-0520, Supplementary Payment is proposed for repeal.

Draft Rules:    459-005-0510
                     459-005-0520

 
Rulemaking Schedule
 Updated August 18, 2015
OAR Title Notice to Board Public Hearing Public comment ends Expected adoption date
459-005-0510
459-005-0520

COLA/Supplementary Payments

7/31/15
8/25/15
 (Tigard)
8/27/15
(Salem)
9/1/15 9/25/15
459-007-0007
Assumed Rate

7/31/15

8/25/15
 (Tigard)
8/27/15
(Salem)
9/1/15
9/25/15
459-005-0001
459-005-0310
459-005-0350
459-011-0500
459-080-0150

2015 Legislation 9/25/15 10/27/15 11/2/15 11/20/15
459-013-0310

Tax Remedy

9/25/15
10/27/15
11/2/15 11/20/15

459-013
-0060 
 

Payment of Retirement Benefits

9/25/15 10/27/15 11/2/15

11/20/15