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Strunk Case Attorney Fees/Costs
The Oregon Supreme Court awarded fees and costs to the plaintiff’s attorneys in the Strunk case. The case restored annual earnings crediting at the assumed rate (currently 8 percent) to Tier One member regular accounts.
At the direction of the Oregon Supreme Court, the attorneys representing Tier One members are entitled to $1,394,566 to be paid from earnings that would otherwise be credited to Tier One members for 2007.
The PERS Board will credit 8 percent to Tier One regular accounts for 2007. A portion of that 8 percent will be used to pay the attorney fees/costs as directed by the Oregon Supreme Court. At its February 15, 2008 meeting, the Board approved a preliminary 2007 earnings crediting rate of 7.97 percent after subtracting from Tier One regular account earnings for the plaintiff’s attorney fees/costs. Final earnings crediting will occur at the Board’s March 28, 2008 meeting.
Read the Oregon Supreme Court’s decision regarding attorney fees/costs in the Strunk case and the Court’s Stipulation Regarding the Allocation of an Attorney Fee Award.