The Oregon Legislature’s 2020 regular session was adjourned on March 5, 2020. No bills were passed that affected PERS.
The Legislature’s first and third special sessions of 2020 resulted in no bills that affected PERS the plan.
In its second special session of 2020, the Legislature enacted the following two bills impacting PERS.
Senate Bill (SB) 5723
Reduces Employer Incentive Fund and School District Unfunded Liability Fund allocation and remaining balance; eliminates future revenue streams
Employer Incentive Fund (EIF) was reduced by $35,248,198, with that money going back to the general fund.
Additionally, all current and future revenue streams for the EIF were eliminated. This reduces the money allocated to EIF to zero and eliminates the program until revenue streams are allocated into the EIF in the future.
The School District Unfunded Liability Fund (SDULF) was reduced by $11,539,471, with that money also going back to the general fund.
All current and future revenue streams for the SDULF also were eliminated.
Gov. Kate Brown line-item vetoed parts of this bill that gave the EIF and SDULF back some of their future revenue streams.
Also in SB 5723, our Senate Bill (SB) 1049 implementation funding was reduced by a total of $10,500,000. SB 1049 implementation will continue on as scheduled.
Text of SB 5723
House Bill (HB) 4304
Reporting requirement changes for preliminary earnings crediting reporting to legislature
This bill contains the policy changes needed to enact the budget changes passed in SB 5723.
Additionally, PERS was directed to increase the amount of data required when reporting preliminary earnings crediting to the Legislature.
Text of HB 4304