Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword or section
Like this
4Activity

Table Of Contents

0 of .
Results for:
No results containing your search query
P. 1
City Club of Portland PERS Report 2011

City Club of Portland PERS Report 2011

Ratings: (0)|Views: 9,867|Likes:
Published by Statesman Journal

More info:

Published by: Statesman Journal on May 19, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

05/19/2011

pdf

text

original

 
OREGON PERS:BURDENED BY THE PAST,POISED FOR THE FUTURE
City Club of Portland Bulletin, Vol. 93, No. 49, May 27, 2011
City Club members will vote on this report on Friday, June 3, 2011. Until the membership votes, City Clubof Portland does not have an ocial position on this report. The outcome of the vote will be reported inthe City Club of Portland Bulletin dated June 17, 2011 and online atwww.pdxcityclub.org.
 
The mission of City Club is to inform its members and the community in public mattersand to arouse in them a realization of the obligations of citizenship.
 This report is part of a coordinated series of 2011 City Club program oerings: “From Crisis to Opportunity: Exploring Solu-tions to Oregon’s Fiscal Challenges.”Support for this research study was provided in part from City Club’s Research Endowment.Copies of this report are available online atwww.pdxcityclub.org.Report design by Susan K. ShepperdCity Club of Portland901 S.W. Washington St.Portland, OR 97205503-228-7231 • 503-228-8840 faxinfo@pdxcityclub.orgwww.pdxcityclub.org
 
ii
Oregon PERS: Burdened by the Past, Poised for the Future
TABLE OF CONTENTS
PUBLIC EMPLOYEE PENSION PLANS IN CRISIS .......................................................................3PERS MULTI-BILLON DOLLAR FUNDING SHORTFALL ................................................................3Studies Show Oregon PERS Faces Financial Challenges .........................................................3PERS Has a Signicant Unfunded Actuarial Liability .............................................................3ADEQUATE RETIREMENT BENCHMARK .............................................................................4PERS LIABILITIES: BENEFITS PROMISED .............................................................................5Nearly All Oregon Public Employees Are in PERS ...............................................................5PERS Oers Generous, even Excessive, Benets ................................................................5PERS Members Are Divided into Three Tiers ...................................................................6PERS Individual Account Program / Dened Contribution Plan ..................................................8PERS Pension / Dened Benet Plan ...........................................................................8HISTORY OF EXCESS AND THWARTED REFORMS ..................................................................10 The Legislatures Irresponsible Decisions on Money Match and Guaranteed Returns ............................10Legislature Permits the 6% Pick-Up ...........................................................................10PERS Board Over-Credits Regular Accounts ...................................................................10Ballot Measure 8 .............................................................................................10Oregon Supreme Court Overturns Measure 8 ................................................................10Oregon Legislature Creates Tier 2 ............................................................................11PERS Board Over-Credits Regular Accounts Yet Again. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Dot-Com Bust Exposes PERS Problems; Legislature Passes Reforms .............................................11Oregon Supreme Court Strikes Down Some Reforms and Allows Others .......................................12Political Implications of PERS Reforms ........................................................................12PERS ASSETS: WHO CONTRIBUTES AND HOW MUCH? .............................................................12How PERS Is Funded .........................................................................................12PERS GOVERNANCE STRUCTURE .................................................................................15Conicts of Interest: Legislators and Judges ..................................................................16STRONG EMPLOYEE UNIONS, LESS VISIBLE EMPLOYER GROUPS ....................................................16Who Represents Employers and Employees? ..................................................................16

Activity (4)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->