Senate Bill 1049 (2019) - Current PERS reform proposal designed to bend the PERS cost curve by redirecting of member contributions, setting a final average salary limit, creating a money match interest rate, reamortize the Tier 1 and Tier 2 unfunded actuarial liability, and adjust the contributions made by rehired retiree members.
PERS Solutions for Public Services - PERS Solutions for Public Services is an information resource for individuals and organizations from across Oregon working to advance cost-sharing reforms to the state’s pension system that reduce the impact of PERS on taxpayer budgets, ensure competitive retirement benefits and working conditions for public workers, and preserve and enhance vital public services.
2013 - reduces the amount of the COLA a PERS retiree will receive in the future, eliminates the out-of-state tax remedy for individuals who do not reside or pay income taxes in Oregon, and provides for direct appeal of any legal challenges to the bill to the Oregon Supreme Court.
2011 - Estimated rate of return 2.21%, 66% of the system’s total accrued liability is for members who are no longer working in covered employment (and therefore they are no longer paying anything to cover their benefits).
2010 - Rate of return was 12.44%, higher than expected.
2009 - Rate of return was 19.12%, higher than expected.
2008 - System lost 27% of value going from $65 billion to $46 billion.
2007 - Valuation funded status reached 112%; employer rates reduced by 3%
2003 - UAL calculated at $17 billion; 2003 Legislature approved modifications to reduce UAL as follows:
Crediting rate for Tier 1 could not exceed guaranteed rate (8%) unless gain/loss reserve is fully funded for 3 years
Shifted 6% employee contributions to IAP, significantly limiting money match.
Modernized mortality tables
Created new, 5-member board, where PERS members can only hold one seat.
OPSRP created: “hybrid” benefit plan with both DB and DC elements.
1997-2007 - over 95 districts used bonds to pay down their share of the UAL
