SB 1566

  • Oregon Senate Bill
  • 2018 Regular Session
  • Introduced in Senate Mar 03, 2018
  • Senate
  • House
  • Signed by Governor Apr 10, 2018

Relating to employer contributions to the Public Employees Retirement System; and prescribing an effective date.

Abstract

Establishes Employer Incentive Fund. Appropriates moneys in fund to Public Employees Retirement Board for purpose of matching portions of certain lump sum payments of employer contributions to Public Employees Retirement System. Allows participating public employer that makes certain lump sum payment of employer contributions to system in amount equal to or greater than $10 million to choose amortization period for use of lump sum payment to offset employer contributions otherwise owed. Directs transfer of certain proceeds from debt collection, capital gains tax, estate tax, marijuana tax, wine, cider and malt beverage privilege tax and lawsuit settlements to Public Employees Retirement Fund to be credited to side account for school districts.] Directs transfer of certain proceeds from lottery revenues to Public Employees Retirement Fund to be credited to side accounts for school districts, community colleges and public universities.] Provides that Department of State Lands shall transfer from Common School Fund Account all or part of interest earned from certain unclaimed property to Public Employees Retirement Fund to be credited to side account for school districts.] Establishes School Districts Unfunded Liability Fund. Appropriates moneys in fund to Public Employees Retirement Board for purpose of establishing and funding pooled account to be applied against liabilities of participating public employers that are school districts. Directs transfer of certain proceeds from debt collection, capital gains tax and estate tax and all or part of interest from certain unclaimed property to fund. Directs Public Employees Retirement Board to establish Unfunded Actuarial Liability Resolution Program to assist participating public employers in developing plans to improve funded status and manage employer contribution rate changes. Requires board to report to Joint Committee on Ways and Means during each regular session on status of funds and program. Directs State Treasurer to study feasibility and prudence of borrowing moneys in Oregon Short Term Fund to be redeployed into investments. Directs State Treasurer to report to Legislative Assembly on results of study no later than September 30, 2019. Directs Department of Revenue to distribute estimated amount of increased corporate tax revenue attributable to treatment of post-1986 deferred foreign income to Employer Incentive Fund and to School Districts Unfunded Liability Fund on or before July 1, 2021. Provides for direct review by Supreme Court. Takes effect on 91st day following adjournment sine die.

Bill Sponsors (0)

Votes


Actions


Apr 17, 2018

Oregon Legislative Assembly

Effective date, June 2, 2018.

Apr 17, 2018

Oregon Legislative Assembly

Chapter 105, 2018 Laws.

Apr 10, 2018

Oregon Legislative Assembly

Governor signed.

Mar 07, 2018

Oregon Legislative Assembly

Speaker signed.

Mar 06, 2018

Oregon Legislative Assembly

President signed.

Mar 04, 2018

Oregon Legislative Assembly

Rules suspended. Third reading. Carried by Holvey. Passed.

Mar 04, 2018

Oregon Legislative Assembly

Rules suspended. Second reading.

Mar 03, 2018

Oregon Legislative Assembly

Recommendation: Do pass.

Mar 03, 2018

Oregon Legislative Assembly

Referred to Ways and Means.

Mar 03, 2018

Oregon Legislative Assembly

First reading. Referred to Speaker's desk.

Mar 03, 2018

Oregon Legislative Assembly

Rules suspended. Third reading. Carried by Taylor. Passed.

Mar 03, 2018

Oregon Legislative Assembly

Second reading.

Mar 03, 2018

Oregon Legislative Assembly

Recommendation: Do pass with amendments to the A-Eng. bill. (Printed B-Eng.)

Mar 02, 2018

Oregon Legislative Assembly

Work Session held.

Mar 01, 2018

Oregon Legislative Assembly

Returned to Full Committee.

Mar 01, 2018

Oregon Legislative Assembly

Work Session held.

Feb 28, 2018

Oregon Legislative Assembly

Assigned to Subcommittee On Capital Construction.

Feb 15, 2018

Oregon Legislative Assembly

Referred to Ways and Means by prior reference.

Feb 15, 2018

Oregon Legislative Assembly

Recommendation: Do pass with amendments and be referred to Ways and Means by prior reference. (Printed A-Eng.)

Feb 15, 2018

Oregon Legislative Assembly

Possible Work Session cancelled.

Feb 13, 2018

Oregon Legislative Assembly

Work Session held.

Feb 08, 2018

Oregon Legislative Assembly

Public Hearing held.

Feb 06, 2018

Oregon Legislative Assembly

Public Hearing held.

Feb 05, 2018

Oregon Legislative Assembly

Referred to Workforce, then Ways and Means.

Feb 05, 2018

Oregon Legislative Assembly

Introduction and first reading. Referred to President's desk.

Jan 22, 2018

Oregon Legislative Assembly

Presession Released to the Public.

Bill Text

Bill Text Versions Format
Senate Amendments to Introduced PDF
Senate Amendments to A-Engrossed PDF
Introduced PDF
Enrolled PDF
B-Engrossed PDF
A-Engrossed PDF

Related Documents

Document Format
No related documents.

Sources

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