Chapter 217 Oregon Laws 2001

AN ACT

HB 2117

Relating to membership in the Oregon Investment Council; creating new provisions; and amending ORS 293.706 and 293.711.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 293.706 is amended to read:

293.706. (1) There is created the Oregon Investment Council, consisting of five members, subject to Senate confirmation in the manner provided in ORS 171.562 and 171.565.

(2) One member of the council shall be a [public member] person who serves on the Public Employees Retirement Board.

(3) Three members, who shall be qualified by training and experience in the field of investment or finance and who may not hold any other public office or employment, shall be appointed by the Governor. One member shall be the State Treasurer. In addition, the Director of the Public Employees Retirement System appointed by the board shall be an ex officio member of the council with no voting power.

[(3)] (4) The term of office of each appointed non ex officio member of the council is four years, but each appointed member serves at the pleasure of the appointing authority. A vacancy in the appointed membership occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only.

SECTION 2. ORS 293.711 is amended to read:

293.711. (1) A member of the Oregon Investment Council is entitled to compensation and expenses as provided in ORS 292.495 except that the member of the council who is also a member of the Public Employees Retirement Board shall be compensated in the manner provided in ORS 238.640 (3). If the member from the board is also an active member of the Public Employees Retirement System, conducting official business of the Oregon Investment Council shall be considered conducting official business of the board for purposes of ORS 238.640 (4).

(2) The council shall select one of its members as chairperson, for a term and with powers and duties necessary for the performance of the functions of the office as the council shall determine.

SECTION 3. (1) The person serving on the Oregon Investment Council on the effective date of this 2001 Act who is serving as a public member under ORS 293.706 (1999 Edition) may continue to serve until the expiration of the person’s term.

(2) The first person appointed to the council under the provisions of ORS 293.706 (2), as amended by section 1 of this 2001 Act, may begin serving immediately after the expiration of the term of the person described in subsection (1) of this section or when a vacancy occurs in the position, whichever occurs first.

Approved by the Governor May 29, 2001

Filed in the office of Secretary of State May 30, 2001

Effective date January 1, 2002

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