Chapter 277 Oregon Laws 2001

AN ACT

HB 5035

Relating to the financial administration of the Public Employees Retirement System; limiting expenditures; and declaring an emergency.

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

SECTION 1. Notwithstanding any other law, the following amounts are established for the biennium beginning July 1, 2001, as the maximum limits for payment of expenses from fees, moneys or other revenues, including Miscellaneous Receipts, but excluding lottery funds and federal funds, collected or received by the Public Employees Retirement System, for the following purposes:

(1) Administrative expenses of the

Deferred Compensation Plan.......................... $ 1,421,513

(2) Debt service....................................................... $ 1,422,830

(3) Oregon Pension Administration

System project................................................... $ 1

(4) Other administrative expenses......................... $ 36,642,451

SECTION 2. Notwithstanding any other law, no more than $1 may be expended during the biennium beginning July 1, 2001, for the development or implementation of the Oregon Pension Administration System project unless a specific proposal for the expenditure of the funds is submitted to the Joint Legislative Committee on Information Management and Technology and a change to the expenditure limitation imposed by section 1 of this 2001 Act is thereafter approved by the Emergency Board or by the Legislative Assembly.

SECTION 3. Section 1 of this 2001 Act does not limit, affect or apply to expenditures for refunds, retirement benefits, deferred compensation payments, health insurance premium subsidies or Public Employee Benefit Equalization Fund payments.

SECTION 4. Notwithstanding any other law, all sections of this 2001 Act are subject to Oregon Department of Administrative Services rules related to allotting, controlling, and encumbering funds.

SECTION 5. This 2001 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2001 Act takes effect July 1, 2001.

Approved by the Governor May 31, 2001

Filed in the office of Secretary of State May 31, 2001

Effective date July 1, 2001

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