71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 403
 
                         House Bill 2054
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Representative Jerry
  Krummel)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Directs Oregon Investment Council to invest certain assets of
Public Employees Retirement Fund that are attributable to
employer contributions in same investments used for Variable
Annuity Account. Exempts such investments from certain limits on
maximum amounts that can be invested in common stock.
 
                        A BILL FOR AN ACT
Relating to Public Employees Retirement Fund.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2001 Act is added to and made
a part of ORS chapter 238. + }
  SECTION 2.  { + (1) The Public Employees Retirement Board, on a
regular basis, shall determine for each participating public
employer the total amount of all member accounts in the Variable
Annuity Account held by active or inactive members who are or
were employed by the employer. The board shall provide the total
amount for each employer so determined to the Oregon Investment
Council.  Subject to the investment standard established in ORS
293.726, the Oregon Investment Council shall invest moneys equal
to the amounts specified by the board in the same fund or funds
in which Variable Annuity Account moneys are invested.
  (2) The moneys invested by the Oregon Investment Council under
this section shall be moneys of the Public Employees Retirement
Fund that are assets attributable to employer contributions and
earnings on those contributions, but are not assets of the
reserves established under ORS 238.255 or assets of member
accounts maintained under ORS 238.250 or 238.260. The board shall
credit or charge earnings and losses produced by investments made
under this section to each public employer, based on the amount
determined for the employer under subsection (1) of this section,
for the purpose of matching earnings credited to the Variable
Annuity Account on behalf of the active and inactive members who
are or were employed by the employer.
  (3) Investments authorized under this section are not subject
to the limitations on investment imposed by ORS 293.726 (6).
  (4) Nothing in this section shall be construed to convey to any
participating public employer any proprietary interest in the
Public Employees Retirement Fund or in the contributions made to
the fund by those employers. + }
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