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 4013
 
                         House Bill 3658
 
Sponsored by Representative PATRIDGE
 
 
                             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.
 
  Allows member of Public Employees Retirement System who served
as statewide elected official before January 1, 1968, but who did
not receive credit in system by reason of electing not to
participate in system, to acquire credit for service as statewide
elected official by paying total amount of employee contributions
that person would have made for period of service with interest.
Requires that payment be made within 90 days after effective date
of Act.
 
                        A BILL FOR AN ACT
Relating to Public Employees Retirement System.
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) Notwithstanding any other provision of this
chapter, any person who is a member of the Public Employees
Retirement System and who served as a statewide elected official
before January 1, 1968, but who did not receive credit in the
system by reason of electing not to participate in the system,
may acquire credit for the period of service as a statewide
elected official by paying to the Public Employees Retirement
Board within 90 days after the effective date of this 2001 Act
the total amount of employee contributions that person would have
made to the Public Employees Retirement Fund for the period of
service with the interest that would have accumulated on the
contributions had the contributions been made at the time of the
period of service.
  (2) This section applies to all members of the system described
in subsection (1) of this section, whether active or retired.
Upon receiving payment from a retired member of the system under
subsection (1) of this section, the board shall recalculate the
service retirement allowance of the member. The increased benefit
payable by reason of the recalculation is first effective for the
first full month after the retired member makes the payment
required by this section and is payable the first day of the
month immediately following. No retroactive payment shall be made
to a retired member under the provisions of this section. + }
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