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 3812
 
                         House Bill 3739
 
Sponsored by Representative KING
 
 
                             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 Public Employees Retirement Board and Oregon Investment
Council to establish optional, self-directed investment plan for
employee accounts of members of Public Employees Retirement
System.
 
                        A BILL FOR AN ACT
Relating to public employee retirement.
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) In addition to the Variable Annuity Account
established under ORS 238.260, the Public Employees Retirement
Board and the Oregon Investment Council shall provide active
members with an optional, self-directed investment plan for
employee accounts. The plan shall:
  (a) Allow a member to invest any portion of the member's
employee account, and any portion of the employee contributions
made by or on behalf of the employee, in a broad range of mutual
funds and other investment options;
  (b) Provide for daily monitoring through the Internet of
investment results for the options offered under the plan;
  (c) Provide investment analysis through the Internet for the
investment options offered under the plan; and
  (d) Allow a member to change investment options on a daily
basis, or as close to a daily basis as possible.
  (2) The board shall provide classes on investment under the
self-directed investment plan, and shall provide educational
materials on investing under the plan through the Internet.
  (3) Upon the effective date of a member's retirement, all
amounts invested under the self-directed investment plan,
adjusted by any earnings or losses attributable to the invested
amounts, shall be credited to the employee's account and the
retirement allowance of the member shall be based on the adjusted
account balance.
  (4) The Public Employees Retirement Board and the Oregon
Investment Council may establish fees chargeable against the
employee accounts of members who elect to invest all or part of
their accounts in the self-directed investment plan established
by the board under this section. The fee must be adequate to pay
all administrative expenses incurred by the Public Employees
 
Retirement System and by the Oregon Investment Council in
administering the plan. + }
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