71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to A-Eng. SB 134
 
LC 1520/SB 134-A41
 
                      SENATE AMENDMENTS TO
                   A-ENGROSSED SENATE BILL 134
 
              By JOINT COMMITTEE ON WAYS AND MEANS
 
                             June 11
 
  On page 2 of the printed A-engrossed bill, line 20, after the
period insert 'Consistent with the legislative intent expressed
in section 2 of this 2001 Act, and'.
  On page 3, line 39, after 'year' insert 'in which the earnings
on the Public Employees Retirement Fund equal or exceed the
assumed interest rate established by the Public Employees
Retirement Board under ORS 238.255'.
  In line 40, delete the second 'the' and insert 'that'.
  In line 41, delete 'such part of the income as the board may
deem advisable, not exceeding' and insert 'at least five percent
but not more than'.
  In line 43, after the period insert 'The board shall continue
to credit the reserve account in the manner required by this
subsection until the board determines that the reserve account is
adequately funded for the purposes specified in this
subsection.'.
  On page 4, delete lines 30 through 45.
  On page 14, delete lines 8 through 28 and insert:
  ' (3) For the purpose of the actuarial computation required
under subsection (1) of this section, any participating public
employer may elect to be grouped with the state and all community
college districts and treated as a single employer for actuarial
purposes only. An election under this subsection may be made only
by participating public employers other than school districts and
community college districts. Any public employer that makes an
election under this subsection may not revoke the election.
  ' (4) The computation of the contributions of a participating
public employer that makes an election under the provisions of
subsection (3) of this section shall be based only on the
liabilities of the employer that are incurred after the effective
date of the employer's election. The board shall separately
compute the contribution of the employer for the liabilities
incurred by the employer before the effective date of the
employer's election.
  ' (5) A participating public employer may make an election
under subsection (3) of this section only by the adoption of a
resolution or ordinance by the governing body of the public
employer.
  ' (6) Except as provided in subsection (2) of this section, the
board may not require that any participating public employer be
grouped with any other participating public employer for the
purpose of the actuarial computation required under subsection
(1) of this section. If two participating public employers merge
or otherwise consolidate, and one of the public employers has
made an election under subsection (3) of this section:
  ' (a) The board may not require that the public employer that
is the product of the consolidation be grouped with the state and
all community college districts unless the public employer makes
an election under subsection (3) of this section; and'.
 
  On page 15, line 3, after the period delete the rest of the
line.
  In line 4, delete '293.726,'.
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