Chapter 439 Oregon Laws 2003

AN ACT

SB 5538

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 limiting expenditures, the following amounts are established for the biennium beginning July 1, 2003, 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.................. $ 1,524,662

(2) Debt service.......................................... $ 1,466,552

(3) Other administrative expenses............. $ 48,465,082

SECTION 2. For the biennium beginning July 1, 2003, expenditures for refunds, retirement benefits, deferred compensation payments, health insurance premiums, health insurance premium subsidies or Public Employee Benefit Equalization Fund payments are not limited.

SECTION 3. This 2003 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2003 Act takes effect July 1, 2003.

Approved by the Governor June 23, 2003

Filed in the office of Secretary of State June 23, 2003

Effective date July 1, 2003

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