72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to HB 2001
 
LC 1657-1/HB 2001-2
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2001
 
       By COMMITTEE ON PUBLIC EMPLOYEES RETIREMENT SYSTEM
 
                           January 24
 
  In line 9 of the printed bill, before 'board' insert ' Public
Employees Retirement'.
  Delete lines 17 through 23 and insert:
  ' (2) The regular account for an active or inactive member who
established membership in the system before January 1, 1996, as
described in ORS 238.430, may not be credited with earnings in
excess of the assumed interest rate until:
  ' (a) The reserve account established under subsection (1) of
this section no longer has a deficit;
  ' (b) The reserve account established under subsection (1) of
this section is fully funded with amounts determined by the
board, after consultation with the actuary employed by the board,
to be necessary to ensure a zero balance in the account when all
members who established membership in the system before January
1, 1996, as described in ORS 238.430, have retired; and
  ' (c) The reserve account established under subsection (1) of
this section has been fully funded as described in paragraph (b)
of this subsection in each of the three immediately preceding
calendar years.'.
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