72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
 
                            Enrolled
 
                         House Bill 2001
 
Sponsored by COMMITTEE ON PUBLIC EMPLOYEES RETIREMENT SYSTEM
 
 
                     CHAPTER ................
 
 
                             AN ACT
 
 
Relating to crediting of accounts of certain members of PERS;
  creating new provisions; and amending ORS 238.255.
 
Be It Enacted by the People of the State of Oregon:
 
  SECTION 1. ORS 238.255 is amended to read:
  238.255.  { + (1) + } The regular account for an active or
inactive member of the system shall be examined each year. If the
regular account is credited with earnings for the previous year
in an amount less than the earnings that would have been credited
pursuant to the assumed interest rate for that year determined by
the  { + Public Employees Retirement + } Board, the amount of the
difference shall be credited to the regular account and charged
to a reserve account in the fund established for the purpose. A
reserve account so established may not be maintained on a deficit
basis for a period of more than five years. Earnings in excess of
the assumed interest rate for years following the year for which
a charge is made to the reserve account shall first be applied to
reduce or eliminate the amount of a deficit.   { - The Public
Employees Retirement Board shall attempt to ensure that the
reserve account is funded with amounts adequate to leave 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. - }
   { +  (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. + }
  SECTION 2.  { + The amendments to ORS 238.255 by section 1 of
this 2003 Act apply to crediting of earnings for the calendar
year 2003 and all subsequent calendar years. + }
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Enrolled House Bill 2001 (HB 2001-A)                       Page 1
 
 
 
 
 
Passed by House January 29, 2003
 
 
      ...........................................................
                                             Chief Clerk of House
 
      ...........................................................
                                                 Speaker of House
 
Passed by Senate February 11, 2003
 
 
      ...........................................................
                                              President of Senate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 2001 (HB 2001-A)                       Page 2
 
 
 
 
 
Received by Governor:
 
......M.,............., 2003
 
Approved:
 
......M.,............., 2003
 
 
      ...........................................................
                                                         Governor
 
Filed in Office of Secretary of State:
 
......M.,............., 2003
 
 
      ...........................................................
                                               Secretary of State
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 2001 (HB 2001-A)                       Page 3