72nd OREGON LEGISLATIVE ASSEMBLY--2003 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 1669
 
                         House Bill 2004
 
Sponsored by COMMITTEE ON PUBLIC EMPLOYEE RETIREMENT SYSTEM
  (PERS)
 
 
                             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.
 
  Requires that Public Employees Retirement Board adopt mortality
tables, based on best available actuarial information, every two
years for purpose of computing benefits of members and
beneficiaries of members. Provides that mortality tables first
become effective on January 1, 2004.
  Directs Public Employees Retirement Board to adopt mortality
tables, based on best available actuarial information, for
purpose of computing benefits of members who have effective date
of retirement that is __ days or more after effective date of Act
and before January 1, 2004.
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to actuarial equivalency factor tables; and declaring an
  emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Sections 2, 3 and 4 of this 2003 Act are added
to and made a part of ORS chapter 238. + }
  SECTION 2.  { + Once every two calendar years, the Public
Employees Retirement Board shall adopt actuarial equivalency
factor tables for the purpose of computing the payments to be
made to members, beneficiaries, alternate payees under ORS
238.465 and other payees. The tables may be adopted in
conjunction with the system evaluation required by ORS 238.605.
Tables adopted under this section must use the best actuarial
information on mortality available at the time the board adopts
the tables, as provided by the actuary engaged by the board.
Actuarial equivalency factor tables adopted under this section
become effective on January 1 of the calendar year following
adoption of the tables by the board.  All computations of
payments to be made to members, beneficiaries, alternate payees
under ORS 238.465 and other payees must use the actuarial
equivalency factor tables that are in effect at the time the
computation is made. + }
  SECTION 3.  { + The Public Employees Retirement Board shall
first adopt actuarial equivalency factor tables under section 2
of this 2003 Act to become effective January 1, 2004. + }
  SECTION 4.  { + Within __ days after the effective date of this
2003 Act, the Public Employees Retirement Board shall adopt
actuarial equivalency factor tables based on the best actuarial
information on mortality available at the time the board adopts
the tables, as provided by the actuary engaged by the board. The
board shall use tables adopted under this section to compute the
payments to be made to any member who has an effective date of
retirement that is __ days or more after the effective date of
this 2003 Act and before January 1, 2004, and to beneficiaries,
alternate payees under ORS 238.465 and other payees of the
member. + }
  SECTION 5.  { + 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 on its
passage. + }
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