72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to HB 2005
 
LC 1662/HB 2005-6
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2005
 
       By COMMITTEE ON PUBLIC EMPLOYEES RETIREMENT SYSTEM
 
                           February 3
 
  On page 1 of the printed bill, line 3, after '238.640 ' insert
', 293.706'.
  On page 2, delete lines 44 and 45 and insert:
  ' (1) All members of the Public Employees Retirement Board must
be at least 21 years of age, be citizens of the United States and
have been residents of the state for at least two years
immediately preceding appointment to the board.
  ' (2) One member of the board must be:
  ' (a) An employee of the state in a management position at the
time of appointment and throughout the term of appointment; or
  ' (b) A person who holds an elective office, by election or
appointment, in the governing body of a participating public
employer, other than the state.
  ' (3) One member must be a public employee, as defined in ORS
243.650, who is in an appropriate bargaining unit, as defined in
ORS 243.650, and who has an exclusive representative at the time
of the member's appointment and throughout the term of the
member. Membership on the board does not affect the status of the
person as a public employee, as defined in ORS 243.650.
  ' (4) Three members of the board must have experience in
business management, pension management or investing. A member
appointed under this subsection may not be a member of the Public
Employees Retirement System or a beneficiary of a member of the
system, and may not have any interest in benefits provided by the
system.
  ' (5) Notwithstanding the qualifications established for
members of the board under this section, all members of the board
have the same fiduciary duties and must exercise the same degree
of independent judgment.'.
  On page 3, delete lines 1 and 2.
  In line 3, delete '(2)' and insert '(6)'.
  In line 4, after the period insert 'Members of the board may be
reappointed.'.
  In line 5, restore the bracketed material and delete '(3) ' and
insert '(7)' and delete '(4)' and insert '(8)'.
  Restore lines 7 through 17.
  In line 7, delete '(4)' and insert '(8)'.
  After line 17, insert:
  '  { +  SECTION 3. + } ORS 293.706 is amended to read:
  ' 293.706. (1) There is created the Oregon Investment Council,
consisting of five members, subject to Senate confirmation in the
manner provided in ORS 171.562 and 171.565.
  ' (2) One member of the council shall be a person who
  { - serves - }  { +  is appointed to serve + } on the Public
Employees Retirement Board { +  under ORS 238.640 (4) + }.
  ' (3) Three members, who shall be qualified by training and
experience in the field of investment or finance and who may not
hold any other public office or employment, shall be appointed by
the Governor. One member shall be the State Treasurer. In
addition, the Director of the Public Employees Retirement System
appointed by the board shall be an ex officio member of the
council with no voting power.
  ' (4) The term of office of each appointed non ex officio
member of the council is four years, but each appointed member
serves at the pleasure of the appointing authority. A vacancy in
the appointed membership occurring other than by expiration of
term shall be filled in the same manner as the original
appointment, but for the unexpired term only.'.
  In line 18, delete '3' and insert '4'.
  In line 22, delete '(3)' and insert '(7)'.
  In line 27, delete '4' and insert '5'.
  In line 28, delete 'and 238.640 by sections 1 and 2' and insert
', 238.640, 293.706 and 293.711 by sections 1 to 4'.
  In line 41, delete '5' and insert '6'.
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