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 1665
 
                         House Bill 2400
 
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.
 
  Allows active or inactive member of Public Employees Retirement
System to transfer amounts credited to member in Public Employees
Retirement Fund to any new defined contribution plan established
by Legislative Assembly after January 1, 2003.  Provides that
upon transfer by member, Public Employees Retirement Board
transfers to credit of member under new plan additional amount
equal to __ percent of account, to be paid from employer
contributions.
  Specifies that member making transfer is entitled only to
benefits provided under new defined contribution plan.
 
                        A BILL FOR AN ACT
Relating to benefits payable to members of Public Employees
  Retirement System.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2003 Act is added to and made
a part of ORS chapter 238. + }
  SECTION 2.  { + (1) Notwithstanding any other provision of this
chapter, any person who is an active or inactive member of the
Public Employees Retirement System on the effective date of this
2003 Act may elect at any time to transfer the person's member
account to any new defined contribution plan established by the
Legislative Assembly after January 1, 2003, for persons who first
become members of the Public Employees Retirement System on or
after a specific date that is later than January 1, 2003. Upon a
member making a transfer under this section, the Public Employees
Retirement Board shall transfer to the credit of the member under
the new plan an additional amount equal to __ percent of the
balance of the account, to be paid from employer contributions.
  (2) A member of the system making a transfer under this section
is entitled only to the benefits provided under the new defined
contribution plan established by the Legislative Assembly, and is
not entitled to any other benefit provided under this
chapter. + }
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