72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to HB 2407
 
LC 1617/HB 2407-4
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2407
 
       By COMMITTEE ON PUBLIC EMPLOYEES RETIREMENT SYSTEM
 
                             April 1
 
  On page 1 of the printed bill, delete lines 11 through 16 and
insert:
  ' (2) The successor retirement plan established by the
Legislative Administration Committee under this section shall be
a defined contribution plan and shall provide for:
  ' (a) Fixed contributions by the Legislative Assembly of six
percent of the salary paid to members of the Legislative
Assembly;
  ' (b) Contributions by members of the Legislative Assembly in
such amounts as may be required or allowed by the plan;
  ' (c) Tax-free rollovers of member accounts from the Public
Employees Retirement System; and
  ' (d) Payment of the administrative costs of the plan from the
contributions of members of the Legislative Assembly and earnings
on those contributions.
  ' (3) The Legislative Administration Committee shall contract
with one or more private providers for the administration of the
successor retirement plan established by the committee under the
provisions of this section.
  ' (4) Upon a successor retirement plan being established under
this section, any member of the Legislative Assembly who is
making contributions to the plan may request that the Public
Employees Retirement Board roll over the amounts in the member
account maintained for the member under ORS 238.250 into the
successor retirement plan.'.
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