72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
SA to B-Eng. HB 2407
 
LC 1617/HB 2407-B10
 
                      SENATE AMENDMENTS TO
                   B-ENGROSSED HOUSE BILL 2407
 
               By COMMITTEE ON GENERAL GOVERNMENT
 
                             June 3
 
  On page 1 of the printed B-engrossed bill, line 2, after the
semicolon insert 'creating new provisions; amending ORS
238.300;'.
  Delete lines 4 through 23 and delete page 2 and insert:
  '  { +  SECTION 1. + } ORS 238.300 is amended to read:
  ' 238.300. Upon retiring from service at normal retirement age
or thereafter, a member of the system shall receive a service
retirement allowance which shall consist of the following annuity
and pensions:
  ' (1) A refund annuity which shall be the actuarial equivalent
of accumulated contributions by the member and interest thereon
credited at the time of retirement, which annuity shall provide
an allowance payable during the life of the member and at death a
lump sum equal in amount to the difference between accumulated
contributions at the time of retirement and the sum of the
annuity payments actually made to the member during life shall be
paid to such person, if any, as the member nominates by written
designation duly acknowledged and filed with the board or shall
otherwise be paid according to the provisions of this chapter for
disposal of an amount credited to the member account of a member
at the time of death in the event the member designates no
beneficiary to receive the amount or no such beneficiary is able
to receive the amount. If death of the member occurs before the
first payment is due, the member account of the member shall be
treated as though death had occurred before retirement.
  ' (2)(a) A life pension (nonrefund) for current service
provided by the contributions of employers, which pension,
subject to paragraph (b) of this subsection, shall be an amount
which, when added to the sum of the annuity under subsection (1)
of this section and the annuity, if any, provided on the same
basis and payable from the Variable Annuity Account, both
annuities considered on a refund basis, results in a total of:
  ' (A) For service as a police officer or firefighter, two
percent of final average salary multiplied by the number of years
of membership in the system as a police officer or firefighter
before the effective date of retirement.
  '  { - (B) For service as a member of the Legislative Assembly,
two percent of final average salary multiplied by the number of
years of membership in the system as a member of the Legislative
Assembly before the effective date of retirement. - }
  '  { - (C) - }   { + (B) + } For service as other than a police
officer  { - , - }  { +  or + } firefighter   { - or - }  { + ,
including service as a + } member of the Legislative Assembly,
1.67 percent of final average salary multiplied by the number of
years of membership in the system as other than a police officer
 { - , - }  { +  or + } firefighter   { - or member of the
Legislative Assembly - } before the effective date of retirement.
  ' (b) A pension under this subsection shall be at least:
  ' (A) The actuarial equivalent of the annuity provided by the
accumulated contributions of the member.
  ' (B) For a member who made contributions before August 21,
1981, the equivalent of a pension computed pursuant to this
subsection as it existed immediately before that date.
  ' (c) As used in this subsection, 'number of years of
membership' means the number of full years plus any remaining
fraction of a year for which salary was paid and contributions to
the Public Employees Retirement System made. Except as otherwise
provided in this paragraph, in determining a remaining fraction a
full month shall be considered as one-twelfth of a year and a
major fraction of a month shall be considered as a full month.
Membership of a school district employee, an employee of the
State Board of Higher Education engaged in teaching or other
school activity at an institution of higher education or an
employee of the Department of Human Services, the Oregon Youth
Authority, the Department of Corrections or the State Board of
Education engaged in teaching or other school activity at an
institution supervised by the authority, board or department, for
all portions of a school year in a calendar year in which the
district school, institution of higher education or school
activity at an institution so supervised in which the member is
employed is normally in session shall be considered as a full
one-half year of membership. The number of years of membership of
a member who received a refund of contributions as provided in
ORS 237.976 (2) is limited to the number of years after the day
before the date on which the refund was received. The number of
years of membership of a member who is separated, for any reason
other than death or disability, from all service entitling the
member to membership in the system, who withdraws the amount
credited to the member account of the member in the fund during
absence from such service and who thereafter reenters the service
of an employer participating in the system but does not repay the
amount so withdrawn as provided in this chapter, is limited to
the number of years after the day before the date of so
reentering.
  ' (3) An additional life pension (nonrefund) for prior service
credit, including military service, credited to the member at the
time of first becoming a member of the system, as elsewhere
provided in this chapter, which pension shall be provided by the
contributions of the employer.
  '  { +  SECTION 2. + }  { + (1) Except as provided in
subsection (2) of this section, the amendments to ORS 238.300 by
section 1 of this 2003 Act apply to periods of service as a
member of the Legislative Assembly served by reason of
appointment or election to the Legislative Assembly on or after
the effective date of this 2003 Act, including periods of service
as a member of the Legislative Assembly served by reason of
reelection to the Legislative Assembly after the effective date
of this 2003 Act.
  ' (2) The amendments to ORS 238.300 by section 1 of this 2003
Act do not apply to service performed on or after the effective
date of this 2003 Act by a person who is serving a term of office
as a member of the Legislative Assembly on the effective date of
this 2003 Act and who performed any service as a member of the
Legislative Assembly before January 1, 1995. The retirement
allowance for service performed on or after the effective date of
this 2003 Act by those persons shall be as provided by ORS
238.300 as in effect immediately before the effective date of
this 2003 Act. + }
  '  { +  SECTION 3. + }  { + 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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