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 2445
 
                         Senate Bill 396
 
Sponsored by Senator CORCORAN
 
 
                             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 member of Public Employees Retirement System who served
in elective office before becoming member of system to acquire
retirement credit for periods of service in elective office.
Requires that member pay employee contributions for period of
service sought, and interest. Requires that payment be made
within 90 days after effective date of Act.
 
                        A BILL FOR AN ACT
Relating to public employee retirement.
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) A member of the Public Employees Retirement
System who meets the requirements of subsection (2) of this
section may receive retirement credit in the manner provided in
this section for periods of service in an elective office
performed on or after July 1, 1988.
  (2) Retirement credit may be acquired under this section only
by a person who:
  (a) Held elective office on or after July 1, 1988;
  (b) Could have become a member of the system under the
provisions of ORS 238.015 (6), but did not elect to become a
member of the system for all or part of the person's service in
the elective office; and
  (c) After leaving elective office, served for a period of time
as an active member of the system.
  (3) Retirement credit may be obtained by a member described in
subsection (2) of this section for all periods of service in an
elective office served on or after July 1, 1988, for which the
member did not receive credit in the system. The member may
acquire retirement credit for all or part of those periods of
service by:
  (a) Applying in writing to the Public Employees Retirement
Board for the retirement credit; and
  (b) Paying to the board in a lump sum for credit to the account
of the employee in the Public Employees Retirement Fund, within
90 days after the effective date of this 2003 Act, the total
amount of employee contributions to the fund by or on behalf of
the employee that would have been required for the period of
service for which the member seeks credit, and interest on those
amounts calculated from the date that the contributions would
have been made. The interest shall be computed at the annual rate
of 7.5 percent.
  (4) Retirement credit acquired under this section shall be
considered by the board for all purposes as the equivalent of
restored credit under ORS 238.105. + }
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