74th OREGON LEGISLATIVE ASSEMBLY--2007 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 635
House Bill 2283
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of Governor Theodore R.
Kulongoski for Public Employees Retirement System)
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.
Eliminates requirement that one member of Oregon Investment
Council be person who also serves on Public Employees Retirement
Board.
Declares emergency, effective on passage.
A BILL FOR AN ACT
Relating to the Oregon Investment Council; amending ORS 293.706
and 293.711 and section 28, chapter 625, Oregon Laws 2003; and
declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. Section 28, chapter 625, Oregon Laws 2003, is
amended to read:
{ + Sec. 28. + } The amendments to ORS 293.706 and 293.711 by
sections 25 and 27 { - of this 2003 Act - } { + , chapter 625,
Oregon Laws 2003, + } become operative on { - October 1,
2007 - } { + the effective date of this 2007 Act + }.
SECTION 2. ORS 293.706, as amended by section 25, chapter 625,
Oregon Laws 2003, and section 2, chapter 180, Oregon Laws 2005,
is amended to read:
293.706. (1) There is created the Oregon Investment Council,
consisting of five voting members and one nonvoting member.
(2) The Governor shall appoint four voting members, subject to
Senate confirmation in the manner provided in ORS 171.562 and
171.565. { + Three + } of the members appointed under this
subsection { - : - }
{ - (a) One must be a person who is appointed to serve on the
Public Employees Retirement Board under ORS 238.640 (4); and - }
{ - (b) Three - } must be qualified by training and
experience in the field of investment or finance and may not hold
any other public office or employment.
(3) The State Treasurer shall be a voting member.
(4) The Director of the Public Employees Retirement System
shall be an ex officio member of the council with no voting
power.
(5) The term of office of each appointed member of the council
is four years, but each appointed member serves at the pleasure
of the Governor. 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.
(6) An appointed member may not be appointed to more than two
full terms in any 12-year period.
SECTION 3. ORS 293.711, as amended by section 27, chapter 625,
Oregon Laws 2003, and section 4, chapter 180, Oregon Laws 2005,
is amended to read:
293.711. (1) { + Except as provided in subsection (2) of this
section, + } a member of the Oregon Investment Council is
entitled to compensation and expenses as provided in ORS 292.495
{ - except that the member of the council who is also a member
of the Public Employees Retirement Board shall be compensated in
the manner provided in ORS 238.640 (7) - } .
{ + (2) A member of the council who is also a member of the
Public Employees Retirement Board is entitled to compensation and
expenses as provided in ORS 238.640 (7) and (8). + }
{ - (2) - } { + (3) + } The council shall select one of its
members as chairperson, for a term and with powers and duties
necessary for the performance of the functions of the office as
the council determines.
{ - (3) - } { + (4) + } A person may not serve as
chairperson of the council for more than four years in any
12-year period.
SECTION 4. { + This 2007 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2007 Act takes effect on its
passage. + }
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