75th OREGON LEGISLATIVE ASSEMBLY--2009 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 2760
 
                         House Bill 2776
 
Sponsored by COMMITTEE ON BUSINESS AND LABOR (at the request of
  AFSCME Council 75)
 
 
                             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 Oregon Public Service Retirement Plan who is
police officer or firefighter to purchase benefit units in same
manner as Tier One or Tier Two member of Public Employees
Retirement System who is police officer or firefighter.
 
                        A BILL FOR AN ACT
Relating to public employee retirement; amending ORS 238A.050.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 238A.050 is amended to read:
  238A.050. (1) The Oregon Public Service Retirement Plan is part
of the Public Employees Retirement System and is administered by
the Public Employees Retirement Board.
  (2) ORS 238.225, 238.229, 238.231,  { + 238.440, + } 238.445,
238.450, 238.455, 238.458, 238.460, 238.465, 238.470, 238.600,
238.601, 238.605, 238.610, 238.615, 238.618, 238.630, 238.635,
238.640, 238.645, 238.655, 238.660, 238.661, 238.665, 238.675,
238.692, 238.694, 238.695, 238.696, 238.698, 238.700, 238.705,
238.710 and 238.715 apply to the Oregon Public Service Retirement
Plan.
  (3) The Oregon Investment Council shall invest the assets of
the Oregon Public Service Retirement Plan as a part of the Public
Employees Retirement Fund. Except as provided by subsection (4)
of this section, the investment of Oregon Public Service
Retirement Plan assets is subject to the provisions of ORS
293.701 to 293.820. The Oregon Investment Council may invest
assets of the individual account program and pension program
differently than the other assets of the Public Employees
Retirement System.
  (4) Investment of the assets of the Oregon Public Service
Retirement Plan is not subject to the limitations imposed by ORS
293.726 (6).
  (5) The board may contract with a private provider for the
administration of the individual account program. The board is
not subject to the provisions of ORS chapter 279A or 279B in
awarding a contract under the provisions of this subsection. The
board shall establish procedures for inviting proposals and
awarding contracts under this subsection.
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