Chapter 495 Oregon Laws 2011

AN ACT

HB 5039

Relating to the financial administration of the Public Employees Retirement System; limiting expenditures; and declaring an emergency.

Be It Enacted by the People of the State of Oregon:

SECTION 1. Notwithstanding any other law limiting expenditures, the following amounts are established for the biennium beginning July 1, 2011, as the maximum limits for payment of expenses from fees, moneys or other revenues, including Miscellaneous Receipts, but excluding lottery funds and federal funds, collected or received by the Public Employees Retirement System, for the following purposes:

(1) Administrative and

operating expenses $ 76,999,319

(2) Debt service $ 1,418,600

SECTION 2. For the biennium beginning July 1, 2011, expenditures by the Public Employees Retirement System for refunds, retirement benefits, deferred compensation and individual account program payments, health insurance premiums, health insurance premium subsidies, third party administrator costs for health and individual account programs and Public Employee Benefit Equalization Fund payments are not limited.

SECTION 3. This 2011 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2011 Act takes effect July 1, 2011.

Approved by the Governor June 23, 2011

Filed in the office of Secretary of State June 23, 2011

Effective date July 1, 2011

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