Signed by Governor John Kitzhaber

Vote Smart's Synopsis:

Vote to pass a bill that amends the Public Employees Retirement System's annual benefit adjustment.

Highlights:

• Requires the Public Service Retirement Plan to increase the annual allowance an individual or individual’s beneficiary receives for certain benefits or pensions as follows, effective July 1, 2014 (Secs. 3-9):
• 2 percent annual increase for an individual who received benefits less than $20,000 the previous year;
• 1.5 percent annual increase on the amount exceeding $20,000 plus $400, for an individual who received benefits more than $20,000 but less than $40,000 the previous year;
• 1 percent annual increase on the amount exceeding $40,000 plus $700, for an individual who received benefits more than $40,000 but less than $60,000 the previous year; and
• 0.25 annual percent increase on the amount exceeding $60,000 plus $900, for an individual who received benefits more than $60,000 the previous year. 

• Requires the Public Employees Retirement Board to recalculate the contributions rates for employers to reflect the provisions of this bill (Sec. 18).

• Prohibits a public employer from increasing the annual retirement benefits for an individual that is not subject to the Oregon personal income tax (Sec. 15).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends the Public Employees Retirement System's annual benefit adjustment.

Highlights:

• Requires the Public Service Retirement Plan to increase the annual allowance an individual or individual’s beneficiary receives for certain benefits or pensions as follows, effective July 1, 2014 (Secs. 3-9):
• 2 percent annual increase for an individual who received benefits less than $20,000 the previous year;
• 1.5 percent annual increase on the amount exceeding $20,000 plus $400, for an individual who received benefits more than $20,000 but less than $40,000 the previous year;
• 1 percent annual increase on the amount exceeding $40,000 plus $700, for an individual who received benefits more than $40,000 but less than $60,000 the previous year; and
• 0.25 annual percent increase on the amount exceeding $60,000 plus $900, for an individual who received benefits more than $60,000 the previous year. 

• Requires the Public Employees Retirement Board to recalculate the contributions rates for employers to reflect the provisions of this bill (Sec. 18).

• Prohibits a public employer from increasing the annual retirement benefits for an individual that is not subject to the Oregon personal income tax (Sec. 15).

Full Bill Text