Leadership introduces PERS reform – Contact your legislator today
After passing $2 billion in business taxes to boost school funding, legislative leaders introduced a package (Senate Bill 1049) last week aimed at protecting the new money from being siphoned off to pay for the rising cost of PERS $26.6 billion pension debt.
SB 1049, sponsored by House Speaker Tina Kotek and Senate President Peter Courtney, would protect all PERS benefits already earned and reinstate employee contributions to support the pension system going forward. It caps high-dollar pensions and corrects costly add-on benefit features for future service. It also extends the repayment schedule for the PERS pension debt, further easing PERS cost increases for public employers.
PERS Solutions for Public Services executive director Tim Nesbitt told The Oregonian: “We’d hoped for more but if this is the best you can do, then we conclude you should do it. It won’t mean you’re done with PERS because PERS is not done with us, but it will make a real difference for kids in today’s classrooms and for Oregonians in all walks of life. And that consideration ought to be what finally breaks the deadlock on this issue and provides a framework for further reforms in the years ahead.”
PERS Solutions for Public Services is working to advance cost-sharing reforms to the state’s pension system that reduce the taxpayer impact of PERS on public services, and ensure competitive retirement benefits and working conditions for public workers. Learn more at perssolutions.org.
WATCH: Tim Nesbitt shares the latest at our breakfast forum on education funding, Wednesday, May 15.