OR SB1566 | 2018 | Regular Session
Status
Completed Legislative Action
Spectrum: Unknown
Status: Passed on April 17 2018 - 100% progression
Action: 2018-04-17 - Effective date, June 2, 2018.
Text: Latest bill text (Introduced) [PDF]
Spectrum: Unknown
Status: Passed on April 17 2018 - 100% progression
Action: 2018-04-17 - Effective date, June 2, 2018.
Text: Latest bill text (Introduced) [PDF]
Summary
Establishes Employer Incentive Fund. Appropriates moneys in fund to Public Employees Retirement Board for purpose of matching portions of certain lump sum payments of employer contributions to Public Employees Retirement System. Allows participating public employer that makes certain lump sum payment of employer contributions to system in amount equal to or greater than $10 million to choose amortization period for use of lump sum payment to offset employer contributions otherwise owed. Directs transfer of certain proceeds from debt collection, capital gains tax, estate tax, marijuana tax, wine, cider and malt beverage privilege tax and lawsuit settlements to Public Employees Retirement Fund to be credited to side account for school districts.] Directs transfer of certain proceeds from lottery revenues to Public Employees Retirement Fund to be credited to side accounts for school districts, community colleges and public universities.] Provides that Department of State Lands shall transfer from Common School Fund Account all or part of interest earned from certain unclaimed property to Public Employees Retirement Fund to be credited to side account for school districts.] Establishes School Districts Unfunded Liability Fund. Appropriates moneys in fund to Public Employees Retirement Board for purpose of establishing and funding pooled account to be applied against liabilities of participating public employers that are school districts. Directs transfer of certain proceeds from debt collection, capital gains tax and estate tax and all or part of interest from certain unclaimed property to fund. Directs Public Employees Retirement Board to establish Unfunded Actuarial Liability Resolution Program to assist participating public employers in developing plans to improve funded status and manage employer contribution rate changes. Requires board to report to Joint Committee on Ways and Means during each regular session on status of funds and program. Directs State Treasurer to study feasibility and prudence of borrowing moneys in Oregon Short Term Fund to be redeployed into investments. Directs State Treasurer to report to Legislative Assembly on results of study no later than September 30, 2019. Directs Department of Revenue to distribute estimated amount of increased corporate tax revenue attributable to treatment of post-1986 deferred foreign income to Employer Incentive Fund and to School Districts Unfunded Liability Fund on or before July 1, 2021. Provides for direct review by Supreme Court. Takes effect on 91st day following adjournment sine die.
Title
Relating to employer contributions to the Public Employees Retirement System; and prescribing an effective date.
Sponsors
| No sponsor information available at this time. |
Roll Calls
2018-03-03 - House - House Third Reading (Y: 40 N: 18 NV: 0 Abs: 2) [PASS]
2018-03-03 - Senate - Senate Third Reading (Y: 29 N: 0 NV: 0 Abs: 1) [PASS]
2018-03-02 - Senate - Senate Committee Do pass with amendments to the A-Eng bill. (Printed B-Eng.) (Y: 21 N: 1 NV: 0 Abs: 1) [PASS]
2018-02-13 - Senate - Senate Committee Do pass with amendments. Refer to Ways and Means by prior reference. (Printed A-Eng) (Y: 5 N: 0 NV: 0 Abs: 0) [PASS]
2018-03-03 - Senate - Senate Third Reading (Y: 29 N: 0 NV: 0 Abs: 1) [PASS]
2018-03-02 - Senate - Senate Committee Do pass with amendments to the A-Eng bill. (Printed B-Eng.) (Y: 21 N: 1 NV: 0 Abs: 1) [PASS]
2018-02-13 - Senate - Senate Committee Do pass with amendments. Refer to Ways and Means by prior reference. (Printed A-Eng) (Y: 5 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2018-04-17 | Senate | Effective date, June 2, 2018. |
| 2018-04-17 | Senate | Chapter 105, 2018 Laws. |
| 2018-04-10 | Senate | Governor signed. |
| 2018-03-06 | House | Speaker signed. |
| 2018-03-06 | Senate | President signed. |
| 2018-03-03 | House | Rules suspended. Third reading. Carried by Holvey. Passed. Ayes, 40; Nays, 18--Barreto, Boles, Buehler, Esquivel, Findley, Helfrich, McLane, Nearman, Olson, Parrish, Post, Reschke, Smith DB, Sprenger, Stark, Vial, Whisnant, Wilson; Excused, 2--Hayden, Heard. |
| 2018-03-03 | House | Rules suspended. Second reading. |
| 2018-03-03 | House | Recommendation: Do pass. |
| 2018-03-03 | House | Referred to Ways and Means. |
| 2018-03-03 | House | First reading. Referred to Speaker's desk. |
| 2018-03-03 | Senate | Rules suspended. Third reading. Carried by Taylor. Passed. Ayes, 29; Excused, 1--Kruse. |
| 2018-03-03 | Senate | Second reading. |
| 2018-03-02 | Senate | Recommendation: Do pass with amendments to the A-Eng. bill. (Printed B-Eng.) |
| 2018-03-02 | Senate | Work Session held. |
| 2018-03-01 | Senate | Returned to Full Committee. |
| 2018-03-01 | Senate | Work Session held. |
| 2018-02-28 | Senate | Assigned to Subcommittee On Capital Construction. |
| 2018-02-15 | Senate | Referred to Ways and Means by prior reference. |
| 2018-02-15 | Senate | Recommendation: Do pass with amendments and be referred to Ways and Means by prior reference. (Printed A-Eng.) |
| 2018-02-15 | Senate | Possible Work Session cancelled. |
| 2018-02-13 | Senate | Work Session held. |
| 2018-02-08 | Senate | Public Hearing held. |
| 2018-02-06 | Senate | Public Hearing held. |
| 2018-02-05 | Senate | Referred to Workforce, then Ways and Means. |
| 2018-02-05 | Senate | Introduction and first reading. Referred to President's desk. |
| 2018-01-22 | Senate | Presession Released to the Public. |
