Legislators tasting the PERS porridge

Mar 15, 2013 | 1 Comment

By Jeb Bladine
Of the News-Register

Only online subscribers may access this article. Subscribe online by clicking here . Already a subscriber, please log in

Comments

03:52 pm - Fri, March 15 2013

kona said:

We would have very few layoffs in our schools if PERS was set at the level almost all Tier I employees came into the system.

You said, "It’s time — past time — for Oregonians to taste the porridge that is just right. Let’s make a PERS bed that fulfills only the original promises of a retirement program that became overstuffed while no one was looking."

"In 1981, the Legislature decided to add another retirement formula, one based solely on years of service and a worker's final salary. Lawmakers set a clear goal with the new formula: Public employees with at least 30 years of service (25 years in the case of police and firefighters) should receive a pension equal to about 50 percent to 60 percent of their final salary."

http://oregonstate.edu/senate/agen/reports/PERS0210.html