Dem backing a Republican bill improves its chances in a blue legislature.
Oregon’s state government is Democratic controlled, with that party in charge of both legislative chambers and the governor’s chair. But one prominent Oregon Republican senator is looking to move state retirement system members into 401(k)-like plans to help patch up its $20 billion-plus funding hole. Luckily for him, he’s got some help from a Democrat peer, who is his proposal’s co-sponsor.
Amid about a dozen bills eyeing changes to the $77.9 billion Oregon Public Employees Retirement System (PERS), roughly half of them, all sponsored by Sen. Tim Knopp, center on shaking up its defined benefit plan.