One of Oregon’s leading business organizations, the Oregon Business Council, is poised to go where the Legislature won’t. Members of the council, which includes leadership of some of the state’s largest businesses, are talking seriously about a 2020 ballot measure designed to cut the $27 billion unfunded liability in the state’s Public Employees Retirement System.
The number crunchers for Oregon’s public pension system are set to deliver a status check to the system’s board Friday, and the prognosis is not good.
It’s time to stop kicking the can down the road. Oregon’s Public Employment Retirement System (PERS) is like a runaway train and soon, it’s going to hit Klamath Community College head on.
I am a longtime member of the KCC board of education, but I did not write this editorial on behalf of the board or the college. As a community member, I have seen KCC grow to become one of our community’s greatest assets. My concern is the financial disaster that awaits its future.
It seems as if the Oregon Legislature may be following the lead of Gov. Kate Brown in dealing with the problems associated with the state’s public pension system.
In her recent inaugural speech, Brown outlined a list of ambitious goals for the legislative session that started a week ago. One of the issues that didn’t get much attention in the speech was the state of Oregon’s Public Employees Retirement System, which faces an unfunded liability now estimated at around $26 billion.
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.
SALEM — The Oregon Legislature convened Tuesday for the 2019 session, aiming to improve the state’s lagging public schools — and find the revenue to accomplish that, address climate change by reducing greenhouse gas emissions, and promote access to health care and housing.
As usual, lawmakers have introduced a raft of bills (actually many are sponsored by Sen. Tim Knopp, R-Bend) designed to temper some of the cost increases taking place in Oregon’s public pension system and possibly put a lid on the increasing funding deficit driving those cost increases.
SALEM, Ore. — Lawmakers in Oregon are tackling some big and potentially expensive topics as they get back to work in Salem.
But will it mean higher taxes?
A new legislative report underscores that PERS could be headed for more trouble.
The report from the Legislative Fiscal Office reaffirms that the Oregon Public Employees Retirement System remains highly dependent on investment income for its financial stability. That is not a surprise. However, it should concern Oregon officials, especially in light of the current global economic swings.
It’s that time of year again!
The Oregon Business Plan Summit will be taking place on December 3rd in Portland.
Issues of importance to all Oregonians will be discussed at this year’s summit. We’ll be paying close attention to how our policy makers address our fiscal crisis, with expenditures exceeding Oregon’s record tax revenues thanks to a booming economy. How will Oregon weather the next recession?