Oregon Legislature approves bill making changes to PERS

First published in Around the O on June 3rd. The UO’s Office of Human Resources is providing information about legislation recently approved by state lawmakers that makes changes to the Public Employees Retirement System.

The Oregon Legislature recently approved Senate Bill 1049, and the bill has been sent to Gov. Kate Brown to sign. The new legislation contains several provisions, with varying effective dates, related to benefit modifications and system financing.

The HR website provides more information about the development, including a summary of SB 1049.

The bill includes a number of changes for PERS employers and members that will occur in the future. If the bill is approved by the governor, PERS will continue to analyze the bill and prepare to fulfill its requirements.

PERS provides updates on its website and will provide more information about the implementation of SB 1049 as it becomes available. PERS members can sign up on the PERS website to receive email or text alerts about the legislation.

“Changes to PERS generates a lot of discussion and elevates concerns,” said Cindi Peterson, associate director of benefits. “It is important for PERS members to verify information they receive and seek clarification from trusted resources before making any decisions about retirement. The benefits office and PERS representatives are available to answer questions and discuss individual concerns.”

While the benefits office cannot specifically advise individuals on how proposed or approved changes may affect their retirement benefits, they strongly encourage PERS members to stay informed, get a PERS estimate and meet with a financial advisor. Visit the HR website for more information.

The benefits office will continue to monitor PERS-related issues and changes closely and provide information and resources as they become available. For questions or additional assistance, contact the benefits office at 541-346-3085.