SALEM, Ore. — The future of the public employees’ retirement funds sits on Governor John Kitzhaber’s desk. That’s because it’s passed through both the House and the Senate.
The bill reduces the cost of living increases or COLA for retirees earning more than $20,000 a year.
The bill would also lower employer contribution rates for PERS employees by about 2.5 percent.
PERS officials say the funds pulled from pers employees would increase funds for other state programs.
“That would be deferred to the 2015-2017 biennium and would save an additional $350 million for employers,” said David Crosley, PERS Communications Officer.
The bill would also end an income tax remedy for retirees who live outside Oregon and don’t pay Oregon taxes.
We attempted to contact local city and county offices for comment on the bill but given its controversial nature and that it’s still in legislation no one wanted to comment.