Timeline and Action Steps: Measure 29 Rate Correction

Date: Tue, 09 Mar 2004 17:29:27 -0800
From: "Denise Yunker" Denise_Yunker@ous.edu
To: <gilkey@darkwing.uoregon.edu
Cc: "Ben Rawlins" Ben_Rawlins@ous.edu , "Lisa Zavala" Lisa_Zavala@ous.edu, "Richard Jarvis" Richard_Jarvis@ous.edu, "Tom Anderes" Tom_Anderes@ous.edu
Subject: ORP Timeline and OUS Actions

Peter:

My apologies this is coming to you late on March 9, but I think it will be helpful in describing the history of our progress and the exchanges OUS has had with various groups since rate-setting became complicated by PERS' reform. Though we are still working on the solution, be assured the issue is open and my top priority.

Denise

• August 29, 2003 Oregon Public Service Retirement Plan (OPSRP) effective.
• September 16, 2003 Voters pass Measure 29, authorizing $2 billion in Article XI-0 bonds (POBs) to reduce state costs for retirement benefits.
• October 15, 2003 OUS requests POB-adjusted rates for the ORP from PERS actuary.
• October 22, 2003 AGšs office advises that payment of debt service charges to the state cannot be considered contributions to PERS for purposes of determining ORP rates.
• November 1, 2003 ORP rates reduced to reflect PERS rate reduction for M29 POBs
• November 13, 2003 Federal grant funding questions reopen consideration of debt service payments for OUS and the state.
• December 19, 2003 OUS, PERS, AGšs office outline facts and history for development of AG advice on ORP rates.
• January 9, 2004 OUS convenes stakeholders to consider ORP legislative amendment.
• January 9, 2004 PERS repeals OAR 459-005-0320.
• January 26, 2004 PERS reverses amortization policy, restoring OPSRP employer contribution to normal cost rate.
• January 29, 2004 Preliminary AG advice on ORP rate adjustment reviewed and returned.
• February 23, 2004 Legislative coalition update.
• February 26, 2004 Revised AG advice on ORP rate adjustments discussed and returned.
• March 5, 2004 PERS letter on rate change dates distributed to OPSRP eligibles.
• March 9, 2004 Revised AG advice on ORP rate adjustments pending.