Public employees would help pay for their pensions via “risk sharing” under a new bill to be introduced Monday in the Oregon Senate.
Senate Bill 1068 would divert up to 4 percent of the 6 percent that now goes into each employee’s Individual Account Program into a separate “risk sharing” account. The exact percentage would be calculated biannually based on the cost of future pension benefits and how much of the projected liability is not yet funded by employers.
Senate President Peter Courtney and Sen. Mark Hass, D-Beaverton, are listed as sponsors of the bill.
Discussions about the high cost of pensions for 347,324 current and former public employees — including teachers, police, firefighters and all manner of state workers — have been percolating behind the scenes at the Legislature for weeks. The so-called unfunded liability is currently $20 billion.
More at the Statesman Journal.