Although we recognize that legislation may change by the time this newsletter is delivered to members, we still feel compelled to report on possible legislation that would make significant changes to the PERS system. Some of the amendments to SB 134 could impact costs to employers. One provision allows retiring members to receive both their member account balance and a matching payment from their employer in a lump sum. This option may be desirable to some members and represents a savings to employers because it eliminates future COLA increases. Another amendment mandates that the fiduciary duty of the PERS Board extends equally to participating public employers and members.
Several provisions relate to pooling local government employers to help stabilize rates.
Possibilities include a single pool for local government employers or merger of that pool with state agencies and community colleges. Other bills are summarized below. HB 2459 allows retiring members to withdraw both their member accounts and matching amounts from their employers in lump-sum payments. HB 3731 allows PERS retirees age 65 or older to work unlimited hours for public employers without affecting their PERS benefits. SB 487 allows PERS retirees to work for the legislature for all or part of a legislative session without affecting benefits.