LOC News
PERS Board Adopts Emergency Rules
The Public Employee Retirement System (PERS) Board has adopted a set of emergency rules in order to implement the provisions of SB 1049, which deals with side account matching. Cities are advised to please take the time to read the draft rules and sign up for email notices from the agency.
The rules address several technical issues, but of primary concern to cities are the rules relating to the Employer Incentive Fund (EIF). The EIF was established to provide a 25% match for cash contributions to employer side-accounts. Employers whose unfunded liability is greater than 200% of payroll will be eligible to apply for matching funds beginning September 3 of this year. All other employers will be able to apply beginning in December. The LOC will be making direct notifications to cities that will be eligible to apply in September.
The Legislature appropriated $100 million in general fund revenues into the EIF during the 2019 session, and these rules only apply to that allocation and will be distributed on a first-come first-serve basis. Subsequent rule makings will deal with the distribution of lottery sports action betting revenue, which was also allocated by the Legislature, however it is currently s unclear when and how much money this will generate.
Contact: Scott Winkels, Intergovernmental Relations Associate - swinkels@orcities.org
Last Updated 8-16-19