SALEM, Ore. (AP) — Public employee pension funding that suffered investment losses during the recession may also lead to budget cuts for many state and local government agencies, along with school districts.
The Oregon Public Employees Retirement System board is scheduled to vote Friday on employer pension rates for the upcoming 2011-13 biennium.
The Statesman Journal reports those rates are expected to more than double as a result of investment losses the retirement system known as PERS suffered during the market downturn.
PERS officials are sending each city, county, school district and government agency that participates in the system a more detailed breakdown of their pension costs to help them prepare their budgets.
