Key vote for Oregon public employee pension board
Thursday, July 28, 2011
PORTLAND, Ore. (AP) -- The board the oversees Oregon's Public Employees Retirement System is scheduled to make a vote Friday that could affect pension benefits and rates paid by cities and school districts.
The decision involves the assumed rate of return on the state's $59 billion pension fund. Oregon's rate currently stands at 8 percent, but the actual returns over the last five years have averaged only 5 percent.
The Oregonian reports the system has about 79 cents in assets for every dollar it will owe pensioners.
Lowering the assumed rate would increase the amount employers have to pay into the pension fund.
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Information from: The Oregonian, http://www.oregonlive.com
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