SALEM, Ore. — A report on Oregon’s public pension system says curbing retiree benefits and higher-than-expected investment returns have eased the pressure on rates that governments pay.
The Oregonian reports the unfunded liability of the Public Employees Retirement System has shrunk nearly by half — to $8.5 billion as of the end of 2013.
As a result, the average contribution rate for public bodies is expected to drop slightly, effective next year.
The rates vary substantially among public employers such as city and county governments and school boards. Precise rates are calculated in September.
The calculations could be upset if public employees win a Supreme Court challenge to legislative actions that included a reduction in annual cost-of-living increases.
