Senate Bill 1566

Establishes Employer Incentive Fund. Appropriates moneys in fund to Public Employees Retirement Board for purpose of matching portions of certain lump sum payments of employer contributions to Public Employees Retirement System. Allows participating public employer that makes <b>certain</b> lump sum payment of employer contributions to system in amount equal to or greater than $10 million to choose amortization period for use of lump sum payment to offset employer contributions otherwise owed. <i>Directs transfer of certain proceeds from debt collection, capital gains tax, estate tax, marijuana tax, wine, cider and malt beverage privilege tax and lawsuit settlements to Public Employees Retirement Fund to be credited to side account for school districts.</i>] <i>Directs transfer of certain proceeds from lottery revenues to Public Employees Retirement Fund to be credited to side accounts for school districts, community colleges and public universities.</i>] <i>Provides that Department of State Lands shall transfer from Common School Fund Account all or part of interest earned from certain unclaimed property to Public Employees Retirement Fund to be credited to side account for school districts.</i>] <b>Establishes School Districts Unfunded Liability Fund. Appropriates moneys in fund to Public Employees Retirement Board for purpose of establishing and funding pooled account to be applied against liabilities of participating public employers that are school districts. Directs transfer of certain proceeds from debt collection, capital gains tax and estate tax and all or part of interest from certain unclaimed property to fund. Directs Public Employees Retirement Board to establish Unfunded Actuarial Liability Resolution Program to assist participating public employers in developing plans to improve funded status and manage employer contribution rate changes. Requires board to report to Joint Committee on Ways and Means during each regular session on status of funds and program.</b> Directs State Treasurer to study feasibility and prudence of borrowing moneys in Oregon Short Term Fund to be redeployed into investments. Directs State Treasurer to report to Legislative Assembly on results of study no later than September 30, 2019. <b>Directs Department of Revenue to distribute estimated amount of increased corporate tax revenue attributable to treatment of post-1986 deferred foreign income to Employer Incentive Fund and to School Districts Unfunded Liability Fund on or before July 1, 2021.</b> Provides for direct review by Supreme Court. Takes effect on 91st day following adjournment sine die.

• Senate, third reading29–0

  Passed · Mar 3 · 1 present

• House of Representatives, third reading40–18

  Passed · Mar 3 · 2 present

• Senate committee amendmentAdopted

  Adopted Feb 15

• Senate committee amendmentAdopted

  Adopted Mar 2

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In the Senate Jan 22 – Mar 3

1. Jan 22Filed before the session
2. Feb 5Introduced
3. Sent to Workforce
4. Feb 6Heard in Workforce
5. Feb 8Heard in Workforce
6. Feb 13Heard in Workforce
7. Feb 15Workforce recommended it as amended, and that it go to Ways and Means
8. Sent to Ways and Means
9. Feb 28Sent to Capital Construction Subcommittee
10. Mar 1Heard in Capital Construction Subcommittee
11. Returned to Ways and Means
12. Mar 2Heard in Ways and Means
13. Ways and Means recommended it as amended
14. Mar 3Read a second time
15. Passed the Senate, 29 to 0

In the House of Representatives Mar 3

1. Mar 3Arrived in the House of Representatives
2. Sent to Ways and Means
3. Ways and Means recommended it
4. Read a second time
5. Passed the House of Representatives, 40 to 18

To the Governor Mar 6 – Apr 17

1. Mar 6Signed in the Senate
2. Signed in the House of Representatives
3. Apr 10Signed by the Governor
4. Apr 17Became chapter 105 of Oregon Laws 2018
5. In force from June 2, 2018