The Public Employees Retirement System says the district’s prepayments exclude it from contributions in 2023-25.
Portland Public Schools has set aside enough money to offset his future retirement obligations, according to the Oregon Public Employees Retirement System.
PERS staff clarified an item listed in an article on page A7 of the October 5 edition of the Portland Tribune. (The response was received after the Tribune’s press deadline on Tuesday.)
The district’s “scheduled accounts,” as these lump sum advance payments are called, contain enough money to bring its public pension fund contribution rates to zero for the 2023-25 budget period. It is one of the very few government employers in Oregon with low or zero rates.
The PERS Board voted Friday, September 30 to adopt new dues rates for 800 member governments for the two years beginning July 1, 2023. In virtually all cases, rates have increased, although revenues of healthy investments at the end of 2021 have written off what could have been even higher rates.
Pension payments are drawn from government employer contributions as well as investment earnings from the PERS fund, one of the largest public pension systems in the country. The Legislature sets benefit levels for public employees, the PERS Board sets contribution rates, and the Oregon Board of Investment oversees investments by the Oregon State Treasury and outside companies. The state treasurer is a member of the council, but the governor appoints the other members.
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