Relating to retirement investments; and declaring an emergency.
Catchline/Summary:
Creates Oregon Retirement Savings Board in office of State Treasurer. Creates Oregon Retirement Savings Board in office of State Treasurer. Directs board to develop payroll deduction retirement plan for persons employed in Oregon so that employees can begin contributing to plan no later than July 1, 2017, unless board determines that plan qualifies as employee benefit plan under Employee Retirement Income Security Act of 1974.
Requires board to report to Governor and appropriate committee or interim committee of Legislative Assembly.
Directs certain state agencies to collaborate to provide outreach, technical assistance or compliance services to board and report to board on or before January 1, 2016.
Appropriates moneys to board] State Treasurer to reimburse other state agencies for providing outreach or technical assistance services to board and for operating expenses of board.
Establishes Oregon Retirement Savings Plan Administrative Fund. Continuously appropriates moneys in fund to board for purpose of administering plan.
Declares emergency, effective on passage.
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HB 2960
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