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Sun Oct 2, 2016, 05:47 AM

Public Employees Retirement System floats new idea for rising pension costs

TIGARD — State and local districts across Oregon learned this week just how much the state’s public pension system will cost their budgets for the next budget cycle starting next July, under rates approved by the Public Employees Retirement System board Friday.

Bend’s three local districts — the city, parks and recreation and Bend-La Pine Schools — along with most other local governments in Oregon face dramatically higher costs to pay for the state’s underfunded pension system.

For the city of Bend, the higher rates will equate to around $1.9 million more per year, or about 4 percent of the entire current budget.

But a discussion emerged during a joint meeting between the PERS Board and the Oregon Investment Council, the two entities overseeing investments for the system, about a new way to help fund the system. They floated the idea of asking the state to issue more than $20 billion in low-interest bonds to help balance out the system.

Read more: http://www.bendbulletin.com/localstate/4703600-151/citing-lack-of-action-pers-floats-new-idea?referrer=carousel2

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Reply Public Employees Retirement System floats new idea for rising pension costs (Original post)
TexasTowelie Oct 2016 OP
6chars Oct 2016 #1
TexasTowelie Oct 2016 #2
6chars Oct 2016 #3
LWolf Oct 2016 #4

Response to TexasTowelie (Original post)

Sun Oct 2, 2016, 07:33 AM

1. Hey, I will pay off my debts with a credit card

I guess they could issue bonds and put the proceeds in the stock market. Then if there is another bull market, they will be in great shape. Yep, the perfect plan.

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Response to 6chars (Reply #1)

Sun Oct 2, 2016, 08:14 AM

2. They could just as easily take some cash to one of the in-state casinos

and avoid the broker commissions and fees. Or maybe they could buy some lottery tickets?

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Response to TexasTowelie (Reply #2)

Sun Oct 2, 2016, 08:27 AM

3. All this to avoid raising taxes to meet obligations

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Response to 6chars (Reply #3)

Sun Oct 2, 2016, 02:17 PM

4. As someone counting on PERS,

I want them to meet their obligations. Why is this such a hard concept?

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