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About The nugget. (Sisters, Or.) 1994-current | View Entire Issue (Aug. 2, 2017)
30 Wednesday, August 2, 2017 The Nugget Newspaper, Sisters, Oregon Oregon board cuts pension- investment expectations WHYCHUS: Volunteers are vital to success of project Continued from page 3 TIGARD (AP) — The board overseeing Oregon’s public pension system has lowered assumptions about how much return the system will make on its investments. The Oregonian / OregonLive reports the board voted unanimously Friday to cut assumed earnings from 7.5 percent to 7.2 percent. The change will increase the system’s unfunded liability from $22 billion to more than $24 billion, forcing govern- ment employers to boost their required contributions into the system. Market experts said a 7.5 percent return was too rosy an outlook. But lowering expectations too much, even if realistic, was politically difficult because of the bud- get problems it would cause school districts and other governments. “This was a prudent action,” said Steve Rodeman, executive director of the Public Employee Retirement System. Others disagreed. P o r t l a n d Tr e a s u r e r Jennifer Cooperman said the board missed an opportu- nity to take more aggressive action. “The City of Portland strongly supports recogniz- ing the full PERS liability,” she said. “The city has no interest in pretending that the PERS liability is any less than it truly is. The city has always paid our full actuari- ally required contribution and intends to keep doing so, in compliance with ORS and internal city policy.” The new assumed earn- ings rate, which takes effect in 2019, also falls short of the Oregon Investment Council’s recommendation of 7.1 per- cent. The citizens panel that oversees PERS investments had adopted an internal esti- mate of 7.1 percent, based on projections by a consultant that does the most detailed analysis of Oregon’s invest- ment portfolio, as well as those of four other consul- tants. But its recommendation is not binding on the PERS Board. The Oregon Legislature adjourned earlier this month without making changes to the state’s pension system. House Republican leader Rep. Mike McLane, R-Powell Butte, called today’s vote a “sobering reminder” for lawmakers. “As our pension debt con- tinues to explode, so does the burden placed on our schools and local governments,” he said. “We cannot ignore this problem any longer. It is well past time for us to act. If our current cast of politicians in Salem are unwilling to con- front this problem head on, then perhaps it is time for new leaders to take their places.” new insights about the health of Whychus Creek from each year’s data, according to Mork. “New kinds (taxa) of macroinvertebrates found in Whychus in 2016, and higher numbers of sensitive taxa and taxa associated with flow- ing water, suggest improved biological conditions and a healthier aquatic community since 2009,” Mork told The Nugget. “This change sug- gests a biological response to stream flow restoration that increased late-summer flow in Whychus Creek from 2005 to 2009. However, data from 2016 also provide support for an emerging warming trend in Whychus Creek that may signal a response to a chang- ing climate, with 2014-2016 the three warmest years on record.” In 2017 the event will add three sites at the Whychus Canyon restoration proj- ect, where the stream was diverted into new chan- nels across the historic floodplain. “Sites up and down Whychus Creek will help PHOTO BY MARISA HOSSICK Volunteers count macroinvertebrates on Whychus Creek. us understand what condi- tions in the creek are like for macroinvertebrates — and other aquatic life, not least redband trout — this year, at multiple stream restoration projects, and after our long snowy winter, and how those conditions compare to earlier years,” Mork explained. For mjore informa- tion, contact Mork at 541- 382-6103 x39 or lmork@ restorethedeschutes.org. Buying or Selling in Sisters? Call and schedule a home valuation TODAY! 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