6
League of Oregon Cities Sponsors
Retirement Plan
Outline of Proposed Plan for State and
Local Governmental Employees
of Oregon.
I. ADMINISTRATION
1. Board of Trustees
a. Five members to be appointed
by the Governor.
(1) 'Two citizens to be ap
pointed by the Governor
from the public at large.
(2) Three members of the
system to be appointed
from lists submitted by
state and local employee
retirement system mem
bers.
( 3 ) Term of office to be S
years with one term of
office to expire each
year.1
b. Travel expense and per diem
to be provided.
c. A t least four meetings per
year to be held.
2. Executive Secretary or Manager
a. To be appointed by a board of
trustees and be subject to dis
missal by it at any time after
hearing.
b. To appoint balance of staff
and have full charge of the
details of administration sub
ject to policies and budget pre
scribed by board of trustees.
3. Consulting Actuary
a. To be appointed by board for
periodic analysis of retirement
fund and as otherwise needed.
4. Investment of Reserves
a. To be made by State Bond
Commission subject to policies
of board of trustees.2
5. Administrative Expense
a. To be provided by pro rata de
Patronize You.
ductions from contributions of
members and employer agen
cies.3
II. PARTICIPATION IN SYSTEM
1. State Agencies
a. All state agencies automatical
ly to be included.
2. Local Agencies
a. All local agencies automatical
ly to be included except that
the governing board of any lo
cal agency can by a majority
vote taken within six months
after the time that the retire
ment law takes effect, vote to
stay out of the system.4
b. Agencies which vote not to
be included to be permitted to
join later upon application.
3. Employees
a. All new employees of agencies
covered automatically to be
come members of the system.,
( 1 Full-time elected officials
of covered agencies to
have choice of accepting
or rejecting membership.
b. All present employees of cov
ered agencies occupying posi
tions normally requiring 600
hours or more of service per
year automatically to become
members of the system unless
they a p p l y for exemption
within 60 days after the estab
lishment of the system.5
4. Employees Covered by Existing
Pension Systems
a. Any group of employees al
ready covered by a pension
system to be exempted from
coverage, but their system may
be integrated with the state
upon action of the governing
You Members are