The cost of funding Oregon's Public Employee Retirement System or PERS continues to rise and the state's financial experts are projecting an increased cost of close to one Billion dollars for this next budget cycle.
State Representative Jason Conger of Bend says details on how much each county, city, state agency and school district will be required to put in the fund will be released on Friday, Sept. 28th.
He says the five percent increase is boud to have a big impact on local and state budgets.
"the bad news is- it means another billion dollars- of our state revenue will be sucked into the pers fund instead of going to pay for services- and it really illustrates a problem we have in terms of the sustainability of our cost structure in delivering those state services."
Conger says there's more bad news- the increase this budget cycle was capped, so the math shows that ideally more should go into the PERS fund. He says this means that we can expect another increase during the next budget cycle.