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Local News

PER's Still a Problem With Budgets


A new report on "PERs" could affect people in Central Oregon and throughout the state. The City Club of Portland report says pension benefits for Oregon Public Employees should undergo deep cuts to shore up the financial health of the Oregon Public Employees Retirement System and reduce PERs' drain on government budgets. Representative Jason Conger says he's not surprised with the outcome of the report. "It should come as no surprise. Because PERs is such a huge burden. In terms of just a driving, increasing cost of compensating State Employees. My position has been that, obviously, we need to be careful how its reformed and we need to be fair to employees who have worked their time and earned their benefits that they've been promised." The City Club Report concludes that an average 30-year PERs retiree will receive pension benefits that exceed his final salary when Social Security payments are added to state benefits.  A researcher who helped with the report says bringing public pension benefits in line with the typical retirement plan target of 75% to 80% of salary would reduce costs to cash-strapped state and local governments.

 

 

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