Credits to regular accounts when earnings less than assumed interest rate
Source:
Section 238.255 — Credits to regular accounts when earnings less than assumed interest rate, https://www.oregonlegislature.gov/bills_laws/ors/ors238.html.
Notes of Decisions
State-guaranteed rate of return on pension account is contractual offer accepted by employee at time of commencing employment and may not be terminated or reduced at later time. Oregon State Police Officers’ Assn. v. State of Oregon, 323 Or 356, 918 P2d 765 (1996)
Public employees do not have contract right to receive particular rate of earnings on account balances. Robertson v. Kulongoski, 359 F. Supp. 2d 1094 (D. Or. 2004)
Amendments making prospective change in basis for crediting of employee accounts did not violate Contract Clause of United States Constitution. Robertson v. Kulongoski, 359 F. Supp. 2d 1094 (D. Or. 2004)
Allowing crediting of member accounts in certain years with earnings at less than assumed interest rate unconstitutionally alters state’s contract obligation. Strunk v. Public Employees Retirement Board, 338 Or 145, 108 P3d 1058 (2005)
Legislature may direct disposition of earnings in excess of amount necessary for crediting member accounts at assumed interest rate. Strunk v. Public Employees Retirement Board, 338 Or 145, 108 P3d 1058 (2005)
Attorney General Opinions
Method to eliminate deficit, (1976) Vol 38, p 41; exclusive source of yearly installment, (1976) Vol 38, p 41; identity of assumed interest rate established by this section to “assumed interest rate” utilized to evaluate projected earnings and income of Fund, (1977) Vol 38, p 880; limitations on contracts affecting contribution, sick pay cash out and minimum account earnings, (1994) Vol 47, p 176
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