PERS Board Chairman John Thomas says that means the 925 member agencies, covering 95 percent of Oregon’s public workers, can expect pension contribution rates to hit up to 30 percent of government payrolls by the 2021-23 budget cycle.
They had a 2.1% return on investments, but they guarantee a 7.5% payout. So just under a third of "government payrolls" (meaning taxpayers) will go to cover PERS retirement benefits to public employees. To put it another way, nearly 1/3 of the money we pay for "government services" will be diverted to the Public Employee Retirement System. It's long past time to start downsizing government; most of us neither need nor want the "services" they claim to provide.