Oregon's public pension fund loses nearly $13 billion in value in the past year.
PERS will not reset the rate it charges public agencies to cover their employees retirement benefits until next year. That's good news for employers, who will be dealing with tightened budgets.
Those employers, of course, are public agencies. Government. And where do they get their money? That would be from you. And since PERS is a contractual obligation, you'll be getting to make up any unfunded liability. PERS is, after all, a defined benefit plan. As it stands, the benefits are locked in, and they cannot be unlocked or re-negotiated. The law has been clear in this regard: a contract is a contract. The benefits are guaranteed, and any underfunding and when underfunding occurs, for whatever reason, the obligation to make up the difference devolves to the taxpayer.
Happy Halloween!
