Oregon Public Employees Retirement System Headquarters 11410 S Oregon Form

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i'm john tampone you're president of echo northwest and we're going to talk a little bit today about oregon's challenges with its pension program pers two ways you can run into a problem with a pension system one you could design a very expensive program or two you could defer delay contributions to a system regardless of its generosity and oregon's problem is really in the first order designing an expensive program so what's expensive how would you judge that let's let's look a little bit at history and what we're trying to accomplish with the system back in 1979 uh the pers board set a goal that post retirement income for a career employee when added with social security which oregon public employees are also eligible for should we replace about 75 to 85 percent of an employee's pre-return retirement income so 75 to 85 was the goal but what went wrong we had a program that uh called money match that created member accounts and guaranteed returns of uh anywhere between five and most r