What is the Settlement Agreement between the PERS Board and Employers?
The Settlement Agreement requires PERS to reallocate 1999 earnings to Tier One member accounts at 11.33 % instead of 20%. It also changes Money Match retirement benefits to require employers to only match what employees would have earned if they had only invested in the fixed account (not variable). The Settlement Agreement is based on Judge Lipscomb’s findings in the City of Eugene case and the 2003 PERS Reform Legislation challenged in the Strunk case. The Settlement Agreement is posted on the PERS website at: http://www.oregon.gov/PERS/RELATED/section/board_information/city_of_eugene_v_pers.shtml.
