Oregon lawmakers have successfully, if perhaps temporarily, halted the steady upward trajectory of public pension costs for government employers, according to a preliminary analysis of pension contribution rates that will kick in a year from now.
That’s good news for public employers around the state struggling with revenue declines amid an economic recession, and increased service needs to combat the ongoing coronavirus pandemic.
Yet the rate relief comes at a precarious time for the pension system’s already troubled funded status. It also raises question about the wisdom of lawmakers’ moves when it comes to assuring the system’s long-term health.
