ORS tit. 22, ch. 238, EMPLOYER PROGRAMS, SCHOOL DISTRICTS UNFUNDED LIABILITY FUND, TEMPORARY PROVISIONS RELATING to THE SCHOOL DISTRICTS UNFUNDED LIABILITY FUND ARE COMPILED AS NOTES FOLLOWING ORS 238.730
ORS tit. 22, ch. 238, EMPLOYER PROGRAMS, SCHOOL DISTRICTS UNFUNDED LIABILITY FUND, TEMPORARY PROVISIONS RELATING to THE SCHOOL DISTRICTS UNFUNDED LIABILITY FUND ARE COMPILED AS NOTES FOLLOWING ORS 238.730
Section 24, chapter 105, Oregon Laws 2018, and section 52, chapter 355, Oregon Laws 2019, provide:
Sec. 24. (1) The School Districts Unfunded Liability Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the School Districts Unfunded Liability Fund shall be credited to the fund. The fund consists of moneys transferred, allocated or appropriated to the fund.
(2) Moneys in the fund are continuously appropriated to the Public Employees Retirement Board for the purpose of establishing and funding a pooled account to be applied against the liabilities of participating public employers, as defined in ORS 238.005, that are school districts.
(3) Moneys in the fund shall be invested in the Oregon Short Term Fund established under ORS 293.728.
(4) The board shall establish an account in the Public Employees Retirement Fund for the moneys in the School Districts Unfunded Liability Fund.
(5) The board shall adopt rules providing for:
(a) Proportional distribution to school districts of the moneys in the account established under subsection (4) of this section;
(b) Amortization of the moneys distributed; and
(c) Administration of the account established under subsection (4) of this section in the same manner as accounts established under ORS 238.229 (2).
(6) No later than February 1 of each odd-numbered year, the board shall report to the Oregon Department of Administrative Services and the Legislative Fiscal Officer an estimate of how moneys will be distributed under this section in the following biennium. [2018 c. 105, § 24; 2019 c. 355, § 51; 2020 s.s.2 c.10 §19]
Sec. 52. The School Districts Unfunded Liability Fund established under section 24, chapter 105, Oregon Laws 2018, is abolished on July 1, 2042. The unexpended moneys remaining in the fund on July 1, 2042, shall be transferred to the General Fund. [2019 c. 355, § 52]