Oregon Law
Law as of Jan 1, 2026
Chapter contents
238.005Definitions 238.008Computation of salary 238.010[Repealed by 1981 c.126 §6] 238.011Shared work benefits to be treated as salary 238.015Membership generally 238.020[Amended by 1965 c.607 §1; repealed by 1981 c.126 §6] 238.025Effect of service interruptions on membership 238.030[Amended by 1953 c.426 §4; 1955 c.49 §1; repealed by 1981 c.126 §6] 238.035Membership of part but not all employees of a public employer 238.040[Amended by 1963 c.227 §1; 1965 c.607 §2; repealed by 1981 c.126 §6] 238.043[1965 c.605 §2; repealed by 1981 c.126 §6] 238.045Membership of certain circuit court judges 238.047[1965 c.605 §5; repealed by 1981 c.126 §6] 238.055Membership of judges previously receiving retirement pay from Judges’ Retirement Fund 238.060[Amended by 1953 c.426 §4; repealed by 1965 c.607 §5 (238.061 enacted in lieu of 238.060)] 238.061[1965 c.607 §6 (enacted in lieu of 238.060); repealed by 1981 c.126 §6] 238.062Membership of deputy district attorneys 238.065[1965 c.605 §4; repealed by 1981 c.126 §6] 238.068Membership of legislators 238.070[Repealed by 1965 c.607 §9] 238.072Membership of certain legislative employees 238.074Membership of community college employees 238.075[1965 c.607 §8; repealed by 1981 c.126 §6] 238.078Reemployment of retired members 238.080[Repealed by 1981 c.126 §6] 238.082Limits on hours worked by retired members 238.085[1965 c.605 §3; repealed by 1981 c.126 §6] 238.088Appointment or election of retired member to public office 238.090[Amended by 1953 c.426 §4; 1955 c.66 §1; 1963 c.227 §6; repealed by 1981 c.126 §6] 238.092Option of legislators to receive certain benefits; employment of persons as legislative employees or state police officers 238.095Termination of membership 238.100[Repealed by 1965 c.607 §9] 238.105Restoration of credit forfeited by reason of termination of membership 238.110[1963 c.227 §2; 1965 c.607 §4; repealed by 1981 c.126 §6] 238.115Alternate method of restoring credit forfeited by reason of termination of membership 238.120[1963 c.227 §3; repealed by 1981 c.126 §6] 238.125Credit for probationary period of employment 238.130[1963 c.227 §4; 1967 c.335 §24; repealed by 1981 c.126 §6] 238.135Credit for probationary periods in seasonal positions 238.140[1963 c.227 §5; repealed by 1981 c.126 §6] 238.145Credit for service as police officer or firefighter with nonparticipating employer 238.148Credit for service as public safety officer in another state 238.150[Formerly 237.085; repealed by 2001 c.945 §73] 238.155[Formerly 237.093; repealed by 1997 c.175 §1 (238.156 enacted in lieu of 238.155)] 238.156Contributions, benefits and retirement credit for periods of service in uniformed services or Armed Forces; rules 238.157Alternative provision for retirement credit for periods of service in uniformed services 238.160Retirement credit for service while on loan to federal government 238.162Retirement credit for service as teacher in public schools of another state 238.165Credit for certain periods of employment by Legislative Assembly 238.170[Formerly 237.021; repealed by 1999 c.130 §1] 238.175Retirement credit for periods of disability 238.180[2005 c.332 §10; repealed by 2007 c.769 §7] 238.200Employee contributions generally 238.205Payment of employee contribution by employer 238.210Payment of certain circuit court judge employee contributions by employer 238.215Contributions by certain higher education employees 238.220Employee rollover contributions; rules 238.222Trustee-to-trustee transfers to fund restoration of forfeited service or purchase of retirement credit; rules 238.225Employer contributions 238.227Pooling of employers for purpose of computing employer contributions 238.229Effect of lump sum payment to side account on contributions of pooled employer; application of excess amounts to offset contributions to individual account program; rules 238.230[Formerly 237.017 (2); repealed by 2001 c.945 §15] 238.231[2005 c.808 §14; renumbered 238.235 in 2019] 238.232Choice of amortization period for certain lump sum payments to side accounts 238.235Unfunded liability or surplus after employee transfer or employer merger, consolidation or split 238.250Regular accounts 238.255Credits to regular accounts when earnings less than assumed interest rate 238.258[2003 c.67 §8; 2003 c.625 §12; repealed by 2011 c.722 §15] 238.260Variable Annuity Account; rules 238.265Withdrawal of member account 238.270Transfer of member account to other public employee retirement system 238.280Eligibility for retirement 238.285Verification of retirement data 238.300Service retirement allowance 238.305Optional service retirement allowance calculations 238.310Minimum service retirement allowance 238.315Lump sum payment in lieu of small allowance 238.320Disability retirement allowance 238.325Optional disability retirement allowance calculations 238.330Minimum disability retirement allowance 238.335Medical examination for disability retirement allowance; rules 238.340Return to work 238.345Optional service-connected disability retirement allowance for police officers and firefighters 238.347Timeline for referral of hearing of contested case to dispute denial of application for disability retirement allowance 238.350Use of unused leave to increase retirement allowance; rules 238.355Computation of unused sick leave for community college employees 238.360Cost-of-living adjustments 238.361Consumer price index for calculation of cost-of-living adjustments 238.362Increased benefits payable in compensation for certain damages attributable to taxation of benefits 238.364Calculation of increased benefit payable under ORS 238.362 238.365[Formerly 237.209; 2001 c.945 §69; renumbered 238.387 in 2001] 238.366Retirement allowance increase based on years of service 238.368Retirement allowance increases for members who retired before January 1, 1991 238.370[Formerly 237.199; repealed by 2001 c.945 §73] 238.372Increased benefits not payable to nonresidents 238.374Applicant’s statement; resumption of residency 238.375[1995 c.569 §2; 1997 c.175 §4; 2001 c.945 §70; renumbered 238.362 in 2011] 238.376Nonresidency after benefits commenced; required statement; subsequent residency 238.378Information from Department of Revenue 238.380[1995 c.569 §3; 1997 c.175 §5; 2001 c.945 §54; 2003 c.67 §30; 2009 c.868 §1; renumbered 238.364 in 2011] 238.382Statements constitute declaration under penalty of perjury 238.384Rules 238.385[Formerly 237.208; 1997 c.175 §6; 2001 c.945 §55; 2003 c.67 §31; 2009 c.868 §2; renumbered 238.366 in 2011] 238.387[Formerly 238.365; renumbered 238.368 in 2011] 238.390Death benefit 238.395Additional death benefit 238.400Payment upon death of retired member who dies before time expires to make election to change retirement benefits 238.405Death benefit payable to survivors of certain police officers or firefighters 238.407Distribution of death benefit as rollover distribution 238.410Board may contract for insurance for retirees; rules 238.415Payment toward cost of pre-Medicare insurance; rules 238.420Payment toward cost of Medicare supplemental insurance 238.425Benefits payable to vested inactive member 238.430Limitation on benefits payable to persons establishing membership on or after January 1, 1996 238.435Provisions applicable to persons establishing membership on or after January 1, 1996 238.440Optional purchase of benefit units by police and firefighters 238.442Prior service credit 238.445Benefits exempt from execution, bankruptcy and certain taxes; exceptions 238.447Execution or assignment of benefits to collect restitution or compensatory fine for felony 238.450Computation of retirement allowance or benefit; notice of dispute; prohibition on modification of data 238.455Estimated benefit payments 238.458Unclaimed benefits 238.460Waiver of retirement allowance 238.462Spousal consent required for certain optional forms of retirement allowance 238.465Benefits payable to others under certain judgments; rules 238.470Interest on payments from fund 238.475Effect of transfer of employee to another participating employer 238.480Effect of change to calendar year on contributions and credit of members 238.485Fund established 238.488Payment of benefits; employer contributions 238.490Administrative expenses 238.492Rules for administration of fund 238.500Definitions for ORS 238.500 to 238.585 238.505Judges as PERS members 238.510[Renumbered 237.350 in 1995] 238.515Contributions 238.520[Renumbered 237.355 in 1995] 238.525Compulsory retirement age 238.530[Renumbered 237.360 in 1995] 238.535Service retirement allowance 238.538Health benefit plans for certain retired judge members 238.540[Renumbered 237.365 in 1995] 238.545Withdrawal of member account; retirement allowance of inactive judge member 238.550[Renumbered 237.370 in 1995] 238.555Disability retirement allowance 238.560[Renumbered 237.375 in 1995] 238.565Judge’s beneficiaries; spouse’s pension 238.570[Renumbered 237.380 in 1995] 238.575Cost-of-living adjustments; ad hoc increase 238.580Application of PERS laws to judges 238.585Use of creditable service by person who serves as both member and judge member; restoration of forfeited rights upon becoming judge member 238.600System established; legislative intent 238.601Legislative findings and intent; administration of system 238.605Actuarial report on system; determination of unfunded actuarial liability 238.606Independent review of actuarial report on system; reports 238.607Actuarial equivalency factor tables 238.608Separate actuarial equivalency factor tables for certain police officers and firefighters 238.610Administrative expenses of system; rules 238.615Revolving fund for payment of administrative expenses 238.618Exclusion of employer or employee from system to maintain tax qualification 238.620[1995 c.296 §2; repealed by 1999 c.317 §14] 238.622Report on changes to actuarial methods and assumptions 238.625[1995 c.296 §3; 1997 c.179 §20; repealed by 1999 c.317 §14] 238.630Board generally; rules 238.635Board consideration of system goals and objectives 238.640Qualifications of board members 238.645Director and staff 238.646Authority of Director of Public Employees Retirement System to require fingerprints 238.650Rules of board; written plan document 238.655Procedure for board hearings 238.657Board counsel 238.660Fund generally; board review of legislative proposals 238.661Moneys in fund appropriated to board 238.665Contributions and interest not included in board’s budget 238.667[2001 c.945 §17; repealed by 2003 c.67 §38] 238.670Reserve accounts in fund 238.671Proposal to legislative review agency for crediting of interest or income 238.672Crediting of earnings to employer upon death or retirement of member 238.675Transfer of unclaimed death benefit or account balance to other account or reserve 238.680Integration of other retirement systems 238.685Method of payment of unfunded obligation under integration contract 238.690Integration of retirement plan of mass transit district 238.692Definitions for ORS 238.692 to 238.698 238.694Certain public bodies authorized to issue bonds to finance pension liabilities; revenue bonds 238.695Intergovernmental agreements for collective issuance, administration or payment of bonds 238.696Debt service trust fund 238.697Requirements for issuance of bonds 238.698Funds diversion agreement 238.700Enforcement of requirements of ORS chapters 238 and 238A 238.705State departments to remit contributions and furnish reports 238.707Participating public employers to submit timely and accurate member data; authority of board to prevent alteration and challenge of data 238.710Mandamus against defaulting employer; appeal 238.715Recovery of overpayments; rules 238.720Rollover contributions; application against payments improperly made to retirees; rules 238.730Unfunded Actuarial Liability Resolution Program 238.750Short title

Chapter 238 — Public Employees Retirement System

ORS 238.694 Certain public bodies authorized to issue bonds to finance pension liabilities; revenue bonds

(1)

The Legislative Assembly finds that authorizing issuance of revenue bonds to finance pension liabilities may reduce the cost of public pensions to taxpayers and that the reduction of those costs to taxpayers is a matter of statewide concern.

(2)

Notwithstanding the limitation on indebtedness in ORS 287A.105 or any other limitation on indebtedness or borrowing under state or local law, for the purpose of obtaining funds to pay the pension liability of a public body, the governing body of a public body may authorize and cause the issuance of revenue bonds under ORS chapter 287A, subject to ORS 238.697.

(3)

The governing body of a public body may pledge the full faith and credit and taxing power of the public body to the payment of the principal and interest on bonds issued under ORS 238.692 to 238.698, and any premium on those bonds.

(4)

Unless the charter of a county provides a lower limit, a county may issue revenue bonds to finance pension liabilities in an amount that does not exceed five percent of the real market value of the taxable property within the boundaries of the county.

(5)

Revenue bonds authorized under this section need not comply with the procedure specified in ORS 287A.150.

(6)

A public body that issues revenue bonds under this section may also issue revenue bonds for the purpose of refunding the bonds.

(7)

A public body may enter into indentures or other agreements with trustees or escrow agents for the issuance, administration or payment of bonds authorized under this section.

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Provenance

Version history

Prior statutory text is not available in the ingested published editions. Consult an earlier official ORS edition or the cited Oregon Laws chapter.