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Spokane, Washington  Est. May 19, 1883

Public employees slam retirement system proposal

Associated Press

PORTLAND – Public employees and union leaders are criticizing proposals to reduce benefits in order to help fund Oregon’s public pension system.

The Oregonian/OregonLive reported that workers on Monday spoke to members of the Senate Workforce Committee, asking the lawmakers not to “raid” the retirement plans of newer employees in order to pay off a $22 billion deficit attributed in part to generous and unfunded benefits promised to retirees.

The workers called on the Legislature to instead raise business taxes to pay for the unfunded pension system.

Committee Vice Chair Sen. Tim Knopp, R-Bend, has proposed two reform bills to deal with the pension troubles. One would redirect employees’ contributions to support the pension fund, rather than supplemental retirement accounts. The other would redefine the final salary used to calculate a member’s benefits.