Monday, January 30, 2012
Oregon PERS 2011 earnings report showed that the state is still feeling the effects of the recession.
The Oregon PERS investment fund earned an anemic 2.2 percent in calendar year 2011, far below the system's 8 percent earnings target.
Because of this, public employers' PERS rates likely will increase by 33 percent on average, according to figures an actuarial consultant gave the agency's board Friday.
That's going to put a real hurt on cities, counties and school districts that have been doing their best to deal with shrinking revenues.
Read more at The Statesman Journal.