Written agreement required regarding unfunded PERS liability or surplus when cities split, consolidate or merge
If a city splits into two or more cities, or two or more cities consolidate or merge, the cities affected by the split, consolidation or merger, including cities created by the split, consolidation or merger, must enter into a written agreement that addresses any unfunded Public Employees Retirement System liabilities or surpluses and deliver a copy of the agreement to the Public Employees Retirement Board as required by ORS 238.231 (Unfunded liability or surplus after employee transfer or employer merger, consolidation or split). [2003 c.802 §164; 2005 c.808 §23]
Note: 222.045 (Written agreement required regarding unfunded PERS liability or surplus when cities split, consolidate or merge) was added to and made a part of ORS chapter 222 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
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