2017 ORS 238.360¹
Cost-of-living adjustments

(1) On July 1 of each year, the Public Employees Retirement Board shall increase the yearly allowance that a member or member’s beneficiary receives or is entitled to receive, as provided in subsection (2) of this section. The increase is first payable with the allowance that the member or the member’s beneficiary receives or is entitled to receive on August 1.

(2)(a) If the member’s or member’s beneficiary’s yearly allowance is $60,000 or less, the allowance shall be increased by 1.25 percent.

(b) If the member’s or member’s beneficiary’s yearly allowance is more than $60,000, the allowance shall be increased by $750 plus 0.15 percent of the amount of the yearly allowance exceeding $60,000.

(3) Any increase in the allowance shall be paid from contributions of the public employer under ORS 238.225 (Employer contributions).

(4) As used in this section, “yearly allowance” means the monthly allowance that a member or member’s beneficiary is entitled to on July 1 of the year in which the board is calculating the increase under subsection (1) of this section, multiplied by 12. [Formerly 237.060; 2001 c.945 §79; 2013 c.53 §§1,3; 2013 s.s. c.2 §1]

Note: The text of 238.360 (Cost-of-living adjustments), as it existed before the amendments to 238.360 (Cost-of-living adjustments) by sections 1 and 3, chapter 53, Oregon Laws 2013, and section 1, chapter 2, Oregon Laws 2013 (special session), is set forth for the user’s convenience.

238.360 (Cost-of-living adjustments). (1) As soon as practicable after January 1 each year, the Public Employees Retirement Board shall determine the percentage increase or decrease in the cost-of-living for the previous calendar year, based on the Consumer Price Index (Portland area–all items) as published by the Bureau of Labor Statistics of the U.S. Department of Labor for the Portland, Oregon, area. Prior to July 1 each year the allowance which the member or the member’s beneficiary is receiving or is entitled to receive on August 1 for the month of July shall be multiplied by the percentage figure determined, and the allowance for the next 12 months beginning July 1 adjusted to the resultant amount.

(2) Such increase or decrease shall not exceed two percent of any monthly retirement allowance in any year and no allowance shall be adjusted to an amount less than the amount to which the recipient would be entitled if no cost-of-living adjustment were authorized.

(3) The amount of any cost-of-living increase or decrease in any year in excess of the maximum annual retirement allowance adjustment of two percent shall be accumulated from year to year and included in the computation of increases or decreases in succeeding years.

(4) Any increase in the allowance shall be paid from contributions of the public employer under ORS 238.225 (Employer contributions). Any decrease in the allowance shall be returned to the employer in the form of a credit against contributions of the employer under ORS 238.225 (Employer contributions).

(formerly 237.060)

Notes of Decisions

In absence of specific contract rights outside Public Employees Retire­ment System, amend­ments to cost of living adjust­ment under this sec­tion, which reduce max­i­mum cost of living adjust­ment cap, do not impair contract rights under Article I, sec­tion 21, Oregon Constitu­tion, when applied to benefits earned on or after effective dates of amend­ments. Moro v. State of Oregon, 357 Or 167, 351 P3d 1 (2015)

Atty. Gen. Opinions

Applica­tion of 1971 amend­ments to benefits under this chapter to retired teachers, (1972) Vol 35, p 1243

1 Legislative Counsel Committee, CHAPTER 238—Public Employees Retirement System, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors238.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 238, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano238.­html (2017) (last ac­cessed Mar. 30, 2018).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.