2017 ORS 238.605¹
Actuarial report on system
  • determination of unfunded actuarial liability

(1) At least once every two years the Public Employees Retirement Board shall cause a competent actuary familiar with public systems of retirement and death benefits to prepare a report evaluating the current and prospective assets and liabilities of the system and indicating its current and prospective financial condition. In preparing the report the actuary shall investigate the mortality, disability, service and other experience of the members of, and employers participating in the system, shall state fully the condition of the system, and shall make such recommendations as the actuary deems advisable to facilitate administering it properly. The board shall publish and distribute a summary of the report to all the public employers participating in the system. The board may authorize the transfer of any portion of the funds collected under the provisions of ORS 238.225 (Employer contributions) to carry out the recommendations of the actuary.

(2) For the purpose of evaluating the system under this section and for the purpose of issuing reports on the system, the actuary and the board shall determine the unfunded actuarial liability of the system by calculating the difference between the actuarial value of the current and prospective liabilities of the system and the actuarial value of the assets of the system, including any lump sum payments made under ORS 238.229 (Effect of lump sum payment on contributions of pooled employer). When reporting on the unfunded actuarial liability in any official documentation or report, the board shall report on the unfunded actuarial liability as determined under this subsection. [Formerly 237.285; 2017 c.746 §12]

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 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
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.