A majority of the five-member citizen’s board tasked with overseeing Oregon’s Public Employee Retirement system said Friday that they doubt the pension fund’s investments will generate returns averaging 8 percent annually over the long haul. Nevertheless, the board voted 4-to-1 to maintain the system’s assumed rate of return at 8 percent, thus avoiding a further hike in the rates that public employers, and ultimately taxpayers, pay to fund the system. Oregon’s $59 billion pension fund currently has 79 cents in assets for every dollar in liabilities, a funding shortfall equivalent to $12.8 billion.
Oregon.live
Related
