If the public pension board decides to increase employer pension contributions this week, schools and other groups will take a hit.
The board of the Public Employees Retirement System will decide this week whether to increase employer pension contributions.
If the hike goes through, cities, counties, schools and state agencies will all take a significant hit.
Such a hike could force school districts to shorten their school years. Cities and counties might have to cut back spending on vital services. Layoffs are a distinct possibility.
“It doesn’t take much of a change in the PERS rate to have a big impact, since 87 percent of our budget is salaries, wages and benefits,” said Rich Goward, chief financial officer for the Salem-Keizer School District. “And when you’re balancing a budget like that, any sort of fix you have is going to be employee-based.”
Read the full story at the Statesman Journal.
{biztweet}Oregon PERS hike{/biztweet}
