You don’t have to be an accountant to know Oregon’s Public Employees Retirement System is in trouble. School teachers, police officers and other government employees deserve good retirement plans. But it has to be a plan the state can afford.
Oregon’s PERS moved from no liability in 2007 to $17 billion in unfunded liability in 2017. Then it got worse. The actuary for the Oregon Public Employees Retirement System estimated it had grown to $26 billion at the beginning of this year. A new report from the Oregon Secretary of State’s Office on PERS will not put your mind at ease.