What may be the only immediate action that lawmakers can take to reduce a looming liability for Oregon's public pension system is still sitting on the table this session.
State Treasurer Ted Wheeler has sought for three years to shift management of the state's $90 billion in investments away from the treasury — and the outside firms it uses — into a new agency linked directly to the Oregon Investment Council, whose five members set state policies.
kAm%96 A6?D:@? 7F?5[ 2E Sf` 3:==:@? 2D @7 |2C49[ 244@F?ED 7@C E96 =:@?VD D92C6 @7 DE2E6 :?G6DE>6?ED]k^Am
kAmw@FD6 2?5 $6?2E6 3:==D E@ 5@ ;FDE E92E 92G6 8@?6 F?962C5 :? 4@>>:EE66D[ 2?5 AC6G:@FD 2EE6>AED 76== D9@CE :? a_`b 2?5 a_`c]k^Am
kAmqFE E96 4FCC6?E 3:==D Wwq afbb[ $q `bcX 92G6 8@EE6? ?6H 2EE6?E:@? 2D 2 C6DF=E @7 2? pAC:= b_ 564:D:@? 3J E96 ~C68@? $FAC6>6 r@FCE E@ 32C C6EC@24E:G6 4@DE\D2G:?8 492?86D :? 4@DE\@7\=:G:?8 :?4C62D6D 7@C AF3=:4 C6E:C66D]k^Am
kAmp {68:D=2E:G6 u:D42= ~77:46 C6A@CE :DDF65 367@C692?5 6DE:>2E6D E92E ~C68@?VD F?7F?565 =:23:=:EJ 7@C AF3=:4 A6?D:@?D H:== 8C@H 7C@> Sa]e 3:==:@? 2E E96 6?5 @7 a_`b — 27E6C =2H>2<6CD 2AAC@G65 E96 4@?E6DE65 492?86D — E@ >@C6 E92? Sg 3:==:@?]k^Am
kAm(966=6C D2:5 3C:?8:?8 >F49 @7 E96 DE2E6VD :?G6DE>6?E >2?286>6?E :?\9@FD6 H:== ?@E @?=J 36 >@C6 677:4:6?E[ :E H:== 2==@H >@?6J ?@H A2:5 3J E96 EC62DFCJ E@ @FED:56 7:C>D 7@C >2?286>6?E E@ 36 C6:?G6DE65 2?5 4@>A@F?565 7@C E96 DE2E6]k^Am
kAmw6 D2:5 :E H@F=5 D92G6 2D >F49 2D S` 3:==:@? 7C@> 7FEFC6 =:23:=:EJ]k^Am
kAm~C68@?VD 2>@F?E :D 72C =6DD E92? AF3=:4 A6?D:@? DJDE6>D 6=D6H96C6 — E96 E@E2= :? x==:?@:D[ H9:49 92D 2 =2C86C DJDE6>[ 6I4665D S`__ 3:==:@? — 3FE :E :D AC@;64E65 E@ =2DE E9C@F89 a_b_]k^Am
kAm%96 EC62DFC6C DE:== H@F=5 D:E @? E96 :?G6DE>6?E 4@F?4:= — E96 3:==D H@F=5 >2<6 E96 EC62DFC6C :ED 492:C>2? 27E6C y2?F2CJ a_`f[ H96? (966=6C H:== 36 @FE @7 @77:46 — 3FE E96 ?6H :?G6DE>6?E 286?4J H@F=5 C6A@CE E@ E96 4@F?4:= 2?5 E96 {68:D=2EFC6]k^Am
kAmq:8 DE2<6Dk^Am
kAm%96 ~C68@? !F3=:4 t>A=@J66D #6E:C6>6?E uF?5 H2D C2?<65 =2DE J62C 2D E96 a`DE =2C86DE DF49 7F?5 :? E96 ?2E:@?]k^Am
kAm~7 A6?D:@? A2J>6?ED E@ AF3=:4 C6E:C66D[ fb 46?ED @7 6G6CJ 5@==2C 4@>6D 7C@> :?G6DE>6?E 62C?:?8D @? E96 7F?5[ 2?5 E96 C6DE 7C@> 8@G6C?>6?E 6>A=@J6C 4@?EC:3FE:@?D]k^Am
kAmp=C625J[ E96 {68:D=2E:G6 u:D42= ~77:46 C6A@CE AC@;64ED E92E 2D 2 C6DF=E @7 E96 4@FCEVD 564:D:@?[ DE2E6 8@G6C?>6?E 4@?EC:3FE:@?D 7@C E96 A6?D:@? DJDE6> H:== 92G6 E@ 8@ FA 3J Sb`h >:==:@? :? E96 a_`f\`h 3F586E 4J4=6[ 2?5 D49@@=D 3J 2D >F49 2D Sbdg >:==:@?] W#2E6D H6C6 2=C625J D6E 7@C E96 a_`d\`f 4J4=6[ H9:49 DE2CED yF=J `[ 2?5 H6C6 ?@E 27764E65 3J E96 564:D:@?]Xk^Am
kAm%96 {68:D=2EFC6VD 49:67 3F586E HC:E6CD D2J E96J 2C6 2H2C6 @7 E9@D6 A6?5:?8 4@DED[ 2=E9@F89 E96J 92G6 ?@E J6E 7@C>F=2E65 2 A=2? E@ 562= H:E9 E96>]k^Am
kAm%96 C6A@CE D2:5 :?G6DE>6?E 62C?:?8D 2=@?6 42??@E C65F46 E9@D6 4@?EC:3FE:@? 2>@F?ED D:8?:7:42?E=J — 6G6? H:E9 C64@C5 C6EFC?D :? C646?E J62CD \\ 3FE (966=6C D2:5 E96 DE2E6 >FDE ECJ E@ >2I:>:K6 C6EFC?D]k^Am
kAmQx7 H6 42??@E 86E E96 E@@=D H6 ?665 E@ >2?286 E96 C:D< 2?5 4@>A=6I:EJ @7 @FC W:?G6DE>6?EX A@CE7@=:@[ H6 H:== ?665 E@ 2=E6C E96 C:D< 2?5 4@>A=6I:EJ @7 E96 A@CE7@=:@[Q (966=6C D2:5[ 2?5 4@?D6BF6?E=J[ 62C?:?8D 7@C !t#$ 2?5 @E96C :?G6DE>6?ED H:== 36 =6DD]k^Am
kAmQ%@ >J >:?5[ :?24E:@? :D A6??JH:D6 2?5 A@F?5\7@@=:D9[ A2CE:4F=2C=J :? =:89E @7 E96 C646?E !t#$ CF=:?8 E92E :D 2=C625J 8@:?8 E@ 4C62E6 2 =@E @7 A2:? 7@C D49@@=D[ 4:EJ 2?5 4@F?EJ 8@G6C?>6?ED]Qk^Am
kAm%96 ~C68@? $E2E6 %C62DFCJ ?@H 92D 2? x?G6DE>6?E s:G:D:@?[ 3FE C6=:6D @? 96=A 7C@> @FED:56 7:C>D — H9:49 E2<6 2 4FE @7 E96 62C?:?8D — E@ 96=A >2?286 E96 DE2E6VD :?G6DE>6?ED]k^Am
kAm(966=6C D2:5 E92E >@56= >:89E 92G6 >256 D6?D6 H96? ~C68@? 3682? =2C86\D42=6 :?G6DE:?8 :? E96 `hf_D[ 3FE :E 5@6D ?@E ?@H]k^Am
kAm(966=6C D2:5 :E >2<6D >@C6 D6?D6 ?@H 7@C E96 DE2E6 E@ C64=2:> :?G6DE>6?E >2?286>6?E E9C@F89 :?\9@FD6 DE277:?8[ 3FE AFE :E :? 2 5:776C6?E 286?4J 5:C64E=J =:?<65 E@ E96 ~C68@? x?G6DE>6?E r@F?4:=]k^Am
kAmw:D =2E6DE 6DE:>2E6 @7 D2G:?8D :D Saa >:==:@? 2??F2==J[ H9:49 4@>A@F?565 2?5 C6:?G6DE65 @G6C a_ J62CD 4@F=5 C64@FA 23@FE S` 3:==:@?] Q%96D6 D2G:?8D 2C6 C6EFC?65 E@ E96 A6?D:@? DJDE6> :? E96 7@C> @7 :>AC@G65 62C?:?8D[Q 96 D2:5]k^Am
kAm~? E96 7=:A D:56[ 96 D2:5[ 6G6CJ A6C46?E286 A@:?E E96 DE2E6 62C?D 36=@H !t#$V 2DDF>65 f]fd A6C46?E C6EFC? @? 7F?5 :?G6DE>6?ED H:== :?4C62D6 E96 DJDE6>VD =:23:=:EJ 3J Sg]d 3:==:@? @G6C a_ J62CD]k^Am
kAm(966=6C A@:?E65 E@ (:D4@?D:? 2D 2 >@56=] p D6A2C2E6 `_\>6>36C :?G6DE>6?E 3@2C5 2?5 DE277 @G6CD66 E92E DE2E6VD A6?D:@? 7F?5 @7 Sg_ 3:==:@?[ D=:89E=J =2C86C E92? ~C68@?VD[ 2=E9@F89 E96 A6?D:@? DJDE6> :ED6=7 :D CF? 3J 2 5:776C6?E 286?4J]k^Am
kAmQ%96C6 :D ?@E9:?8 C25:42= 96C6[Q 96 D2:5] Q%9:D :D E96 5:C64E:@? :? H9:49 @E96C DE2E6D 2?5 =2C86 A6?D:@? 7F?5D 92G6 2=C625J >@G65]Qk^Am
kAm$FAA@CE 2?5 @AA@D:E:@?k^Am
kAm%96 3:==D 2C6 DA@?D@C65 3J #6A] %@3:2D #625[ s\q62G6CE@?[ 2?5 $6?] #:492C5 s6G=:?[ s\%F2=2E:?] #625 D:ED @? 2?5 s6G=:? :D $6?2E6 4@\492:C>2? @7 E96 {68:D=2EFC6VD ;@:?E 3F586E 4@>>:EE66]k^Am
kAmQ%9:D :D 2 492?46 7@C FD E@ 36 >@C6 AC@76DD:@?2= 2?5 >2?286 E96D6 5@==2CD :? 2 >@C6 D@A9:DE:42E65 H2J[ >:?:>:K6 E96 C:D< 2?5 3C:?8 D@>6 @7 E96D6 7F?4E:@?D :? 9@FD6 2?5 86E 36EE6C A6C7@C>2?46[ H9:=6 :E D2G6D FD >@?6J 2?5 C6DF=ED :? 36EE6C C6EFC?D 2?5 96=A H:E9 @FC @3=:82E:@?D[Q #625 D2:5]k^Am
kAmQx H@F=5 2C8F6 E92E E9:D 492?86 :?4C62D6D EC2?DA2C6?4J 2?5 244@F?E23:=:EJ] (6 42? 5C@H? A6@A=6 :? C6A@CED E92E E9:D :D 2 ?665 7@C E96 DE2E6[ ?@E ;FDE 2? @AA@CEF?:EJ[ 3642FD6 E96 4FCC6?E x?G6DE>6?E s:G:D:@? :D F?56CDE27765 7@C E96 2>@F?E :E :D >2?28:?8]Qk^Am
kAm(966=6C D2:5 2E =62DE 6:89E C6A@CED C64@>>6?5 492?86D[ 52E:?8 324< E@ }@G6>36C a_`` 2?5 E96 =2E6DE :DDF65 =2DE J62CD 3J E96 !@CE=2?5 4@?DF=E:?8 7:C> s6=@:EE6]k^Am
kAm$6?2E6 !C6D:56?E !6E6C r@FCE?6J[ s\$2=6>[ D2:5 96 28C66D E92E E96 x?G6DE>6?E s:G:D:@? :D F?56CDE27765]k^Am
kAmQ%9@D6 C6A@CED >2<6 :E 4=62C E92E E96 DE277:?8 :? E96 %C62DFC6CVD ~77:46 :D :?256BF2E6[Q 96 D2:5 :? 2 |2C49 `d =6EE6C E@ (966=6C 2?5 z2E96C:?6 sFC2?E[ >2?28:?8 A2CE?6C @7 pE=2D x?G6DE>6?ED :? !@CE=2?5[ H9@ =625D E96 7:G6\>6>36C ~C68@? x?G6DE>6?E r@F?4:=]k^Am
kAmQx 9@A6 H6 42? H@C< E@86E96C 5FC:?8 E9:D =68:D=2E:G6 D6DD:@? E@ D64FC6 E96 ?646DD2CJ 2FE9@C:EJ E@ :?4C62D6 E96 :?G6DE>6?E DE277]Qk^Am
kAmqFE r@FCE?6J 2=D@ D2:5 E92E E96 EC62DFC6C D9@F=5 36 DF3;64E E@ E96 D2>6 D2768F2C5D @? 4@?EC24E 3:55:?8 2?5 :?7@C>2E:@? E649?@=@8J 2D @E96C 286?4:6D[ 2=E9@F89 8:G6? E96 ?2EFC6 @7 :?G6DE>6?E H@C<[ D@>6 6I6>AE:@?D D9@F=5 2AA=J]k^Am
kAmQx 42??@E DFAA@CE E96 8@G6C?2?46 492?86 2E E96 4@C6 @7 E9:D AC@A@D2=[Q r@FCE?6J D2:5]k^Am
kAmQ$q `bc H@F=5 6=:>:?2E6 >F49 @7 E96 @G6CD:89E C6=2E:@?D9:A 36EH66? E96 {68:D=2E:G6 pDD6>3=J 2?5 E96 x?G6DE>6?E s:G:D:@? @7 E96 $E2E6 %C62DFC6CVD ~77:46] xE H@F=5 D:8?:7:42?E=J 6IA2?5 E96 5:G:D:@?VD 6I6>AE:@?D 7C@> 2 H:56 C2?86 @7 =2HD]Qk^Am
kAm(966=6C D2:5 2? :?G6DE>6?E 286?4J H@F=5 92G6 2 a_\J62C 9@C:K@? E@ 4@?D:56C 564:D:@?D[ 72C =@?86C E92? E96 DE2E6VD EH@\J62C 3F586E 4J4=6]k^Am
kAmx? 2 |2J `` =6EE6C[ sFC2?E FC865 v@G] z2E6 qC@H? E@ H6:89 :? @? E96 D:56 @7 492?86] $96 HC@E6 E96 =6EE6C 27E6C 2 >66E:?8 D6G6C2= H66<D 62C=:6C H:E9 qC@H? 2?5 E96 4@F?4:= G:46 492:CH@>2?[ #F<2:J29 p52>D[ E96 49:67 :?G6DE>6?E @77:46C @7 E96 |6J6C |6>@C:2= %CFDE]k^Am
kAmQ~C68@? =6256CD 42??@E 4@?E:?F6 E@ 2G@:5[ 56=2J @C :8?@C6 :DDF6D :? E96 x?G6DE>6?E s:G:D:@?[Q D96 HC@E6] Q%96 C646?E !t#$ 564:D:@? F?56CD4@C6D H9J :E :D 4CF4:2==J :>A@CE2?E E92E H6 2== H@C< E@86E96C @? D@=FE:@?D E@ 3C:586 E96 255:E:@?2= F?7F?565 =:23:=:EJ 2D H6== 2D DFDE2:?:?8 E96 x?G6DE>6?E s:G:D:@?VD 23:=:EJ E@ 249:6G6 DFA6C:@C C6EFC?D]Qk^Am
kAmx7 ~C68@? :D 4@>A6==65 E@ 5:D42C5 >@C6 4@>A=6I :?G6DE>6?ED :? 72G@C @7 D:>A=6C 3FE =@H6C\J:6=5:?8 @?6D[ QE9:D D:>A=:7:42E:@? H:== ?682E:G6=J :>A24E :?G6DE>6?E C6EFC?D[ 4@DE:?8 E2IA2J6CD[ AF3=:4 D49@@=D[ 8@G6C?>6?ED 2?5 @E96C AF3=:4 6>A=@J6CD E92E H:== 36 C6BF:C65 E@ A:4< FA E96 5:776C6?46] %9:D :D F??646DD2CJ]Qk^Am
kAmk2 9C67lQ>2:=E@iAH@?8o!2>A=:?|65:2]4@>QmAH@?8o!2>A=:?|65:2]4@>k^2mk^Am
kAmWd_bX bgd\cghh @C beb\_gggk^Am
kAmk2 9C67lQ9EEAi^^EH:EE6C]4@>^42A:E@=H@?8QmEH:EE6C]4@>^42A:E@=H@?8k^2mk^Am