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83rd OREGON LEGISLATIVE ASSEMBLY--2025 Regular Session
Enrolled
Senate Bill 5534
Printed pursuant to Senate Interim Rule 213.28 by order of the President of the Senate in conform-
ance with presession filing rules, indicating neither advocacy nor opposition on the part of the
President (at the request of Oregon Department of Administrative Services)
CHAPTER .................................................
AN ACT
Relating to the financial administration of the Public Employees Retirement System; and declaring
an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. Notwithstanding any other law limiting expenditures, the following amounts
are established for the biennium beginning July 1, 2025, as the maximum limits for payment
of expenses from fees, moneys or other revenues, including Miscellaneous Receipts but ex-
cluding lottery funds and federal funds, collected or received by the Public Employees Re-
tirement System, for the following purposes:
(1) Central Administration
Division..................................... $ 24,546,996
(2) Financial Services
Division..................................... $ 28,558,929
(3) Information Services Division .. $ 33,832,210
(4) Operations Division................... $ 57,344,632
(5) Compliance, Audit and Risk
Division..................................... $ 13,005,334
(6) Core Retirement System:
(a) Core Retirement System
Applications Program Office ..... $ 4,100,071
(b) ORION Modernization
Implementation......................... $ 3,733,000
(c) Chapter 101, Oregon Laws 2024,
(HB 4045) Implementation......... $ 7,036,629
(d) Legacy Stabilization and
Technology Readiness ............... $ 6,688,780
SECTION 2. Notwithstanding any other law limiting expenditures, the amount of
$41,287,102 is established for the biennium beginning July 1, 2025, as the maximum limit for
payment of expenses from lottery moneys allocated from the Administrative Services Eco-
nomic Development Fund to the Public Employees Retirement System for the Employer In-
centive Fund.
SECTION 3. Notwithstanding any other law limiting expenditures, the amount of $1 is
established for the biennium beginning July 1, 2025, as the maximum limit for payment of
Enrolled Senate Bill 5534 (SB 5534-A) Page 1
expenses from fees, moneys, or other revenues, including Miscellaneous Receipts, but ex-
cluding lottery funds and federal funds, by the Public Employees Retirement System from
the Employer Incentive Fund.
SECTION 4. For the biennium beginning July 1, 2025, expenditures by the Public Em-
ployees Retirement System for refunds, retirement benefits, deferred compensation and in-
dividual account program payments, health insurance premiums, health insurance premium
subsidies, third party administrator costs for health and individual account programs and
Public Employee Benefit Equalization Fund payments are not limited.
SECTION 5. Notwithstanding any other law limiting expenditures, the limitation on ex-
penditures established by section 1 (6)(b)(F), chapter 457, Oregon Laws 2023, for the biennium
ending June 30, 2025, as the maximum limit for payment of expenses from fees, moneys or
other revenues, including Miscellaneous Receipts, but excluding lottery funds and federal
funds, collected or received by the Public Employees Retirement System, for the ORION
Modernization Project - independent quality management services, is decreased by $300,000,
for a budget realignment.
SECTION 6. Notwithstanding any other law limiting expenditures, the limitation on ex-
penditures established by section 135, chapter 7, Oregon Laws 2025, for the biennium ending
June 30, 2025, as the maximum limit for payment of expenses from fees, moneys or other
revenues, including Miscellaneous Receipts, but excluding lottery funds and federal funds,
collected or received by the Public Employees Retirement System, for the ORION Modern-
ization Project, for an independent assessment of the replacement alternatives for the core
pension administration system, is increased by $300,000, for a budget realignment.
SECTION 7.
This 2025 Act being necessary for the immediate preservation of the public
peace, health and safety, an emergency is declared to exist, and this 2025 Act takes effect
on its passage.
Passed by Senate June 16, 2025
..................................................................................
Obadiah Rutledge, Secretary of Senate
..................................................................................
Rob Wagner, President of Senate
Passed by House June 24, 2025
..................................................................................
Julie Fahey, Speaker of House
Received by Governor:
........................M.,........................................................., 2025
Approved:
........................M.,........................................................., 2025
..................................................................................
Tina Kotek, Governor
Filed in Office of Secretary of State:
........................M.,........................................................., 2025
..................................................................................
Tobias Read, Secretary of State
Enrolled Senate Bill 5534 (SB 5534-A) Page 2