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83rd OREGON LEGISLATIVE ASSEMBLY--2025 Regular Session
Enrolled
Senate Bill 849
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 Governor Tina Kotek for Public Employees Retirement System)
CHAPTER .................................................
AN ACT
Relating to the School Districts Unfunded Liability Fund; amending section 24, chapter 105, Oregon
Laws 2018; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. Section 24, chapter 105, Oregon Laws 2018, as amended by section 51, chapter 355,
Oregon Laws 2019, and section 19, chapter 10, Oregon Laws 2020 (second special session), is
amended to read:
Sec. 24. (1) The School Districts Unfunded Liability Fund is established in the State Treasury,
separate and distinct from the General Fund. Interest earned by the School Districts Unfunded Li-
ability Fund shall be credited to the fund. The fund consists of moneys transferred, allocated or
appropriated to the fund.
(2) Moneys in the fund are continuously appropriated to the Public Employees Retirement Board
for the purpose of [ establishing and funding a pooled account to be applied against ] reducing the li-
abilities of participating public employers, as defined in ORS 238.005, that are school districts.
(3) Moneys in the fund shall be invested in the Oregon Short Term Fund established under ORS
293.728.
[(4) The board shall establish an account in the Public Employees Retirement Fund for the moneys
in the School Districts Unfunded Liability Fund. ]
[(5) The board shall adopt rules providing for: ]
[(a) Proportional distribution to school districts of the moneys in the account established under
subsection (4) of this section; ]
[(b) Amortization of the moneys distributed; and ]
[(c) Administration of the account established under subsection (4) of this section in the same
manner as accounts established under ORS 238.229 (2). ]
(4)(a) No later than June 30, 2025, the board shall apply all moneys in the fund on Feb-
ruary 28, 2025, in equal amounts against all school district employers’ individual 2025-2027
employer contribution rates.
(b) The board shall apply any moneys that are credited to the fund after February 28,
2025, in equal amounts against all school district employers’ individual employer contribution
rates for the biennium following the crediting.
[(6)] (5) No later than February 1 of each odd-numbered year, the board shall report to the
Oregon Department of Administrative Services and the Legislative Fiscal Officer an estimate of how
moneys will be distributed under this section in the following biennium.
Enrolled Senate Bill 849 (SB 849-A)Page 1
SECTION 2. 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 March 11, 2025
..................................................................................
Obadiah Rutledge, Secretary of Senate
..................................................................................
Rob Wagner, President of Senate
Passed by House April 23, 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 849 (SB 849-A) Page 2