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Oregon Senate Passes Version of Public Employee Pension Plan.
Knight Ridder/Tribune Business News, July, 2003
By Dave Hogan, The Oregonian, Portland, Ore. Knight Ridder/Tribune Business News
Jul. 8--SALEM, Ore.--The state Senate, wrestling with the House over the Legislature's last major piece of public pension overhaul, passed its own version of a plan for new public employees Monday.
The Senate plan would include both a 401(k)-type investment account and a traditional pension based on salary and years worked. The House plan, approved in early May and then amended by the Senate, would include only 401(k)-type accounts.
Both plans would be less expensive than the current Public Employees Retirement System, which has become an increasingly large portion of state and local governments' payrolls.
But House Republicans note that their...
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