TIGARD, Ore. -- Oregon school districts and governments face a big increase in payments to the public pension plan.
A spokesman for the Public Employees Retirement System says districts and agencies are spending about $2 billion on the pensions in the current two-year state budget period and will have to put up an additional $900 million for the next budget.
That's 45 percent more.
The Bend Bulletin reported the increases are a result of investment returns that have been weaker than projected. When returns fall short, public employers have to make up the difference.
The rates for PERS payments vary among government units. The government entities will get word on their specific rates next month. The Bulletin reports that schools are likely to see greater increases than other units of government.