Wind: 7 mph
5 Dec 2013
6 Dec 2013
County ponders increased PERS costs
Multnomah County spending on pension benefits will rise an estimated $13 million in the next fiscal year, the equivalent of a 4.35 percent pay raise for most of the county workforce.
The increase stems from the rising cost of county payments to the Oregon Public Employees Retirement System. PERS costs are skyrocketing for state and local governments largely to cover the pension fund's investment losses during the Great Recession.
Mark Campbell, the county chief financial officer, will brief Multnomah county on PERS at about 9:45 a.m. Thursday, Dec. 20. The full commission meeting begins at 9:30 a.m. at 501 S.E. Hawthorne Blvd.