Article IX.
Finance

Section 11. Retirement plan rate of return contract guarantee prohibited

Retirement plan rate of return contract guarantee prohibited

(1) Neither the state nor any political subdivision of the state shall contract to guarantee any rate of interest or return on the funds in a retirement system or plan established by law, charter or ordinance for the benefit of an employee of the state or a political subdivision of the state.

Summary: Requires public employees to pay 6% of salary toward pension; bars government from increasing salary as offset

Election Date: November 8, 1994

Votes For Ratification: 611760

Votes Against Ratification: 610776

Percent for Ratification: 50%

Percent Against Ratification: 50%

Notes:

Amendment Source: OR 1994 VIP 8

Effective Date Source: