Governor Releases Plan To Offset Rising School Pension Costs
SALEM, Ore. (AP) – Oregon Gov. Kate Brown has released her plan to pay down the state’s $26 billion pension debt.
The governor said Friday she wants to raise $3.3 billion over the next 16 years by taking money from other streams of revenue.
She’s also asking teachers to contribute a portion of their pay to the state’s pension fund. Teachers would pay between 1.5% and 3% of their salary depending when they were hired.
The Oregon Education Association, the state’s largest teachers union, said the plan amounts to a salary cut for educators. Teachers are planning a walkout May 8 to protest a lack of school funding.