Amid a flurry of bills passed Sunday, the Oregon Legislature voted to set up a task force to study ways of boosting retirement savings, but only after removing specific directives that it establish a statewide plan.
House Bill 3436 originally set up the Oregon Retirement Savings Investment Board and directed it to establish a statewide retirement savings plan, similar to one created in California and to legislation considered by other states. Democrats, AARP, labor groups and some businesses pushed for the bill, citing the failure of nearly half of all working U.S. households to save outside Social Security for retirement.
But amid objections from the financial industry, the Senate Rules Committee on Saturday amended the bill to drop "Investment" from the board's name and remove references to establishing a statewide savings plan.
Instead, pending Gov. John Kitzhaber's approval, the task force will largely study how to boost retirement savings in general. It also specifically prohibits the task force from recommending plans that would subject the state or employers to obligations under federal retirement security laws. California's new statewide retirement plan has been criticized as potentially running afoul of federal law.
Both the Senate and the House passed the amended version of the bill on Sunday, voting mostly along party lines, with Lake Oswego Rep. Chris Garrett the lone Democrat to vote against it (UPDATE 7/9: See Garrett's explanation in comment below). Rep. Jules Bailey, D-Portland, who co-sponsored the bill, said the changes won't limit the task force's recommendations.
"It's hard to imagine something the task force would recommend that would violate (federal law)," Bailey said.
Legislators expect to end the 2013 session today.
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