OR SB475

Amends ORS 238A.130 to change how overtime caps are calculated for determining final average salary in the Oregon Public Service Retirement Plan (OPSRP)

Requires participating public employers to calculate annually, before July 1, the actual average overtime hours worked by each class of employees in the previous calendar year

Overtime caps only increase when the previous year's average overtime hours exceed 105% of the existing cap; otherwise, the prior year's cap remains in effect

Oregon Department of Administrative Services must calculate overtime caps separately for each state agency and by geographic placement of employees

First overtime cap calculations must be completed by January 31, 2026, with caps applying to calendar year 2026