OR SB5534

Establishes maximum expenditure limits totaling approximately $178.8 million for the Public Employees Retirement System (PERS) for the 2025-2027 biennium, covering divisions including Central Administration ($24.5M), Financial Services ($28.6M), Information Services ($33.8M), Operations ($57.3M), and Compliance/Audit/Risk ($13M)

Allocates $41.3 million from lottery funds through the Administrative Services Economic Development Fund for the Employer Incentive Fund

Authorizes $21.6 million for Core Retirement System technology projects, including ORION Modernization Implementation ($3.7M), HB 4045 Implementation ($7M), and Legacy Stabilization/Technology Readiness ($6.7M)

Places no expenditure limits on PERS payments for retirement benefits, refunds, deferred compensation, health insurance premiums and subsidies, and related program costs

Realigns $300,000 within the current biennium budget from ORION independent quality management services to fund an independent assessment of pension administration system replacement alternatives