Relating to public employee retirement; declaring an emergency.

Establishes retirement benefits payable under Oregon Public Service Retirement Plan to persons who establish membership in Public Employees Retirement System on or after effective date of Act. Provides that such persons do not become members of pension program of plan. Allows such persons to contribute up to 10 percent of salary to individual account program of plan. Requires employer match of contributions up to maximum of 10 percent of salary. Provides break in service and change in service rules for persons who established membership in system before effective date of Act. Declares emergency, effective on passage.