Brown Officially Proposes Tapping SAIF 'Excess Surplus' to Pay Pensions

Oregon Gov. Kate Brown on Friday officially proposed tapping $500 million of the nearly $2 billion surplus of state-chartered workers’ compensation carrier SAIF Corp. to cover $16.7 billion in unfunded liabilities in the state’s pension program. It’s been no secret that the governor has had her eye on the carrier’s surplus. Editorials have been appearing on the pages of newspapers throughout the state in recent weeks urging her to abandon the plan they deem irresponsible. But Brown in testimony before lawmakers on Friday said it would be irresponsible not to ...