The following Oregon State Senate Concurrent Resolution was submitted by Senator Gene Derfler on February 3, 1997. It was approved by the Oregon State Senate March 14, 1997 on a vote of 20 Yes, and 8 No. It was approved by the Oregon State House on May 5, 1997 on a vote of 31 Yes, and 22 No. Thus approved by the full Legislature, it will be delivered to each of Oregon's Congressional delegation. The resolution was an outgrowth of a proposal made by Cascade Policy Institute's President, Steve Buckstein, on June 18, 1996 when he introduced the concept of the New Oregon Option to an audience in Portland, Oregon gathered to hear José Piñera, the former Chilean Labor Minister credited with privatized Chile's state pension system in 1981.

Senate Concurrent Resolution 2

SUMMARY Urges Congress to enact legislation amending Social Security Act to authorize issuance of waivers to states allowing design and implementation of alternative retirement plans.

CONCURRENT RESOLUTION To the Senate and House of Representatives of the United States of America, in Congress assembled:

We, the Sixty-ninth Legislative Assembly of the State of Oregon, in legislative session assembled, respectfully represent as follows:

Whereas Social Security is a federal program that does not recognize the individual retirement needs of many Americans, and

Whereas Social Security tax revenues alone will be insufficient to pay current benefits as early as the year 2012, and

Whereas the Social Security Trust Funds may be completely exhausted by the year 2029; and

Whereas the investment return on Social Security contributions made by many workers today is significantly below that available from other sources; and

Whereas Oregon workers deserve the opportunity to invest more productively for their own retirements; and

Whereas more retirement investment alternatives might dramatically increase Oregonians' savings rate and retain more young adults who otherwise would leave the state for jobs elsewhere; and

Whereas the federal government has recognized Oregon's ability to develop successful alternatives for managing programs at the state level through waivers for the Oregon Health Plan and the welfare-to-work JOBS Plus program; now, therefore,

Be it Resolved by the Legislative Assembly of the State of Oregon:

(1) The Congress of the United States is urged to enact legislation amending the Social Security Act to allow the issuance of waivers to the states that will permit the design and implementation of alternatives to Social Security.

(2) A copy of this concurrent resolution shall be sent to each member of the Oregon Congressional Delegation.