Relating to public employee retirement; declaring an emergency.

Directs Public Employees Retirement Board to establish risk sharing account for member of individual account program of Oregon Public Service Retirement Plan. Directs board to apply amounts in risk sharing account to pay costs of pension or other retirement benefits payable to member earned on or after July 1, 2018. Requires board to allocate portion of employee contributions to risk sharing account. Directs board to adjust risk sharing contribution rate every two years based on changes in pension funding rates under Oregon Public Service Retirement Plan. Directs board to recalculate employer contribution rates to reflect savings attributable to Act. Provides for expedited review of Act by Supreme Court upon petition by adversely affected party. Declares emergency, effective on passage.