Relating to the individual account program of the Oregon Public Service Retirement Plan; and declaring an emergency.

Directs Public Employees Retirement Board to adopt rules providing that, if Oregon Investment Council invests assets of individual account program in multiple risk categories depending on characteristics of individual member, member of individual account program may direct investment of individual accounts in any risk category or with other assets of Public Employees Retirement Fund ] elect to have moneys in member's individual accounts deposited into approved investment option . Directs office of State Treasurer to review legal and fiduciary standards. Provides that if office of State Treasurer determines that standards prohibit implementation of Act, board may not adopt rules to implement Act. Declares emergency, effective on passage.