Office of the State Treasurer: Agency Subdivisions

Executive Division

Address: 159 State Capitol Bldg., 900 Court St. NE, Salem 97301
Phone: 503-378-4329
Contact: Darren Q. Bond, Deputy State Treasurer
 
Duties and Responsibilities: The division coordinates agency-wide business services including strategic planning, internal auditing and accounting, human resource functions, project management, procurement and communications.

Debt Management Division

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4930
Fax: 503-378-2870
Contact: Laura Lockwood-McCall, Director

Duties and Responsibilities: The division oversees the sale, issuance and ongoing management of all state bonds, serves as a resource for debt-issuing local governments and maintains a statewide bond calendar, and serves as the state’s liaison to rating agencies and investors with regard to the state’s financial condition.

Facilities Authority, Oregon

Address: 1600 Pioneer Tower, 888 SW Fifth Ave., Portland 97204
Phone: 503-802-2102
Contact: Gwendolyn Griffith, Executive Director
Statutory Authority: ORS 289.100

Duties and Responsibilities: The authority was created in 1989 and is empowered to issue low-cost bonds to assist nonprofit organizations with the financing of property and facilities for health, housing, educational and cultural uses. The authority reviews proposed projects and makes recommendations to the state treasurer about the issuance of bonds.

Municipal Debt Advisory Commission

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4930
Fax: 503-378-2870
Contact: Laura Lockwood-McCall, Debt Management Division Director
Statutory Authority: ORS 287.030

Duties and Responsibilities: The commission collects and reports information related to Oregon local government debt and provides policy input to the Legislature on debt matters of local governments.

Private Activity Bond Committee

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4930
Fax: 503-378-2870
Contact: Laura Lockwood-McCall, Debt Management Division Director
 
Duties and Responsibilities: The committee allocates tax-exempt private activity bond allotments provided to the state under federal tax law.

State Debt Policy Advisory Commission

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4930
Fax: 503-378-2870
Contact: Laura Lockwood-McCall, Debt Management Division Director
Statutory Authority: ORS 286.550–286.555
 
Duties and Responsibilities: The commission, chaired by the state treasurer, prepares annual reports regarding outstanding tax-supported and non-tax-supported debt and makes recommendations to the governor and Legislature regarding affordable levels of state indebtedness.

Finance Division

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4633
Fax: 503-373-1179
Contact: Cora Parker, Director
 
Duties and Responsibilities: The division provides cash management services to all Oregon state agencies and hundreds of Oregon local government entities, including cities, counties, schools and special districts. The division also helps protect public funds deposited at private banks and credit unions through collateralization requirements governed by ORS chapter 295. As the central bank for state agencies, the division manages millions of financial transactions annually, including cash deposits, electronic fund transfers and check issuance. The division also administers the Local Government Investment Pool, which provides a short-term investment vehicle for local governments for the period between when revenue is received and when it is needed to pay public bills.

Short Term Fund Board

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4552
Fax: 503-378-2870
Contact: Heidi Rawe
Statutory Authority: ORS 294.885

Duties and Responsibilities: The board advises the state treasurer and the Oregon Investment Council in the management and investments of the Oregon Short Term Fund and the Local Government Investment Pool. The treasurer serves as an ex officio member and appoints three members to the board. The governor appoints the remaining three members.

Investment Division

Address: 16290 SW Upper Boones Ferry Rd., Tigard 97224
Phone: 503-431-7900
Contact: John Skjervem, Chief Investment Officer

Duties and Responsibilities: The division manages the financial and real asset portfolios comprised by the Public Employees Retirement Fund, State Accident Insurance Fund, Oregon Short Term Fund, Common School Fund and numerous other state and agency accounts. On September 30, 2018, the combined market value of these funds totaled $102 billion, which included a $79 billion balance for the Public Employees Retirement Fund, the largest trust fund under division management. Each managed fund has a unique risk and return profile and is broadly diversified across asset class, geography and investment strategy. The division also manages the investment program for the state’s deferred compensation plan, serves as staff for the Oregon Investment Council and strives to save taxpayers and beneficiaries money by meeting each fund’s specific investment objective at the lowest possible net cost.

Investment Council

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4000
Contact: John Skjervem, Chief Investment Officer
Statutory Authority: ORS 293.706

Duties and Responsibilities: The council sets policy for all state investment trust funds and discharges its responsibilities consistent with state law and governing fiduciary standards. The state treasurer and director of the Public Employees Retirement System are ex-officio council members, and the governor appoints four members whose service is subject to Senate confirmation. The council approves guidelines for all state investment activities and delegates day-to-day management authority to the Office of the State Treasurer’s Investment Division.

Other Groups

Oregon Savings Network

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-373-1903
Contact: Joel Metlen, Director
Statutory Authority: ORS 348.841

Duties and Responsibilities: The Oregon Savings Network was created to increase the ability of Oregonians to save for a variety of significant future needs, including college, disability related expenses and retirement. The network offers a number of unique financial tools and investment options that can provide state and federal tax advantages and more flexibility than many other savings vehicles.

Oregon offers two 529 college savings plans: the Oregon College Savings Plan, which is sold directly to investors, and the MFS 529 Savings Plan, sold exclusively through financial advisors. Both plans operate independently of each other but are governed by the same state and federal laws.

The Oregon ABLE (Achieving a Better Life Experience) Savings Plan was launched in 2016 and gives disabled Oregonians the ability to save and receive the same tax benefits. In addition, under federal law, as much as $100,000 in assets may be saved in ABLE accounts and not jeopardize eligibility for vital public assistance programs.

OregonSaves is a new, simple way for Oregonians to save for retirement at work. Employees contribute part of their paycheck into their own personal IRAs that stay with them throughout their careers. The program also benefits employers who don't offer a qualified retirement plan by helping them compete with businesses that do. The program is overseen by the Oregon Retirement Savings Board and administered by a program service provider.

Information Services Division

Address: 350 Winter St. NE, Suite 100, Salem 97301-3896
Phone: 503-378-4694
Contact: Chris Molin, Chief Information Officer

Duties and Responsibilities: The division provides enterprise-level information technology across the Office of the State Treasurer divisions, programs and business units in support of the state treasurer’s mission.