HB 3344
Authorizes a cemetery authority to elect to use the total return distribution method to fund endowment care of the cemetery.
Jurisdiction
Oregon
Session
2025 Regular Session
Committee
Emergency Management, General Government, and Veterans
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows cemetery authorities in Oregon to choose to use a ‘total return distribution method’ to fund endowment care for their cemeteries. This method calculates distributions based on the average fair market value of the endowment fund assets, multiplied by a percentage set by the authority. The bill outlines specific procedures for electing this method, notifying relevant parties, and establishing investment policies. It also includes provisions for the Department of Consumer and Business Services to monitor cemetery funds and ensure they are properly maintained.
Key provisions
- Cemetery authorities can elect to use the total return distribution method to fund endowment care.
- The average fair market value of endowment care fund assets is calculated using a specific formula.
- Cemetery authorities must notify the trustee and the Department of Consumer and Business Services of their intent to use the total return distribution method.
- A cemetery authority must establish a total return percentage that does not exceed four percent.
- The Department of Consumer and Business Services can intervene if the cemetery authority’s investment strategy is not meeting requirements.
- The bill amends existing Oregon Revised Statutes (ORS) related to cemetery endowment funds.
- Cemetery authorities can reconvert to the net income distribution method.
- Investment policies must prioritize principal growth and current income.
Who is affected
- Cemetery authorities in Oregon
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsor
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours