State retirement plan updates approved

Senators gave final approval April 18 to a bill that makes technical changes to various state retirement plans.

The Nebraska Retirement Systems Committee sponsored LB263 on behalf of the Nebraska Public
Employees Retirement System. The bill includes clarifications to the state Public Employees
Retirement Board governing statutes and updates Internal Revenue Code and other provisions for judges, state patrol officers, counties, school and state employees.

Among other changes, the bill:
• amends the definition of employee in the county plan;
• requires elected county officials to participate in the county plan within 30 of days of taking office;
• clarifies in the school plan that only per diems paid as expenses are not considered compensation; and
• makes it permissive to charge a fee for retirement education and financial planning programs.

The bill also incorporates provisions from two other bills.

LB594, introduced by Bellevue Sen. Scott Price, directs the Nebraska Investment Council, rather than the Board of Educational Lands and Funds, to manage and invest the Nebraska Veterans’ Aid Fund.

LB321, introduced by Bellevue Sen. Sue Crawford, clarifies that only permanently disabled police officers are required to spend down their unused annual or sick leave credits to receive disability salary or pension.

The bill passed on a 45-0 vote and takes effect immediately.