Omnibus retirement bill approved

Senators gave final approval April 3 to the Nebraska Retirement Systems Committee omnibus bill.
Under LB759, introduced by Omaha Sen. Heath Mello, any political subdivision that offers a defined benefit retirement plan is required to file a report with the committee if plan contributions do not equal the actuarial requirement for funding or the funded ratio of the plan is less than 80 percent.
The report will include an analysis of the conditions and recommendations for corrective actions.
The bill includes provisions of four additional bills.

LB713, introduced by Grand Island Sen. Mike Gloor, increases from $1 million to $6 million the maximum amount of time deposit open accounts made available to banks, capital stock financial institutions and qualifying mutual financial institutions willing to meet the rate and other requirements of the Nebraska Capital Expansion Act.

LB918, introduced by Omaha Sen. Jeremy Nordquist, removes a limitation on investment options for participants in the county and state employees defined contribution plans.

LB929, also introduced by Gloor, amends the city of the first class police and firefighter retirement acts to define the term sex-neutral basis.

LB977, introduced by Lincoln Sen. Danielle Conrad, adds a city of the primary class and public power districts to the list of exempt entities that can offer investment in a fund as long as it is a prudent investment. Currently, only a city of the metropolitan class, a metropolitan utilities district and a county in which a city of the metropolitan class is located are exempt.

The bill passed 47-0.