Change to county retirement plan approved

Lawmakers approved a bill Feb. 20 that changes contributions to the Lancaster County retirement system.

LB126, introduced by Omaha Sen. Jeremy Nordquist, increases the combined employee and employer contribution rates from a maximum of 13 percent to a maximum of 16 percent of the employees’ salaries.

The bill also changes the population size for counties authorized to create their own county retirement plan. The changes will increase the minimum population size from 200,000 to 250,000 and the maximum population size from 300,000 to 500,000.

Employees receiving a 150 percent employer contribution match can elect to switch to a 100 percent employer match for all future contributions. The election will be irrevocable.

The bill passed on a 49-0 vote.