Study of OPS retirement system management approved

Lawmakers gave final approval April 26 to a study of the possible transfer to the state of management duties for the Omaha school retirement plan.

LB31, introduced by Seward Sen. Mark Kolterman, requires the Public Employees Retirement Board—in consultation with the Nebraska Retirement Systems Committee, the Omaha School Employees Retirement System board of trustees, Omaha Public Schools board of education and other stakeholders—to prepare a work plan that examines the possible transfer of management responsibilities for the OSERS plan to the PERB.

The work plan must identify the tasks, issues, costs and timelines to transfer management and provide a comparison of the annual OSERS administration costs to the estimated cost for PERB to assume management of the plan.

PERB is authorized to assess OSERS for costs related to the work plan, which must be completed and submitted to the Legislature by June 30, 2020.

LB31 passed 47-0 and takes effect immediately.