Retirement SystemsSession Review 2022

Session Review: Nebraska Retirement Systems

Lawmakers approved a measure this session that makes several changes to laws covering administration of Nebraska’s state, county and school retirement programs.

LB700, introduced by Seward Sen. Mark Kolterman, eliminates obsolete language, changes job requirements for the Nebraska Public Employees Retirement Systems director and attorney and changes duties of the Public Employees Retirement Board regarding retirement education programs that must be offered to members of all retirement systems under the PERB’s jurisdiction.

The bill reduces from four to three the number of paid workdays that county and state plan members receive to attend in-person or live webinar trainings, which are offered during regular work hours. It also eliminates mandated early retirement incentive reporting to the PERB and the Omaha School Employees Retirement System.

The bill includes provisions of LB1043, also introduced by Kolterman, which codify current retirement plan membership practices and rules for certified teachers covered by the State Code Agency Teachers Association contract who previously or subsequently are employed by a school district, educational service unit or any other state agency.

Finally, the bill eliminates an option that allowed a state school official employed by the Nebraska Department of Education to elect to remain in, or become a member of, the school plan or the state plan. The measure instead establishes specific rules for such officials.

Lawmakers passed LB700 on a 45-0 vote and it took effect immediately.

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