Senators approved measures this session that make changes to laws covering administration of several retirement programs.<\/p>\n
LB820, introduced by the Nebraska Retirement Systems Committee, amends various sections of state law governing state and county retirement plans administered by the Nebraska Public Employees Retirement Systems, as well as statutes governing the Public Employees Retirement Board and the Nebraska Investment Council.<\/p>\n
Among other provisions, the bill:
\n\u2022 changes the NPERS director\u2019s title to executive director;
\n\u2022 consolidates language regarding approved identification documents for state retirement plan purposes;
\n\u2022 clarifies language regarding state contributions to the School Retirement Fund and the Omaha School Employees Retirement System Plan;
\n\u2022 provides for tax treatment of contributions under the Deferred Compensation Plan in designated Roth IRA accounts under the Internal Revenue Code; and
\n\u2022 deletes obsolete provisions related to the transfer of OSERS governance to the PERB.<\/p>\n
The bill includes provisions of four additional measures.<\/p>\n
LB433, introduced last session by Elkhorn Sen. Tony Sorrentino, amends the State Employees Retirement Act to provide that temporary state employees who previously were members of the state employees retirement system and return to state employment in fewer than 120 days will begin participation in the system within 30 days.<\/p>\n
It also clarifies that employees of the Legislature who are hired for a limited period of time, or for a grant-funded position or a special project, will be considered temporary employees for purposes of the State Employees Retirement Act.<\/p>\n
LB1102, sponsored by Sen. Beau Ballard of Lincoln, changes the adjustment date of cost-of-living adjustments under the Class V School Employees Retirement Act to align with the beginning of the plan year. Beginning in 2026, COLAs will be calculated and adjusted Sept. 1 of each year.<\/p>\n
The measure also changes the annuity payment date and the definition of retirement date under the act to align with the School Employees Retirement Act.<\/p>\n
LB1103, introduced by Lincoln Sen. Eliot Bostar, increases the mandatory retirement age for members of the Nebraska State Patrol from 60 to 65 and authorizes members who joined the plan after July 1, 2016, to participate in the deferred retirement option plan.<\/p>\n
Finally, LB1166, sponsored by Sen. Margo Juarez of Omaha, modifies the School Employees Retirement Act timeline for annual adjustments to employee and employer contributions to the School Retirement Fund. Beginning in 2027, contribution rates will be calculated as of July 1 each year and apply beginning Sept. 1 of that year and prior to Sept. 1 the following year.<\/p>\n
LB820 passed on a 49-0 vote and took effect immediately.<\/p>\n
Lawmakers also approved a bill that changes optional benefit form requirements under the Police Officers Retirement Act. LB743, sponsored by Juarez, requires that benefit forms include the option of partial payments in an amount and frequency elected by the police officer.<\/p>\n
The bill passed 49-0 and takes effect Oct. 1.<\/p>\n
LB822, introduced by the committee, updates references and eliminates obsolete language in laws governing police retirement systems in first class cities. Nebraska cities are classified as first class if they have a population of at least 5,000 and less than 100,000.<\/p>\n
The bill, passed 49-0, also renames the Police Officers Retirement Act as the Cities of the First Class Police Officers Retirement Act.<\/p>\n
Senators also passed a measure that makes several changes to the Nebraska Retirement Fund for Judges. Sponsored by the committee, LB1101 eliminates the state\u2019s contribution to the judges\u2019 plan beginning July 1.<\/p>\n
The state contribution will continue to be reviewed by the actuary employed by NPERS for possible adjustment in the future based on the funded ratio on the actuarial value of plan assets.<\/p>\n
LB1101 also makes two changes to member contributions. Beginning July 1, the contribution rate for all judges will be reduced from 10% to 9% of compensation. At 20 years of service credit, the contribution rate will reduce further to 5% of compensation.<\/p>\n
Finally, the bill increases the maximum cost-of-living adjustment from 1% to 2.5% for judges who became plan members after July 1, 2015.<\/p>\n
The measure passed 48-0 and took effect immediately.<\/p>\n
A bill that changes the bona fide separation period for school retirement plans in Nebraska received final approval this session.<\/p>\n
Currently, members of the School Employees Retirement System and the Class V School Employees Retirement System must wait 180 days from the time of their separation from service before they can return to the classroom, with exceptions for intermittent work as a volunteer or substitute employee at a school district or educational service unit.<\/p>\n
LB824, introduced by Hastings Sen. Dan Lonowski, changes the required separation of service period for retirees to 120 days with no exceptions, beginning May 1.<\/p>\n
The measure passed 47-1 and took effect immediately.<\/p>\n","protected":false},"excerpt":{"rendered":"
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