reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-988 - Employees retirement system; membership; separate employment; effect.

79-988.
Employees retirement system; membership; separate employment; effect.
(1) Any person who becomes an employee on or after the date of establishment of the retirement system shall become a member of the retirement system upon employment. Contributions by such employee under the Class V School Employees Retirement Act shall begin with the first payroll period after becoming a member, and creditable service shall then begin to accrue.
(2) Any employee who qualifies for membership in the retirement system pursuant to subsection (1) of this section may not be disqualified for membership in the retirement system solely because such employee also maintains separate employment which qualifies the employee for membership in another public retirement system, nor may membership in this retirement system disqualify such an employee from membership in another public retirement system solely by reason of separate employment which qualifies such employee for membership in this retirement system.
Source
Laws 1951, c. 274, § 10, p. 916;
Laws 1953, c. 308, § 2, p. 1028;
Laws 1979, LB 391, § 3;
Laws 1982, LB 131, § 2;
Laws 1987, LB 298, § 6;
R.S.1943, (1994), § 79-1041;
Laws 1996, LB 900, § 623;
Laws 1997, LB 624, § 23;
Laws 1998, LB 497, § 13.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-992.01 - Termination of employment; employer; duties.

79-992.01.
Termination of employment; employer; duties.
(1) An employer participating in a retirement system established pursuant to the Class V School Employees Retirement Act shall:
(a) Until September 1, 2024, notify the administrator and the board of trustees in writing of the date upon which a termination of employment has occurred and provide the administrator and the board of trustees with such information as the board of trustees deems necessary; and
(b) Beginning September 1, 2024, notify the retirement board in writing of the date upon which a termination of employment has occurred and provide the administrator and the board with such information as the administrator and the board deem necessary.
(2) Until September 1, 2024, and except as provided in section 79-981, the board of trustees, and, beginning September 1, 2024, the retirement board, may adopt and promulgate rules and regulations and prescribe forms as the board of trustees or the retirement board, as applicable, determines appropriate in order to carry out this section and to ensure full disclosure and reporting by an employer and member in order to minimize fraud and abuse and the filing of false or fraudulent claim or benefit applications.
Source
Laws 2017, LB415, § 38;
Laws 2021, LB147, § 27;
Laws 2022, LB700, § 9.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-992.02 - False or fraudulent claim or benefit application; prohibited acts; penalty.

79-992.02.
False or fraudulent claim or benefit application; prohibited acts; penalty.
(1) Any person who, knowing it to be false or fraudulent, presents or causes to be presented a false or fraudulent claim or benefit application, any false or fraudulent proof in support of such a claim or benefit, or false or fraudulent information which would affect a future claim or benefit application to be paid under a retirement system for the purpose of defrauding or attempting to defraud the retirement system shall be guilty of a Class II misdemeanor. The (a) administrator and the board until September 1, 2024, and (b) retirement board beginning September 1, 2024, shall deny any benefits that it determines are based on false or fraudulent information and shall have a cause of action against the member to recover any benefits already paid on the basis of such information.
(2) Any employee, member of a board of education, or agent of any employer who willfully fails or refuses to furnish to the (a) administrator and the board of trustees until September 1, 2024, and (b) retirement board beginning September 1, 2024, upon its request and in the manner prescribed by it such information, data, or records, as may be necessary for carrying into effect the Class V School Employees Retirement Act, shall be guilty of a Class V misdemeanor.
Source
Laws 2017, LB415, § 39;
Laws 2021, LB147, § 28.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-993 - Reemployment; repay contributions; limitation; effect.

79-993.
Reemployment; repay contributions; limitation; effect.
For one year from May 30, 1987, any person who withdrew his or her accumulated contributions pursuant to section 79-992 prior to May 30, 1987, has again become an employee, and has not previously repaid all of his or her accumulated contributions pursuant to such section may elect to repay any unpaid portion of these accumulated contributions to the retirement system for any number of years of creditable service which he or she accumulated prior to withdrawing his or her accumulated contributions. The amount to be repaid shall not exceed the amount of the withdrawal for the years of creditable service for which the repayment is being made plus the regular interest which would have accrued on that amount under the retirement system. Any person who repays such amount shall be restored to the same status for the years of creditable service for which repayment is made as he or she had prior to the withdrawal of the accumulated contributions.
Source
Laws 1987, LB 298, § 1;
R.S.1943, (1994), § 79-1049.01;
Laws 1996, LB 900, § 628.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-994 - Employee of another school district; contribution; limitation; effect.

79-994.
Employee of another school district; contribution; limitation; effect.
For one year from May 30, 1987, any person who was an employee of another school district prior to May 30, 1987, has joined or rejoined the retirement system, and has not previously paid into the retirement system a total of ten years of service in another school district may elect to pay the retirement system any unpaid portion of such service up to a total of ten years. Such electing employee shall furnish satisfactory proof that he or she has been employed for such period of time by another school district and shall pay to the retirement system the total amount which he or she would have contributed to the retirement system had he or she been a member of the retirement system plus the regular interest which would have accrued on such amount during such period under the retirement system. Such contribution shall be based on the most recent years' salary the employee earned in another school district if the salary is verified by the other school district or, if not, on his or her annual salary at the time he or she became a member and shall be payable in total for the period of time, not exceeding ten years, for which such member requests such prior service credit. Any person who pays such amount shall be given credit for any number of years of service which he or she has elected to pay for, not to exceed ten years of service rendered as an employee in another school district, and shall be given the same status as though he or she had been a member of the retirement system for such number of years, except as otherwise specifically provided in the Class V School Employees Retirement Act.
Source
Laws 1987, LB 298, § 2;
R.S.1943, (1994), § 79-1049.02;
Laws 1996, LB 900, § 629;
Laws 1998, LB 497, § 17.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-995 - Reemployment; military service; leave of absence; contribution; limitation; effect.

79-995.
Reemployment; military service; leave of absence; contribution; limitation; effect.
For one year from May 30, 1987, any person who served in the armed forces as specified in subsection (1) of section 79-990 or who was on a leave of absence as specified in subsection (2) of such section, has again become an employee, and has not previously paid into the system for all of the years of military service or leave of absence permitted by such section may elect to pay into the retirement system for the total number of years of service authorized by such section but not previously paid in. The amount to be paid in by the member shall be calculated as provided in such section. Any person who pays such amount shall be given credit for any number of years of service for which he or she has elected to pay, not to exceed the total number of years authorized by such section, and shall be given the same status as though he or she had been a member of the retirement system for such number of years, except as otherwise specifically provided in the Class V School Employees Retirement Act.
Source
Laws 1987, LB 298, § 3;
R.S.1943, (1994), § 79-1049.03;
Laws 1996, LB 900, § 630;
Laws 1998, LB 497, § 18.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-996 - Contributions; how paid.

79-996.
Contributions; how paid.
The payments provided for by sections 79-993, 79-994, and 79-997 may be made in equal installments over a period of not to exceed two years from the date of the election to make such payments. The payments provided for by section 79-995 may be made in equal installments over a period of not to exceed three years from the date of election to make such payments. Any person who elects to make payments on an installment basis shall be credited with prior service only in six-month increments and only after payment has been made to the retirement system to purchase each additional six-month increment.
Source
Laws 1987, LB 298, § 4;
Laws 1988, LB 551, § 7;
R.S.1943, (1994), § 79-1049.04;
Laws 1996, LB 900, § 631;
Laws 2013, LB263, § 26;
Laws 2016, LB447, § 31.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-997 - Employee of educational service unit; contribution; limitation; effect.

79-997.
Employee of educational service unit; contribution; limitation; effect.
On or before May 27, 1988, any person who was an employee of an educational service unit in the State of Nebraska prior to April 7, 1988, has joined or rejoined the retirement system, and has not previously paid into the retirement system a total of ten years of service in another school district or educational service unit may elect to pay the retirement system any unpaid portion of such service up to a total of ten years. Such electing employee shall furnish satisfactory proof that he or she has been employed for such period of time by an educational service unit and shall pay to the retirement system the total amount which he or she would have contributed to the retirement system had he or she been a member of the retirement system plus the regular interest which would have accrued on such amount during such period under the retirement system. Such contribution shall be based on the most recent years' salary the employee earned in the educational service unit if the salary is verified by the educational service unit or, if not, on his or her annual salary at the time he or she became a member and shall be payable in total for the period of time, not exceeding ten years, for which such member requests such prior service credit. Any person who pays such amount shall be given credit for any number of years of service for which he or she has elected to pay, not to exceed ten years of service rendered as an employee in another school district or educational service unit, and shall be given the same status as though he or she had been a member of the retirement system for such number of years except as otherwise specifically provided in the Class V School Employees Retirement Act. This section shall not apply to employees retiring prior to April 7, 1988.
Source
Laws 1988, LB 551, § 1;
R.S.1943, (1994), § 79-1049.05;
Laws 1996, LB 900, § 632;
Laws 1998, LB 497, § 19.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-999 - Employees retirement system; annuity; how credited.

79-999.
Employees retirement system; annuity; how credited.
After the date of establishment of the retirement system, each member shall be credited annually with a retirement annuity of an amount equal to one and one-half percent of the salary or wage earned by him or her during the then current fiscal year not in excess of five thousand dollars, except that (1) for each member who retires on or after August 31, 1969, such credit shall be an amount equal to one and sixty-five hundredths percent of such salary or wage not in excess of five thousand dollars and (2) for each member who chose the new system in 1951 and who retires on or after August 31, 1976, for service from September 1, 1951, to August 31, 1955, such credit shall be two and four-tenths percent of such salary or wage not in excess of five thousand dollars, for service from September 1, 1955, to August 31, 1963, one and forty-four hundredths percent of such salary or wage not in excess of six thousand dollars, for service from September 1, 1963, to August 31, 1969, one and forty-four hundredths percent of such salary or wage up to the social security wage base, plus two and four-tenths percent of salary or wage in excess thereof, and for service after September 1, 1969, one and forty-four hundredths percent of the first seventy-eight hundred dollars of such salary or wage and two and four-tenths percent of the excess of such salary or wage over seventy-eight hundred dollars. With respect to service rendered prior to the date of establishment of the retirement system, each employee in service or on leave of absence on such date shall be entitled to an annuity on account of prior service. Such annuity shall be such percentage of the maximum annuity to which such member might have been entitled under the terms of a retirement plan previously in effect as the number of years of service under such plan bears to the total number of years for which credit for service might have been granted under such plan, except that no credit shall be given in excess of the maximum annuity provided under such preexisting plan. The number of years of prior service for which credit shall be given under this section shall be the number of years of service with which the employee is credited under such preexisting plan on May 21, 1951. The sum of these two annuities shall constitute the retirement allowance to which the member shall be entitled to be paid beginning on his or her retirement date. Such annuity shall be paid in twelve equal monthly installments unless the amount thereof is less than ten dollars per month in which event payments shall be made quarterly or semiannually.
Source
Laws 1951, c. 274, § 13, p. 917;
Laws 1969, c. 724, § 1, p. 2754;
Laws 1972, LB 1116, § 1;
Laws 1976, LB 994, § 2;
Laws 1987, LB 298, § 7;
R.S.1943, (1994), § 79-1044;
Laws 1996, LB 900, § 634.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,100.01 - Employees retirement system; annuity reductions; when; computation.

79-9,100.01.
Employees retirement system; annuity reductions; when; computation.
(1)(a) For employees who become members on or after July 1, 2016, and prior to July 1, 2018, if the annuity begins at a time when the sum of the member's attained age and creditable service totals eighty-five and the member is at least fifty-five years of age, the annuity shall not be reduced.
(b) For employees who become members on or after July 1, 2018, if the annuity begins at a time when the sum of the member's attained age and creditable service totals eighty-five and the member is at least sixty years of age, the annuity shall not be reduced.
(2)(a) For an employee who becomes a member prior to July 1, 2018, if the annuity begins on or after the sixtieth birthday of the member and the member has completed at least a total of five years of creditable service, the annuity shall be reduced by twenty-five hundredths percent for each month or partial month between the date the annuity begins and the member's sixty-fifth birthday.
(b) For a member hired or rehired on or after July 1, 2018, if the annuity begins on or after the sixtieth birthday and the member has completed at least a total of five years of creditable service including eligibility and vesting credit but has not qualified for an unreduced annuity as specified in this section, the annuity shall be reduced by twenty-five hundredths percent for each month or partial month between the date the annuity begins and the member's sixty-fifth birthday.
(3) A member's attained age shall be measured in one-half-year increments.
(4) Except as provided in section 42-1107, the normal form of the formula retirement annuity based on final average compensation shall be an annuity payable monthly during the remainder of the member's life with the provision that, in the event of his or her death before sixty monthly payments have been made, the monthly payments will be continued to his or her estate or to the beneficiary he or she has designated until a total of sixty monthly payments have been made. A member may elect to receive, in lieu of the normal form of annuity, an actuarially equivalent annuity in any optional form provided by section 79-9,101.
(5) All formula annuities shall be paid from the Class V School Employees Retirement Fund.
Source
Laws 2016, LB447, § 34;
Laws 2017, LB415, § 40.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,102 - Employees retirement system; annuity or other benefit; limitations.

79-9,102.
Employees retirement system; annuity or other benefit; limitations.
(1) Notwithstanding any other provision of the Class V School Employees Retirement Act, no member or beneficiary of the retirement system shall receive in any calendar year an annuity or other benefit which would exceed the maximum benefit permitted under section 415 of the Internal Revenue Code, or any successor provision and the regulations issued thereunder, as they may be amended from time to time, and as adjusted as of January 1 of each calendar year to the dollar limitation as determined for such year by the Commissioner of Internal Revenue pursuant to section 415(d) of the Internal Revenue Code to reflect cost-of-living adjustments, and the amount of benefit to be paid to any member or beneficiary by the retirement system shall be adjusted each calendar year, if necessary, to conform with the maximum benefit permitted under section 415 of the Internal Revenue Code. The cost-of-living adjustment to the maximum benefit permitted under section 415 of the Internal Revenue Code shall apply to determining the maximum benefit of a member who severed employment or commenced receiving benefits prior to the effective date of the adjustment.
(2) Any payments provided for by sections 79-990, 79-991, and 79-992 for the purchase or restoration of creditable service shall be subject to the limitations of section 415 of the Internal Revenue Code on annual additions to the retirement system. Until September 1, 2024, the board, and, beginning September 1, 2024, the retirement board, may suspend payments, alter installment periods, or, if such suspension or alteration is not possible, deny the purchase of all or a portion of the creditable service desired to be purchased, as necessary to comply with the requirements of section 415 of the Internal Revenue Code.
(3) This section is intended to meet and incorporate the requirements of section 415 of the Internal Revenue Code and regulations under that section that are applicable to governmental plans and shall be construed in accordance with section 415 of the Internal Revenue Code and the regulations issued thereunder and shall, by this reference, incorporate any subsequent changes made to such section as the same may apply to the retirement system.
Source
Laws 1985, LB 215, § 8;
Laws 1995, LB 574, § 75;
R.S.Supp.,1995, § 79-1046.01;
Laws 1996, LB 900, § 637;
Laws 1997, LB 623, § 31;
Laws 1998, LB 497, § 22;
Laws 2013, LB263, § 27;
Laws 2016, LB447, § 35;
Laws 2021, LB147, § 30.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,104 - Employees retirement system; annuities; benefits; exempt from claims of creditors; exceptions.

79-9,104.
Employees retirement system; annuities; benefits; exempt from claims of creditors; exceptions.
(1) All annuities and other benefits payable under the Class V School Employees Retirement Act and all accumulated credits of members of the retirement system shall not be assignable or subject to execution, garnishment, or attachment except to the extent that such annuity or benefit is subject to a qualified domestic relations order as such term is defined in and which meets the requirements of section 414(p) of the Internal Revenue Code. Payments under such a qualified domestic relations order shall be made only after the administrator of the retirement system receives written notice of such order and such additional information and documentation as the administrator may require.
(2) In lieu of the assignment of a member's future annuity or benefit to the member's spouse or former spouse, the retirement system shall permit the spouse or former spouse of a member to receive, pursuant to a qualified domestic relations order, a single sum payment of a specified percentage of the member's accumulated contributions on the condition that upon the payment of such amount the spouse or former spouse shall have no further interest in the retirement system or in the remaining benefit of the member under the retirement system.
(3) A member's interest and benefits under the retirement system shall be reduced, either at termination of employment, retirement, disability, or death, by the actuarial value of the benefit assigned or paid to the member's spouse, former spouse, or other dependents under a qualified domestic relations order, as determined by the plan actuary on the basis of the actuarial assumptions then recommended by the actuary pursuant to section 79-984.
Source
Laws 1951, c. 274, § 29, p. 925;
Laws 1991, LB 350, § 8;
R.S.1943, (1994), § 79-1060;
Laws 1996, LB 900, § 639;
Laws 1997, LB 623, § 32;
Laws 1998, LB 497, § 24;
Laws 2000, LB 155, § 3;
Laws 2012, LB916, § 26;
Laws 2015, LB40, § 11.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,107 - Employees retirement system; funds; investment; violations; penalty.

79-9,107.
Employees retirement system; funds; investment; violations; penalty.
The funds of the retirement system which are not required for current operations shall be invested and reinvested (1) before January 1, 2017, by the board of trustees subject to the approval of the board of education or Class V Retirement System Board as provided in sections 79-9,108 to 79-9,111 and (2) on and after January 1, 2017, by the council and the state investment officer in accordance with the Nebraska State Funds Investment Act without the approval of the board of education, board of trustees, or retirement board, as applicable. Except as otherwise provided in the Class V School Employees Retirement Act, no trustee and no member of the board of education shall have any direct interest in the income, gains, or profits of any investment made by the board of trustees, nor shall any such person receive any pay or emolument for services in connection with any such investment. Neither the state investment officer nor any trustee, member of the board of education, member of the retirement board, nor member of the council shall become an endorser or surety or in any manner an obligor for money loaned by or borrowed from the retirement system. Any person who violates any of these restrictions shall be guilty of a Class II misdemeanor.
Source
Laws 1951, c. 274, § 20, p. 921;
Laws 1967, c. 545, § 1, p. 1791;
Laws 1977, LB 39, § 257;
Laws 1986, LB 1048, § 1;
Laws 1989, LB 237, § 4;
R.S.1943, (1994), § 79-1051;
Laws 1996, LB 900, § 642;
Laws 1998, LB 497, § 25;
Laws 2006, LB 1024, § 67;
Laws 2016, LB447, § 38;
Laws 2021, LB147, § 33.
Cross References
Nebraska State Funds Investment Act, see section 72-1260.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,108 - Employees retirement system; funds; investment.

79-9,108.
Employees retirement system; funds; investment.
(1) Prior to January 1, 2017, the board of trustees, with approval of the board of education or Class V Retirement System Board, shall invest and reinvest funds of the retirement system. Beginning January 1, 2017, the funds of the retirement system shall be invested and reinvested solely by the council and the state investment officer in accordance with the Nebraska State Funds Investment Act.
(2) Prior to January 1, 2017, a professional investment manager may be employed by the board of trustees subject to approval of the board of education or Class V Retirement System Board. The professional investment manager shall be responsible for the purchase, sale, exchange, investment, or reinvestment of such funds subject to guidelines determined by the board of trustees. Prior to January 1, 2017, the trustees shall each month submit a report to the board of education or Class V Retirement System Board with respect to the investment of funds. The board of education or Class V Retirement System Board shall approve or disapprove the investments in the report, and in the event of disapproval of any investment, the board of trustees shall direct the sale of all or part of such investment or establish future policy with respect to that type of investment. Beginning January 1, 2017, the funds of the retirement system shall be invested and reinvested by the council and the state investment officer, who may employ advisers, counsel, managers, and other professionals in accordance with the Nebraska State Funds Investment Act.
(3) Beginning January 1, 2017, the board of trustees, the board of education, and the retirement board shall not have any duty, responsibility, or authority for the investment and reinvestment of the funds of the retirement system, or any investment decision, contract, rule, or regulation related thereto.
Source
Laws 1967, c. 545, § 2, p. 1791;
Laws 1991, LB 350, § 7;
R.S.1943, (1994), § 79-1051.01;
Laws 1996, LB 900, § 643;
Laws 2006, LB 1024, § 68;
Laws 2016, LB447, § 39;
Laws 2021, LB147, § 34.
Cross References
Nebraska State Funds Investment Act, see section 72-1260.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,109 - Employees retirement system; investments; default of principal or interest; trustees; powers and duties.

79-9,109.
Employees retirement system; investments; default of principal or interest; trustees; powers and duties.
Prior to January 1, 2017, in the event of default in the payment of principal of, or interest on, the investments made, the board of trustees are authorized to institute the proper proceedings to collect such matured principal or interest, and may, with approval of the board of education or Class V Retirement System Board, accept for exchange purposes, refunding bonds or other evidences of indebtedness with interest rates to be agreed upon with the obligor. Prior to January 1, 2017, the board of trustees, with the approval of the board of education or Class V Retirement System Board, are further authorized to make such compromises, adjustments, or disposition of the past-due interest or principal as are in default, or to make such compromises and adjustments as to future payments of interest or principal as deemed advisable for the purpose of protecting the investment.
Source
Laws 1967, c. 545, § 3, p. 1792;
R.S.1943, (1994), § 79-1051.02;
Laws 1996, LB 900, § 644;
Laws 2006, LB 1024, § 69;
Laws 2016, LB447, § 40.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,110 - Employees retirement system; investments; mortgages on real property, when.

79-9,110.
Employees retirement system; investments; mortgages on real property, when.
Investments may also be made in first mortgages on improved real property which are insured by the Federal Housing Administration under the National Housing Act, are guaranteed by the United States Department of Veterans Affairs under the federal Veterans' Benefits Act of 1958 and any amendments thereto, or are otherwise insured or guaranteed by the United States of America or any agency or instrumentality thereof so as to give the investor protection essentially the same as that provided by such National Housing Act or federal Veterans' Benefits Act of 1958 and any amendments thereto or in notes, bonds, or debentures fully collateralized by such protected mortgages.
Source
Laws 1967, c. 545, § 6, p. 1795;
Laws 1991, LB 2, § 21;
R.S.1943, (1994), § 79-1051.05;
Laws 1996, LB 900, § 645.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,111 - Employees retirement system; investments; board of trustees; powers and duties; state investment officer; powers and duties.

79-9,111.
Employees retirement system; investments; board of trustees; powers and duties; state investment officer; powers and duties.
The board of trustees shall invest the funds of the retirement system in investments of the nature which individuals of prudence, discretion, and intelligence acquire or retain in dealing with the property of another. Such investments shall not be made for speculation but for investment, considering the probable safety of their capital as well as the probable income to be derived. The board of trustees shall not purchase investments on margin or enter into any futures contract or other contract obligation which requires the payment of margin or enter into any similar contractual arrangement which may result in losses in excess of the amount paid or deposited with respect to such investment or contract, unless such transaction constitutes a hedging transaction or is incurred for the purpose of portfolio or risk management for the funds and investments of the system. Prior to January 1, 2017, the board of trustees may write covered call options or put options. Prior to January 1, 2017, the board of trustees shall establish written guidelines for any such option, purchase, or contract obligation. Any such option, purchase, or contract obligation shall be governed by the prudent investment rule stated in this section for investment of the funds of the system. The board of trustees may lend any security if cash, United States Government obligations, or United States Government agency obligations with a market value equal to or exceeding the market value of the security lent are received as collateral. Prior to January 1, 2017, if shares of stock are purchased under this section, all proxies may be voted by the board of trustees prior to January 1, 2017. As of January 1, 2017, the funds of the retirement system shall be invested solely by the council and the state investment officer in accordance with the Nebraska State Funds Investment Act. The state investment officer may lend securities and vote proxies in accordance with the standard set forth in section 72-1246.
Source
Laws 1989, LB 237, § 6;
R.S.1943, (1994), § 79-1051.07;
Laws 1996, LB 900, § 646;
Laws 1997, LB 624, § 26;
Laws 2016, LB447, § 41.
Cross References
Nebraska State Funds Investment Act, see section 72-1260.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,113.01 - Employer; deduction; remittance; late fees; interest charge.

79-9,113.01.
Employer; deduction; remittance; late fees; interest charge.
(1) An employer shall deduct and withhold an amount pursuant to section 79-9,113 from the compensation of an employee on each payroll period after such employee becomes a member of the retirement system. An employer shall transmit periodically, as directed by and in such form as is approved by the retirement board, such amounts and any information required by the retirement board. The retirement board shall immediately transmit to the State Treasurer all payments received.
(2) The retirement board may charge an employer a late administrative processing fee not to exceed twenty-five dollars if the information required by this section and the contributions from an employer consistent with the dates and frequency of transmittal as specified in section 79-9,113 are delinquent or are not timely received by the retirement board. In addition, the retirement board may charge an employer a late fee of thirty-eight thousandths of one percent of the amount required to be submitted pursuant to this section for each day such amount has not been received. The late fee may be used to make a member's account whole for any costs that may have been incurred by the member due to the late receipt of contributions. The retirement board shall charge an employer an amount equal to the interest which would have accrued if the delinquent report causes the employee to lose interest on his or her account. The proceeds of the interest charge shall be used to reimburse the account of each employee deprived of interest by the delay.
Source
Laws 2021, LB147, § 38.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,114 - Employees retirement system; federal Social Security Act; agreement; coverage group.

79-9,114.
Employees retirement system; federal Social Security Act; agreement; coverage group.
In the event that an agreement for social security under the provisions of section 218(d)(3) of the federal Social Security Act is made applicable to services performed by employees in positions covered by the school employees retirement system and to services performed by employees who have elected under the provisions of section 79-988 as such section existed immediately prior to February 20, 1982, to remain under a preexisting system, such agreement shall also be made applicable to services performed by individuals as employees of the school district in positions not so covered, but which are otherwise eligible to the benefits of old age and survivors insurance under the provisions of section 218 of the federal Social Security Act as amended, and such employees shall be included in the coverage group, specified in such agreement.
Source
Laws 1955, c. 321, § 8, p. 995;
R.S.1943, (1994), § 79-1056.05;
Laws 1996, LB 900, § 649.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,115 - Class V School Employees Retirement Fund; created; use; expenses; payment.

79-9,115.
Class V School Employees Retirement Fund; created; use; expenses; payment.
(1) The Class V School Employees Retirement Fund is created.
(2) Until September 1, 2024, except as provided in this section:
(a) All allowances, annuities, or other benefits granted under the Class V School Employees Retirement Act, and all expenses incurred in connection with the administration of the act, except clerical work incurred in connection with maintenance of records and payment of benefits, shall be paid from the Class V School Employees Retirement Fund;
(b) Such clerical work shall be performed by employees of the school district or districts;
(c) The administrator and staff of the retirement system shall be permitted reasonable office and records storage space in the central office building of the Class V school district formed before September 13, 1997; and
(d) All expenses for the retirement system office accommodations and integrated pension benefit information management systems, including all services, support, furniture, and equipment provided to or by any central office department of the school district, shall be charged to the retirement system.
(3)(a) Beginning September 1, 2024, the required deposits of the school district and the amounts transferred to the school district by the State Treasurer for transmission to the retirement system and required deposits of the employees shall be credited to the Class V School Employees Retirement Fund and all allowances, annuities, and other benefits shall be paid from such fund as directed by the retirement board as provided in the Class V School Employees Retirement Act.
(b) The account of each member in the Class V School Employees Retirement Fund shall be credited with regular interest earned monthly, quarterly, semiannually, or annually as the retirement board may direct.
(4) Beginning on August 24, 2017, any expenses with respect to the transfer to and assumption by the council and the state investment officer of the duty and authority to invest the assets of a retirement system provided for under the Class V School Employees Retirement Act shall be charged to the Class V School Employees Retirement Fund. Such expenses shall be paid without the approval of the board of trustees or the retirement board, as applicable.
Source
Laws 1951, c. 274, § 27, p. 925;
R.S.1943, (1994), § 79-1058;
Laws 1996, LB 900, § 650;
Laws 1998, LB 497, § 27;
Laws 2006, LB 1024, § 70;
Laws 2016, LB447, § 43;
Laws 2017, LB29, § 2;
Laws 2021, LB147, § 36.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,115.01 - Class V School Expense Fund; created; use.

79-9,115.01.
Class V School Expense Fund; created; use.
The Class V School Expense Fund is created. Beginning September 1, 2024, the fund shall be credited with money from the retirement system assets and income sufficient to pay the pro rata share of administrative expenses incurred as directed by the retirement board for the proper administration of the Class V School Employees Retirement Act and as necessary in connection with the administration and operation of the retirement system.
Source
Laws 2021, LB147, § 37.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,115.02 - Class V School Expense Fund; Class V School Employees Retirement Fund; assets; investment.

79-9,115.02.
Class V School Expense Fund; Class V School Employees Retirement Fund; assets; investment.
Beginning September 1, 2024, all assets of the retirement system shall be credited, according to the purpose for which they are held, to the Class V School Expense Fund or to the Class V School Employees Retirement Fund. Any money in the funds available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.
Source
Laws 2021, LB147, § 39.
Cross References
Nebraska Capital Expansion Act, see section 72-1269.
Nebraska State Funds Investment Act, see section 72-1260.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,116 - Applicability of sections.

79-9,116.
Applicability of sections.
Sections 79-993 to 79-996 and the changes to sections 79-978, 79-988, 79-991, 79-992, 79-999, and 79-9,105 and to section 79-1057 as such section existed immediately before May 30, 1987, made by Laws 1987, LB 298, shall not apply to employees retiring prior to May 30, 1987.
Source
Laws 1987, LB 298, § 11;
R.S.1943, (1994), § 79-1060.01;
Laws 1996, LB 900, § 651.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,117 - Preretirement planning program or sessions; for whom; required information; funding; attendance; fee.

79-9,117.
Preretirement planning program or sessions; for whom; required information; funding; attendance; fee.
(1)(a) Until September 1, 2024, the board of trustees shall establish a comprehensive preretirement planning program for school employees who are members of the retirement system. The program shall provide information and advice regarding the many changes members face upon retirement, including, but not limited to, changes in physical and mental health, housing, family life, leisure activity, and retirement income.
(b) Beginning September 1, 2024, the retirement board shall establish sessions as provided in section 84-1511 for school employees who are members of the retirement system.
(2) The preretirement planning program shall be available to all members who have attained the age of fifty years or are within five years of qualifying for retirement or early retirement under their retirement systems.
(3) The preretirement planning program shall include information on the federal and state income tax consequences of the various annuity or retirement benefit options available to the member, information on social security benefits, information on various local, state, and federal government programs and programs in the private sector designed to assist elderly persons, and information and advice the board of trustees or retirement board, as applicable, deems valuable in assisting members in the transition from public employment to retirement.
(4) The board of trustees or retirement board, as applicable, shall work with any governmental agency, including political subdivisions or bodies whose services or expertise may enhance the development or implementation of the preretirement planning program.
(5) The costs of the preretirement planning program shall be charged back to the retirement system.
(6) An employer shall provide each member leave with pay to attend up to two preretirement planning programs. For purposes of this subsection, leave with pay means a day off paid by an employer and does not mean vacation, sick, personal, or compensatory time. A member may choose to attend a program more than twice, but such leave shall be at the expense of the member and shall be at the discretion of the employer. A member shall not be entitled to attend more than one preretirement planning program per fiscal year prior to actual election of retirement.
(7) A nominal registration fee may be charged to each person attending a preretirement planning program to cover the costs for meals, meeting rooms, or other expenses incurred under such program.
Source
Laws 2011, LB509, § 36;
Laws 2013, LB263, § 28;
Laws 2016, LB447, § 44;
Laws 2021, LB147, § 40;
Laws 2022, LB700, § 10.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,118 - Participation in retirement system; qualification.

79-9,118.
Participation in retirement system; qualification.
On and after July 1, 2011, no employee shall be authorized to participate in the retirement system unless the employee (1) is a United States citizen or (2) is a qualified alien under the federal Immigration and Nationality Act, 8 U.S.C. 1101 et seq., as such act existed on January 1, 2009, and is lawfully present in the United States.
Source
Laws 2011, LB509, § 37.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,119 - Beneficiary designation; order of priority.

79-9,119.
Beneficiary designation; order of priority.
(1) Except as provided in section 79-9,104, in the event of a member's death, the death benefit shall be paid to the following, in order of priority:
(a) To the member's surviving designated beneficiary as designated in writing on forms provided by the system;
(b) To the spouse married to the member on the member's date of death if there is no surviving designated beneficiary as designated in writing on forms provided by the system; or
(c) To the member's estate if the member is not married on the member's date of death and there is no surviving designated beneficiary as designated in writing on forms provided by the system.
(2) The priority designations described in subsection (1) of this section shall not apply if the member has retired under a joint and survivor benefit option.
Source
Laws 2019, LB34, § 18.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,120 - Legislative intent.

79-9,120.
Legislative intent.
It is the intent of the Legislature that the Public Employees Retirement Board develop a work plan, recommendations, cost estimates, and cost comparisons regarding the transfer of management of any Class V school employees retirement system established under the Class V School Employees Retirement Act and which existed on January 1, 2019, to the Public Employees Retirement Board.
Source
Laws 2019, LB31, § 2.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,122 - Class V School Employees Retirement System Management Work Plan Fund; created; use; investment.

79-9,122.
Class V School Employees Retirement System Management Work Plan Fund; created; use; investment.
(1) The Class V School Employees Retirement System Management Work Plan Fund is created. The purpose of the fund is to transfer funds as specified in this section. The fund shall consist of the amounts transferred from an employer of any Class V school employees retirement system established under the Class V School Employees Retirement Act for all work performed by the Public Employees Retirement Board for services and related expenses in completion of the work described in sections 79-979.01, 79-9,121, and 79-9,124. The fund shall be administered by the Nebraska Public Employees Retirement Systems. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.
(2) An employer of any Class V school employees retirement system established under the Class V School Employees Retirement Act shall remit the payments described in subsection (3) of section 79-9,121, subsection (3) of section 79-979.01, and section 79-9,124 to the State Treasurer for credit to the Class V School Employees Retirement System Management Work Plan Fund for all work performed by the retirement board for (a) services and related expenses in completion of the work plan, (b) additional identification and examination of issues as required under section 79-9,124, and (c) the transfer of management of the retirement system to the retirement board.
Source
Laws 2019, LB31, § 4;
Laws 2021, LB147, § 41.
Cross References
Nebraska Capital Expansion Act, see section 72-1269.
Nebraska State Funds Investment Act, see section 72-1260.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-9,123 - Work plan; billing for work; payment.

79-9,123.
Work plan; billing for work; payment.
(1) The administrator and board of trustees of any Class V school employees retirement system established under the Class V School Employees Retirement Act may quarterly bill the employer of such Class V school employees retirement system for all work performed and expenses incurred by the administrator, staff, and any consultants of the Class V school employees retirement system in response to requests for records, documents, data, or other information from the Nebraska Public Employees Retirement Systems or the retirement board in completion of the work plan described in section 79-9,121.
(2)(a) The retirement board may bill an employer of any Class V school employees retirement system monthly for all work performed and expenses incurred pursuant to section 79-9,124.
(b) The administrator and board of trustees of any Class V school employees retirement system established under the Class V School Employees Retirement Act may bill the employer of such Class V school employees retirement system monthly for all work performed and expenses incurred by the administrator, staff, and any consultants of the Class V school employees retirement system for the transition and transfer of management and general administration of such retirement system to the retirement board as described in section 79-979.01.
(3) An employer of a retirement system shall remit payment pursuant to this section to the board of trustees within forty-five calendar days after receipt of each monthly bill and to the retirement board within the time period and in the manner negotiated in the transition and transfer of management and administration plan entered into pursuant to section 79-979.01.
Source
Laws 2019, LB31, § 5;
Laws 2021, LB147, § 42.
2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-1001 - Act, how cited.

79-1001.
Act, how cited.
Sections 79-1001 to 79-1033 shall be known and may be cited as the Tax Equity and Educational Opportunities Support Act.
Source
Laws 1990, LB 1059, § 1;
Laws 1995, LB 542, § 1;
Laws 1995, LB 840, § 3;
R.S.Supp.,1995, § 79-3801;
Laws 1996, LB 900, § 652;
Laws 1996, LB 1050, § 10;
Laws 1997, LB 806, § 29;
Laws 1998, LB 1134, § 1;
Laws 1998, LB 1219, § 13;
Laws 1999, LB 149, § 1;
Laws 2001, LB 833, § 3;
Laws 2002, LB 898, § 2;
Laws 2004, LB 1091, § 8;
Laws 2006, LB 1024, § 71;
Laws 2007, LB641, § 12;
Laws 2008, LB988, § 8;
Laws 2009, LB545, § 3;
Laws 2009, First Spec. Sess., LB5, § 2;
Laws 2011, LB18, § 1;
Laws 2011, LB235, § 4;
Laws 2015, LB519, § 10;
Laws 2016, LB1067, § 31;
Laws 2023, LB583, § 1.
Effective Date: June 1, 2023