2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-982.02 - Employees retirement system; administration; transition; investment of assets; plan for transition of investment authority; contents; board of trustees; duties; costs, fees, and expenses; state investment officer; report.

79-982.02.
Employees retirement system; administration; transition; investment of assets; plan for transition of investment authority; contents; board of trustees; duties; costs, fees, and expenses; state investment officer; report.
(1)(a) Beginning January 1, 2017, the board of trustees, the board of education, and beginning September 1, 2024, the retirement board shall not have the duty or authority to invest the assets of the retirement system, and the council and the state investment officer shall have the duty and authority to invest such assets in accordance with the Nebraska State Funds Investment Act. Until September 1, 2024, the board shall be responsible for administering the noninvestment affairs of the retirement system, including the payment of plan benefits and management of the actuarial requirements of the retirement system.
(b) Beginning September 1, 2024, the retirement board shall be responsible for administering the noninvestment affairs of the retirement system including the disbursement of plan benefits and management of the actuarial requirements of the retirement system. Administration does not include financial responsibility or liability for the funding obligation for the retirement system which remain with the school district as described in the Class V School Employees Retirement Act.
(2) On or before July 1, 2016, the board of trustees, or its designee, and the state investment officer shall enter into a plan for the transition of the investment authority from the board of trustees to the council. The plan shall include, but not be limited to, the following items:
(a) The board of trustees shall provide to the state investment officer by July 1, 2016, an accounting of the assets in the retirement system and a detailed description of the investments;
(b) The board of trustees shall provide to the state investment officer by July 1, 2016, a list containing the name, mailing address, telephone number, and email address of all managers, advisers, and custodians who are providing services related to the assets of the retirement system;
(c) The board of trustees shall provide to the state investment officer by July 1, 2016, a copy of all agreements and instruments related to the investment, management, and custody of the assets;
(d) The board of trustees shall assign investment authority and responsibility for investment-related agreements and instruments to the council by January 1, 2017, as determined by the state investment officer in his or her sole discretion;
(e) The board of trustees shall provide to the state investment officer by July 1, 2016, a copy of the most recent asset liability study, and in its sole discretion, the council may require the preparation of an updated asset liability study;
(f) The board of trustees shall provide to the state investment officer by July 1, 2016, a copy of the most recent actuarial valuation and audited certified annual financial report of the plan; and
(g) The state investment officer and the board of trustees shall identify items that will need to be addressed prior to the transition of investment authority on January 1, 2017.
(3) All costs, fees, and expenses incurred after March 31, 2016, related to the transition of the investment authority on January 1, 2017, from the board of trustees and the board of education to the council and the state investment officer shall be paid from the assets of a retirement system provided for under the Class V School Employees Retirement Act and to the extent such costs, fees, and expenses are incurred by the council or the state investment officer, they shall be paid in accordance with sections 72-1249 and 72-1249.02.
(4) The state investment officer shall provide a quarterly report to the board until September 1, 2024, and beginning September 1, 2024, to the retirement board regarding the assets of the retirement system and related costs, fees, and expenses.
Source
Laws 2016, LB447, § 21;
Laws 2021, LB147, § 14.
Cross References
Nebraska State Funds Investment Act, see section 72-1260.