2023 Nebraska Revised Statutes › Chapter 79 - Schools › 79-981 - Employees retirement system; board of trustees; board of education; rules and regulations; transition of administration; employees compensation; records required; investment expenses.

79-981.
Employees retirement system; board of trustees; board of education; rules and regulations; transition of administration; employees compensation; records required; investment expenses.
(1) Until July 1, 2021:
(a) The board of trustees shall from time to time establish rules and regulations for the administration of the retirement system and for the transaction of its business and shall appoint an administrator of the retirement system;
(b) The board of trustees may contract for such medical and other services as shall be required to transact the business of the retirement system;
(c) Beginning on March 31, 2016, neither the board of education nor the board of trustees shall establish any further rules or regulations related to the investment of the assets of the retirement system without first consulting with the state investment officer. Beginning January 1, 2017, all rules and regulations adopted and promulgated under this section related to the investment of assets of the retirement system terminate;
(d) Compensation for all persons employed by the board of trustees and all other expenses of the board of trustees necessary for the proper and efficient operation of the retirement system shall be paid in such amounts as the board of trustees determines and approves; and
(e) In addition to such duties and other duties arising out of the Class V School Employees Retirement Act not specifically reserved or assigned to others, the board of education shall maintain a separate account of each member's retirement account information as indicated in section 79-989, the record of which shall be available in a timely manner to the member and the board of trustees upon request. The board of trustees shall compile such data as may be necessary for the required actuarial valuation, consider and pass on all applications for annuities or other benefits and have examinations made when advisable of persons receiving disability benefits, and direct and determine all policies necessary in the administration of the act.
(2) Beginning July 1, 2021, and until September 1, 2024:
(a) The board of education shall:
(i) Establish rules and regulations for the administration of the retirement system, transaction of its business, and to facilitate the transition and transfer of management and general administration of the retirement system effective September 1, 2024, to the retirement board;
(ii) Direct the board of trustees to establish policies and rules and regulations for the transaction of its business and administration of the retirement system and to facilitate the transition and transfer of management and general administration of the retirement system effective September 1, 2024, to the retirement board; and
(iii) Appoint an administrator of the retirement system;
(b) The board of education may contract for such medical and other services as shall be required to transact the business of the retirement system;
(c) Compensation for all persons employed by the board of education and all other expenses of the board of trustees necessary for the proper and efficient operation of the retirement system shall be paid in such amounts as the board of education determines and approves; and
(d) In addition to such duties and other duties arising out of the Class V School Employees Retirement Act not specifically reserved or assigned to others, the board of education shall:
(i) Maintain a separate account of each member's contributions, the record of which shall be available to the member and the board of trustees in a timely manner upon request;
(ii) Compile such data as may be necessary for the required actuarial valuation;
(iii) Consider and pass on all applications for annuities or other benefits;
(iv) Have examinations made when advisable of persons receiving disability benefits; and
(v) Direct and determine all policies necessary in the administration of the Class V School Employees Retirement Act.
(3) Beginning September 1, 2024, the retirement board shall:
(a) Administer the retirement system pursuant to its duties in section 84-1503 and the provisions of the Class V School Employees Retirement Act;
(b) Maintain a separate account of each member's retirement account information as indicated in section 79-989, which shall be available to the member;
(c) Compile such data as may be necessary for the required actuarial valuation;
(d) Consider and vote on all applications for annuities or other benefits;
(e) Have examinations made when advisable of persons receiving disability benefits; and
(f) Direct and determine all policies and procedures necessary in the administration of the Class V School Employees Retirement Act.
(4) All expenses on and after January 1, 2017, related to the investment of the assets of the retirement system shall be paid in such amounts as the state investment officer determines and approves.
Source
Laws 1951, c. 274, § 4, p. 913;
Laws 1985, LB 215, § 2;
Laws 1991, LB 350, § 2;
R.S.1943, (1994), § 79-1035;
Laws 1996, LB 900, § 616;
Laws 1998, LB 497, § 10;
Laws 2001, LB 711, § 6;
Laws 2006, LB 1024, § 62;
Laws 2016, LB447, § 18;
Laws 2021, LB147, § 11.