Nebraska Administrative Code › Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS › Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD › Chapter 24 - BENEFIT OPTIONS AND DISTRIBUTION RULES › Section 303-24-002 - Definitions

Current through June 17, 2024
002.01 Life Only Annuity
Life Only Annuity shall mean a monthly benefit payable for
				  the lifetime of the member. The benefit ceases upon death of the
				  member.
002.02 Payments for
				a Certain and Continuous Annuity
Payments for a Certain and Continuous Annuity means a
				  monthly benefit payable for the life of the member. A period of time is
				  designated by the member for five (5), ten (10), or fifteen (15) years in
				  duration. If the member dies prior to the end of the designated time period
				  then a monthly benefit will continue to the member's beneficiary until the
				  completion of the designated period.
002.03 Payments for a Designated Period
				Annuity
Payments for a Designated Period Annuity means a monthly
				  benefit payable for a period of time designated by the member. The period of
				  time designated can be either five (5), ten (10), fifteen (15), or twenty (20)
				  years in duration. Payments cease at the end of the designated period. If the
				  member dies prior to receiving all payments due, payment will continue to the
				  member's designated beneficiary until all payments in the designated period
				  have been made.
002.04 Joint
				and Survivor Annuity
Joint and Survivor Annuity means a monthly benefit payable
				  for the lifetime of the member. At the member's death, the benefit continues to
				  the surviving spouse at a specified rate of 50%, 75%, or 100% until the death
				  of the surviving spouse. The percentage is selected by the member at
				  retirement. If the spouse predeceases the member, the benefit ceases when the
				  member dies.
002.05 Judges
				Joint and Survivor Annuity
Judges Joint and Survivor Annuity means a benefit payable
				  monthly for the lifetime of the member. At the death of the member, the benefit
				  continues to the surviving spouse at a specified rate of 50%, 66 2/3%, or 100%.
				  The percentage is selected by the member at retirement. If the spouse
				  predeceases the member, the benefit ceases when the member
				  dies.
002.06 Judges Joint
				and Last Survivor Annuity
Judges Joint and Last Survivor Annuity shall mean a benefit
				  payable monthly for the lifetime of the member and the member's spouse. In the
				  event of the death of either person, the benefit continues to the survivor at a
				  specified rate of 50%, 66 2/3%, or 100%. The percentage is selected by the
				  member at retirement.
002.07
				Modified Cash Refund Annuity
Modified Cash Refund Annuity means a benefit payable monthly
				  for the lifetime of the member. In the event the member dies before receiving
				  payments equal to the member's account balance at the time of retirement, the
				  difference is paid in a lump sum to the member's beneficiary.
002.08 Lump Sum
Lump Sum means a refund of the member's account balance in
				  lieu of an annuity.
002.09
				Systematic Withdrawal
Systematic Withdrawal means periodic payments in an amount
				  selected by the member. Payments cease when the member's account balance
				  reaches zero.
002.10 Account
				Balance
Account Balance means all employee contributions plus
				  earnings or interest accrued on such account less any applicable losses and
				  fees. In the State Employees Retirement System and the Retirement System for
				  Nebraska Counties, account balance for members who are vested in the retirement
				  system shall also include all employer contributions and accrued earnings or
				  interest, less any applicable losses and fees.
002.11 Non-spousal Joint and Survivor Annuity
Non-spousal Joint and Survivor Annuity means a monthly
				  benefit payable for the lifetime of the member. At the member's death, the
				  benefit continues to the non-spouse beneficiary at a rate of 50% until the
				  death of the non-spouse beneficiary. If the non-spouse beneficiary predeceases
				  the member, the benefit ceases when the member dies.
002.12 Retirement date
Retirement date means the first day of the month following
				  the later of (a) the date a member terminates employment, (b) the date a
				  member's request for retirement is received on a retirement application
				  provided by the retirement system, or (c) the month in which the member is
				  first eligible for benefits.