Nebraska Administrative Code › Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS › Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD › Chapter 15 - PURCHASE OF SERVICE CREDIT › Section 303-15-002 - General Provisions

Current through June 17, 2024
002.01 The Nebraska Public Employees
				Retirement Systems ('NPERS'), is the agency under the direction of the Public
				Employees Retirement Board, referred to as the Retirement Board, which is
				responsible for administering the various purchase of service provisions in the
				statutes governing the Nebraska Public Employees Retirement Systems.
002.02 For purposes of determining
				eligibility for purchase of service, a member, school employee, state patrol
				officer or judge shall mean a person working for a covered employer and
				contributing to their respective retirement systems.
002.03 Covered employer for purposes of this
				regulation shall mean any Nebraska public school, Classes I to IV and VI;
				participating county; or participating state agency.
002.04 Except with respect to the School
				Employees Retirement Plan, for interest based purchases, the interest rate used
				to determine the one-time cost of purchasing service shall be the annual rate
				of regular interest accrued on member accounts as determined annually for each
				retirement system by the Retirement Board. If the member is required to pay the
				actuarial cost as determined by the actuarial assumptions of each plan, the
				actuarial determination shall apply. If payments are made on the installment
				method then an additional finance charge will be assessed as defined.
002.05 For the School Employees Retirement
				Plan, actuarial cost shall mean the full cost of purchasing service allowed by
				law as determined by the actuary under contract with the Retirement Board. The
				full cost of purchasing service shall be calculated based on the increase in
				the actuarial accrued liability resulting from the purchase of service assuming
				the member is actively employed until age sixty-five (65). The actuarial
				assumptions used when determining the actuarial cost shall be those adopted by
				the Retirement Board as recommended by the actuary.
002.06 RESERVED
002.07 A member wanting to make a purchase of
				service must give notice of his or her intent to purchase service including
				method of payment on forms prescribed by NPERS.
002.08 Receiving Payments For Refunded
				Service
002.08(a)(i) A former member of the
				School Retirement System who once again becomes a contributing member of the
				School Retirement System as a result of reemployment prior to April 17, 2014,
				must complete repayment of a refund pursuant to Section 003 hereof prior to the
				earlier of such member's termination of employment or April 17, 2020.
002.08(a)(ii) A former member of
				the School Retirement System who once again becomes a contributing member of
				the School Retirement System as a result of reemployment on or after April 17,
				2014, must complete repayment of a refund pursuant to Section 003 hereof prior
				to the earlier of such member's termination of employment or the fifth
				anniversary of such member's date of reemployment.
002.08(b) For the Judges Plan and Patrol
				Plan, all payments must be received by NPERS within five years of the date a
				member elects to repay his or her refund on forms prescribed by NPERS or prior
				to termination, whichever is sooner.