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1,185 sections in this chapter.
Neb. Rev. Stat. § 79-9,108 Employees retirement system; funds; investment.
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(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 reinveste…
Neb. Rev. Stat. § 79-9,109 Employees retirement system; investments; default of principal or interest; trustees; powers and duties.
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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 e…
Neb. Rev. Stat. § 79-9,110 Employees retirement system; investments; mortgages on real property, when.
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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 an…
Neb. Rev. Stat. § 79-9,111 Employees retirement system; investments; board of trustees; powers and duties; state investment officer; powers and duties.
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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 inv…
Neb. Rev. Stat. § 79-9,113 Employees retirement system; required contributions; payment; membership service annuity; computations.
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(1)(a) Commencing September 1, 1969, all employees of the school district shall contribute an amount equal to the membership contribution which shall be two and three-fourths percent of the first seven thousand eight hundred dollars of salary or wages earned each fiscal year and …
Neb. Rev. Stat. § 79-9,113.01 Employer; deduction; remittance; late fees; interest charge.
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(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 …
Neb. Rev. Stat. § 79-9,114 Employees retirement system; federal Social Security Act; agreement; coverage group.
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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 employ…
Neb. Rev. Stat. § 79-9,115 Class V School Employees Retirement Fund; created; use; expenses; payment.
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(1) The Class V School Employees Retirement Fund is created. (2)(a) The required deposits of the school district and the state contributions transferred to the school district by the State Treasurer for transmission to the retirement system and required deposits of the employees …
Neb. Rev. Stat. § 79-9,115.01 Class V School Expense Fund; created; use.
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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 …
Neb. Rev. Stat. § 79-9,115.02 Class V School Expense Fund; Class V School Employees Retirement Fund; assets; investment.
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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 in…
Neb. Rev. Stat. § 79-9,116 Applicability of sections.
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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.
Neb. Rev. Stat. § 79-9,117 Preretirement planning program or sessions; for whom; required information; funding; attendance; fee.
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(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 retire…
Neb. Rev. Stat. § 79-9,118 Participation in retirement system; qualification.
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No employee shall be authorized to participate in the retirement system unless the employee is a United States citizen or is lawfully present in the United States. The employing public school and the school employee shall: (1) Maintain at least one approved identification documen…
Neb. Rev. Stat. § 79-9,119 Beneficiary designation; order of priority.
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(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 m…
Neb. Rev. Stat. § 79-9,120 Legislative intent.
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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 Em…
Neb. Rev. Stat. § 79-9,121 Work plan for transfer of management and actuarial services; contents; access to records, documents, data, or other information; report; billing for work.
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(1)(a) The Public Employees Retirement Board, in consultation with stakeholders including, but not limited to, the Nebraska Retirement Systems Committee of the Legislature and the board of trustees and employer of any Class V school employees retirement system established under t…
Neb. Rev. Stat. § 79-9,122 Class V School Employees Retirement System Management Work Plan Fund; created; use; investment.
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(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…
Neb. Rev. Stat. § 79-9,123 Work plan; billing for work; payment.
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(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 incur…
Neb. Rev. Stat. § 79-9,124 Work plan; additional examination and evaluation; by whom; contents; expenses; compliance audit report; additional issues; powers and duties.
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(1) The Legislature finds that following completion and submission of the work plan by the retirement board pursuant to section 79-9,121, additional issues have emerged related to transfer of the management of any Class V school employees retirement system to the retirement board…
Neb. Rev. Stat. § 79-901 Act, how cited.
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Sections 79-901 to 79-977.03 shall be known and may be cited as the School Employees Retirement Act.
Neb. Rev. Stat. § 79-902 Terms, defined.
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For purposes of the School Employees Retirement Act, unless the context otherwise requires: (1) Accumulated contributions means the sum of all amounts deducted from the compensation of a member and credited to his or her individual account in the School Retirement Fund together w…
Neb. Rev. Stat. § 79-903 Retirement system; established; purpose.
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A school retirement system is hereby established for the purpose of providing retirement allowances or other benefits for the school employees of the State of Nebraska as provided in the School Employees Retirement Act. It shall have the powers and privileges of a corporation, in…
Neb. Rev. Stat. § 79-904 School retirement system; administration; retirement board; powers and duties; rules and regulations.
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The general administration of the retirement system, except the investment of funds, is hereby vested in the retirement board. The board may, by a majority vote of its members, adopt bylaws and adopt and promulgate rules and regulations, from time to time, to carry out the School…
Neb. Rev. Stat. § 79-904.01 Board; power to adjust contributions and benefits; repayment of benefit; overpayment of benefits; investigatory powers; subpoenas.
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(1)(a) If the board determines that the retirement system has previously received contributions or distributed benefits which for any reason are not in accordance with the statutory provisions of the School Employees Retirement Act, the board may refund contributions, require add…
Neb. Rev. Stat. § 79-905 Retirement board; duties.
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It shall be the duty of the retirement board to: (1) Determine the eligibility of an individual to be a member of the retirement system and other questions of fact in the event of dispute between an individual and a department; (2) Adopt rules and regulations, as the board may de…
Neb. Rev. Stat. § 79-906 Executive director; records; contents; employer education program.
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(1) The executive director in charge of the retirement system shall keep a complete record of all members with respect to name, current address, age, contributions, and any other facts as may be necessary in the administration of the School Employees Retirement Act. The informati…
Neb. Rev. Stat. § 79-907 Statement of information; board; powers and duties.
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(1)(a) On or before October 1, 2001, and at least every two years thereafter, the retirement board shall send to each contributing member of the retirement system by first-class mail, a statement of creditable service, reported salary, and other such information as is determined …
Neb. Rev. Stat. § 79-908 State Treasurer; duties.
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The State Treasurer shall be the custodian of the funds and securities of the retirement system and may deposit the funds and securities in any financial institution approved by the Nebraska Investment Council. All disbursements therefrom shall be paid by him or her only upon vou…
Neb. Rev. Stat. § 79-909 Auditor of Public Accounts; annual audit; report.
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The Auditor of Public Accounts shall make an annual audit of the retirement system and submit electronically an annual report to the Clerk of the Legislature of its condition. Each member of the Legislature shall receive an electronic copy of such report by making a request for i…
Neb. Rev. Stat. § 79-910 Retirement system; membership; separate employment; effect.
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(1) The membership of the retirement system shall be composed of (a) all persons who have an account in the School Retirement Fund, (b) all school employees who on or after July 1, 2002, must participate in the retirement system pursuant to section 79-910.01 and who have begun pa…
Neb. Rev. Stat. § 79-910.01 Retirement system; participation.
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(1) Each person employed by a public school who is a school employee and who is qualified to participate in the retirement system shall participate in the retirement system. (2) Public schools shall ensure that all school employees who qualify for participation pursuant to this s…
Neb. Rev. Stat. § 79-911 Retirement system; emeritus member; retirement, when.
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Any emeritus member may retire upon his or her application to the retirement board, to be effective upon the termination of his or her employment in any public school or in any position covered by the retirement system.
Neb. Rev. Stat. § 79-912 Retirement system; employees previously electing nonmembership; election to hold membership; effect.
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All school employees not required to hold a certificate, diploma, or credentials to practice in a professional capacity who had previously elected not to be included in the retirement system pursuant to section 79-910 may, after January 1, 1978, and prior to July 1, 1978, file wi…
Neb. Rev. Stat. § 79-913 Retirement system; membership; election of nonmembership; when.
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All school employees not required to hold a certificate, diploma, or credentials to practice in a professional capacity who are employed after January 1, 1978, and prior to July 1, 1978, shall have until June 30, 1978, to file with the retirement board an election not to be inclu…
Neb. Rev. Stat. § 79-915 Retirement system; membership; requirements; certain contemplated business transactions regarding retirement system participation; procedures; costs.
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(1) Persons residing outside of the United States and engaged temporarily as school employees in the State of Nebraska shall not become members of the retirement system. (2) No school employee shall be authorized to participate in the retirement system provided for in the School …
Neb. Rev. Stat. § 79-916 Retirement system; membership; member of any other system; contribution or transfer of funds; when; Service Annuity Fund; created; use; investment.
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(1)(a) On July 1, 2004, the board shall transfer from the School Retirement Fund to the Service Annuity Fund an amount equal to the funded ratio of the retirement system which is equal to the market value of the retirement system assets divided by the actuarial accrued liability …
Neb. Rev. Stat. § 79-917 New employee; participation in another governmental plan; how treated.
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Within the first one hundred eighty days of employment, a school employee may apply to the board for eligibility and vesting credit for years of participation in another Nebraska governmental plan, as defined by section 414(d) of the Internal Revenue Code. During the years of par…
Neb. Rev. Stat. § 79-919 Retirement system; membership; employees of postsecondary schools excluded.
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Any person who is employed by the Board of Trustees of the Nebraska State Colleges, the Board of Regents of the University of Nebraska, or a community college board of governors shall not come under the provisions of the School Employees Retirement Act.
Neb. Rev. Stat. § 79-920 Terms, defined; school plan, membership; participation; requirements; limitations on service.
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(1) For purposes of this section: (a) Association means the State Code Agency Teachers Association, or its equivalent successor, recognized by the State of Nebraska as the exclusive and sole collective-bargaining agent for all teachers other than temporary teachers employed by an…
Neb. Rev. Stat. § 79-921 Retirement system; membership; termination; employer; duty; reinstatement; application for restoration of relinquished creditable service; payment required.
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(1) The membership of any person in the retirement system shall cease only if he or she (a) withdraws his or her accumulated contributions under section 79-955, (b) retires on a school or formula or disability retirement allowance, or (c) dies. (2)(a) The employer shall notify th…
Neb. Rev. Stat. § 79-922 Retiree; return to employment; effect; waiver of payments.
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(1) Commencing on September 13, 1997, a beneficiary retired under the School Employees Retirement Act who returns to employment as a school employee, except for members retired under sections 79-951 to 79-954, shall continue receiving retirement benefits and shall be treated for …
Neb. Rev. Stat. § 79-924 Repurchase relinquished creditable service; credit for prior years of service; payment; rules and regulations; election; provisions applicable.
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The retirement board may adopt and promulgate rules and regulations to allow for lump-sum or installment payments for school employees who elect to repurchase relinquished creditable service under section 79-921 or buy credit for prior years of service under sections 79-933.03 to…
Neb. Rev. Stat. § 79-925 Retirement system; prior member; repayment authorized; limitation.
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Any person who is now a school employee or becomes a school employee and who had elected out of the retirement system between July 1, 1945, and October 1, 1945, and subsequently elected into the retirement system may elect to repay the retirement system for any number of years of…
Neb. Rev. Stat. § 79-926 Retirement system; members; statement of service record; requirements for prior service credit; exception; reemployment; military service; credit; effect; applicability.
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(1) Under such rules and regulations as the retirement board may adopt and promulgate, each person who was a school employee at any time prior to the establishment of the retirement system and who becomes a member of the retirement system shall, within two years after becoming a …
Neb. Rev. Stat. § 79-927 Service credit; computation.
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(1) The board shall grant service credit pursuant to this section on an annual basis to members who participate during each fiscal year. (2) Service credit shall be calculated as follows: (a) For each year during which a member provides compensated service to one or more school d…
Neb. Rev. Stat. § 79-928 Board; verify service record.
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Subject to the restrictions in the School Employees Retirement Act and to such rules and regulations as the retirement board may adopt, the retirement board shall verify, as soon as practicable after the filing of statements of service, the service claimed in the statements.
Neb. Rev. Stat. § 79-929 Board; issue prior service certificate; modification.
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Upon verification of the statements of service, the retirement board shall issue prior service certificates stating, for each member with a valid claim, the length of service in this state, rendered prior to the day of the establishment of the retirement system, with which the me…
Neb. Rev. Stat. § 79-930 Member; separation from service; return to work; how treated.
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(1)(a) A member who experiences a separation from service with the member's employer but has not submitted a retirement application or a request for distribution pursuant to section 79-955, or received a retirement benefit, disability retirement benefit, or distribution pursuant …
Neb. Rev. Stat. § 79-931 Retirement; when; application.
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(1) A member hired prior to July 1, 2016, upon filing a retirement application with the retirement system, may retire (a) at any age if the member has completed thirty-five years of creditable service, (b) if the member has completed at least five years of creditable service plus…
Neb. Rev. Stat. § 79-932 Retirement; deferment of payment; board; duties.
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(1) Payment of any benefit provided under the retirement system shall not be deferred later than the required beginning date. (2) The board shall make reasonable efforts to locate the member or the member's beneficiary and distribute benefits by the required beginning date. If th…