This legislative bill amends various sections of Nebraska's retirement laws, including the County Employees Retirement Act, the Judges Retirement Act, and the School Employees Retirement Act, among others. Key changes involve redefining terms related to the termination of employment, clarifying documentation requirements for U.S. citizenship or lawful presence, and establishing new provisions for cost-of-living adjustments and employee leave for preretirement planning. Notably, the bill specifies that "termination of employment" does not occur if an employee transitions to another participating county within 120 days, and it mandates that counties notify the board of such changes. Additionally, it introduces a new definition for "Compensation" to include "leave of absence pay" and updates the interest rate for lump-sum settlements based on a specific financial index.

The bill also addresses the reemployment of members within the retirement system, detailing conditions for reenrollment and the calculation of years of participation. It clarifies that members returning to service before a specified break will not be considered to have had a bona fide separation. Furthermore, the bill modifies the requirements for judges and school employees to demonstrate U.S. citizenship or lawful presence, allowing for certain expired documents to be valid. Overall, these amendments aim to enhance the clarity, efficiency, and compliance of Nebraska's retirement systems while ensuring that benefits are administered fairly and consistently.

Statutes affected:
Introduced: 23-2301, 23-2306, 23-2320, 24-701, 24-703.01, 42-1102, 79-902, 79-904.01, 79-915, 79-956, 79-978, 81-2014, 81-2016, 81-2017, 84-1301, 84-1307, 84-1322, 84-1502, 84-1504, 84-1511