This bill amends section 84-1501 of the Reissue Revised Statutes of Nebraska, which pertains to the Public Employees Retirement Board. The key changes include increasing the required experience for two appointed members from five to ten years in either the management of a public or private organization or in the field of actuarial analysis or employee benefit plan administration. Additionally, the bill establishes that beginning September 1, 2024, one of the appointed members must be a teacher participating in a retirement system under the Class V School Employees Retirement Act, with the stipulation that prior to this date, this member will serve as a nonvoting, ex officio member.

The bill also outlines the composition and appointment process for the board, which consists of nine appointed members and the state investment officer as a nonvoting member. It specifies the terms of service for board members, which are generally five years, and includes provisions for staggered terms to ensure continuity and experience on the board. In the event of a vacancy, the Governor is responsible for appointing a replacement, subject to legislative approval. The original section 84-1501 is repealed as part of this legislative update.

Statutes affected:
Introduced: 84-1501