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 the requirement that two of the appointed members must have at least ten years of experience in management or in actuarial analysis or employee benefit plan administration, increasing the previous requirement from five years to ten years. Additionally, the bill introduces a new provision that, starting September 1, 2024, one of the appointed members must be a teacher participating in a retirement system established under the Class V School Employees Retirement Act, with this member serving as a nonvoting, ex officio member until that date.

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. The terms of the appointed members are staggered 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 The original section 84-1501 is repealed as part of this legislative update.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