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 of the appointed members from five years 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 introduces a new requirement that beginning 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 the stipulation that prior to this date, this member will serve as a nonvoting, ex officio member.

The bill also outlines the appointment process for board members, which will continue to be made by the Governor and require legislative approval. It establishes staggered terms for the appointed members to ensure a knowledgeable board, with specific start dates for each member's term. The original section 84-1501 is repealed, consolidating the updated provisions into the new legal framework.

Statutes affected:
Introduced: 84-1501