This bill amends section 16-1027 of the Reissue Revised Statutes of Nebraska, which pertains to the retirement benefits of firefighters. The key changes include the introduction of new optional payment forms for firefighters retiring on or after January 1, 1997, allowing them to choose from annual, quarterly, monthly payments, or a single lump-sum payment of their retirement value. Additionally, for firefighters retiring before January 1, 1997, a lump-sum payment option will only be available if adopted by the city in the retirement system's funding medium. The bill also clarifies that if a firefighter's pension benefit is less than twenty-five dollars per month, they will receive a lump-sum settlement instead of annuity benefits.

Furthermore, the bill outlines the minimum pension benefits for firefighters based on their age and years of service, ensuring that those who retire after age fifty-five with at least twenty-one years of service receive a minimum of fifty percent of their regular pay. It also stipulates that surviving spouses or minor children of deceased firefighters are entitled to receive pension benefits under certain conditions. The original section 16-1027 is repealed, consolidating the updated provisions into the new legal framework.

Statutes affected:
Introduced: 16-1027