This bill amends section 16-1027 of the Reissue Revised Statutes of Nebraska, specifically addressing the retirement benefits for firefighters. It allows retiring firefighters to choose their pension benefits in various forms, including annual payments, quarterly payments, monthly payments, or a single lump-sum payment of their retirement value, provided they retire on or after January 1, 1997. For those retiring before this date, a lump-sum payment is only available if the city has adopted this option. 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. Additionally, 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 if a retired firefighter or their beneficiaries die before receiving total pension payments equal to their employee account balance, the remaining amount will be paid to the firefighter's estate. The original section 16-1027 is repealed as part of this legislative update.

Statutes affected:
Introduced: 16-1027