The bill amends the Reissue Revised Statutes of Nebraska to update retirement system provisions for Class V school districts and the Nebraska State Patrol Retirement System. Key changes include adjustments to employee and state contributions to the School Retirement Fund, with specific percentages based on the funded ratio of the retirement system's assets. For fiscal years before July 1, 2025, the state will transfer an amount based on a specified percentage of member compensation, transitioning to a fixed two percent of member compensation starting July 1, 2025. The bill also establishes the Service Annuity Fund to cover service annuities for eligible employees and modifies the calculation of employee contributions and final average monthly compensation for Nebraska State Patrol officers.

Additionally, the bill introduces significant changes to benefits for officers under the Nebraska State Patrol Retirement Act, particularly for surviving spouses and dependent children. It establishes a five-year "capping period" for calculating final average monthly compensation and specifies that officers qualifying for an annuity due to disability will receive a monthly benefit capped at seventy-five percent of their final average monthly compensation. Notably, benefits for surviving spouses will transition from seventy-five percent to one hundred percent of the officer's annuity effective July 1, 2027, with clear guidelines for benefit distribution in cases without surviving spouses or dependent children. The bill is set to take effect immediately upon passage, emphasizing the urgency of these changes.

Statutes affected:
Introduced: 79-966
Final Reading: 79-916, 79-958, 79-966, 81-2026
Slip Law: 79-916, 79-958, 79-966, 81-2026