This bill amends various sections of the Reissue Revised Statutes of Nebraska to update the retirement systems 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, specifying that for fiscal years prior to July 1, 2025, the state will transfer an amount based on a percentage of member compensation, transitioning to a fixed two percent of member compensation starting July 1, 2025. The bill clarifies that the state's transfer does not create additional financial responsibilities for the retirement system's funding obligations, which remain with the district. Additionally, employee contributions will be calculated based on the funded ratio of the School Retirement Fund beginning in 2025, with varying rates for employees hired before July 1, 2016, depending on the funded ratio.

The bill also introduces amendments to the Nebraska State Patrol Retirement Act, particularly regarding benefits for officers and their families. It defines the "capping period" as the five plan years before an officer's retirement date and allows the board to set rules for calculating final average monthly compensation during this time. Benefits for surviving spouses and dependent children are modified, with surviving spouses receiving seventy-five percent of the officer's annuity before July 1, 2027, increasing to one hundred percent thereafter. The bill ensures equitable distribution of benefits among dependent children and addresses situations without surviving spouses or dependent children, basing benefits on the officer's contributions to the retirement fund. The act is set to take effect immediately upon passage due to an emergency clause.

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