This bill amends section 79-966 of the Reissue Revised Statutes of Nebraska, which pertains to the School Retirement Fund. It introduces changes to the state contributions made to the fund, specifically outlining the calculation of state transfers based on the actuarial funded ratio of the School Retirement Fund. For fiscal years beginning July 1, 2014, and before July 1, 2025, the state is required to transfer an amount equal to two percent of the compensation of all members of the retirement system. Starting July 1, 2025, the required transfer will vary based on the funded ratio, with specific percentages outlined for different ranges of the ratio, ultimately allowing for no required transfer if the ratio is at or above one hundred percent.

Additionally, the bill harmonizes provisions related to the state contributions and repeals the original section 79-966. The new language clarifies the conditions under which the Class V district school board can request additional transfers to meet actuarially required contribution rates, ensuring that the retirement system remains adequately funded. Overall, the bill aims to enhance the financial stability of the School Retirement Fund by adjusting state contributions based on the fund's performance.

Statutes affected:
Introduced: 79-966