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 obligations for the retirement system's funding, which remains the responsibility of the district. Additionally, employee contribution calculations will be based on the funded ratio of the School Retirement Fund beginning in 2025, with varying rates for employees hired before July 1, 2016.

Significant changes are also introduced regarding retirement benefits for officers of the Nebraska State Patrol, including the definition of a "capping period" for calculating final average monthly compensation and adjustments to annuity amounts for officers qualifying due to disability. The bill increases the benefit for surviving spouses from seventy-five percent to one hundred percent of the officer's annuity starting July 1, 2027, and outlines the distribution of benefits among surviving spouses and dependent children. It also includes provisions for lump-sum death benefits and benefits for members who die while performing military service. The changes will only apply to events occurring after July 16, 2004, and the bill is set to take effect immediately due to an emergency declaration.

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