This bill amends several sections of the Nebraska Revised Statutes to establish new responsibilities for the Nebraska Investment Council and the state investment officer regarding the management of retirement system funds. Key provisions include the requirement for the appointed members of the council to act as fiduciaries, ensuring that their investment decisions prioritize the interests of the members and beneficiaries of the retirement systems. The bill also introduces a definition of "restricted entity," which includes certain Chinese entities, and prohibits investment activities with these entities. Additionally, the state investment officer is mandated to divest from any holdings related to restricted entities as soon as practicable.

Furthermore, the bill requires the state investment officer to provide regular reports on investment activities related to retirement systems, including details on any investments in restricted entities. The State Treasurer is tasked with creating and maintaining a list of these restricted entities, which must be updated at least every six months. The act is set to become operative on July 1, 2025, and includes provisions for the repeal of the original sections of the statutes that are being amended. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.

Statutes affected:
Introduced: 72-1239.01, 72-1246, 72-1254, 84-602