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 various Chinese entities that are subject to investment restrictions, and mandates that the council and the state investment officer refrain from engaging in investment activities with these entities.

Additionally, the bill requires the state investment officer to report on investment activities related to retirement systems, including any holdings in restricted entities, and mandates the State Treasurer to create and maintain a list of such entities. The first report is due by January 15, 2026, and the State Treasurer must publish the list of restricted entities by October 1, 2025. 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.

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