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 investment 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 for "restricted entity," which includes certain Chinese entities, and prohibits investment activities with such 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, particularly concerning restricted entities, to various state officials and the Nebraska Retirement Systems Committee. The State Treasurer is tasked with creating and maintaining a list of 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 an emergency declaration, allowing it to take effect immediately upon passage and approval.

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