Legislative Bill 38 amends sections 79-930 and 79-992 of the Reissue Revised Statutes of Nebraska, focusing on the School Employees Retirement Act and the Class V School Employees Retirement Act. The bill redefines terms related to the retirement system, particularly concerning members who separate from service but have not submitted a retirement application or received benefits. It allows such members to return to work as temporary or substitute employees without incurring a termination of employment for certain purposes, while also stipulating that they will not accrue service credit or be eligible for retirement benefits until they meet specific conditions. Additionally, the bill clarifies the rules regarding members who return to work within 180 days of separation, detailing the types of work that do not affect their retirement status.

Furthermore, the bill outlines the process for members who have five or more years of creditable service and choose to leave their contributions in the retirement system. It specifies that these members can receive a retirement allowance at normal or early retirement age based on their contributions. The bill also includes provisions for members who return to employment after retirement, stating that they will participate as new members and will not have their previous service credited towards their new retirement benefits. The original sections 79-930 and 79-992 are repealed as part of this legislative update.

Statutes affected:
Introduced: 79-930, 79-992