This bill amends section 16-1007 of the Reissue Revised Statutes of Nebraska, specifically relating to the Police Officers Retirement Act. It introduces new optional benefit forms for retiring police officers, allowing them to choose to receive their retirement value as a single lump-sum payment or as one or more partial payments, in addition to the existing options of a straight life annuity or other annuity forms. The bill also permits retiring officers to defer the date of their first annuity or lump-sum payment to any specified month prior to age seventy.

Furthermore, the bill outlines provisions for officers employed continuously since January 1, 1984, ensuring that their pension benefits meet minimum thresholds based on their age and years of service. If the retirement value is insufficient to provide the required pension benefit, the city is mandated to transfer necessary funds to ensure adequacy. Additionally, officers whose pension benefits are less than twenty-five dollars per month will receive a lump-sum settlement instead of annuity benefits. The act is set to become operative on October 1, 2026, and it repeals the original section 16-1007.

Statutes affected:
Introduced: 16-1007
Final Reading: 16-1007