This bill amends section 16-1007 of the Reissue Revised Statutes of Nebraska, which pertains to the Police Officers Retirement Act. The key changes include the introduction of new optional benefit forms for retiring police officers, allowing them to receive their retirement value as a single lump-sum payment or as one or more partial payments, with the amount and frequency elected by the officer. Additionally, the bill allows retiring officers to defer the date of their first annuity or lump-sum payment to any specified month prior to age seventy.

The bill also outlines the minimum pension benefits for officers employed continuously since January 1, 1984, and provides options for how these benefits can be received, including the possibility of a single lump-sum payment. If the retirement value is insufficient to provide the required pension benefit, the city is mandated to transfer necessary funds to ensure the officer can receive the minimum benefit. The act is set to become operative on October 1, 2026, and it repeals the original section 16-1007.

Statutes affected:
Introduced: 16-1007