The bill amends section 16-1007 of the Reissue Revised Statutes of Nebraska, which pertains to the Police Officers Retirement Act. It introduces new optional benefit forms for retiring police officers, allowing them to choose a single lump-sum payment or one or more partial payments of their retirement value in an amount and frequency they elect. 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 clarifies that if a police officer's pension benefit is less than twenty-five dollars per month, they will receive a lump-sum settlement equal to their retirement value instead of annuity benefits.

The act will become operative on October 1, 2026, and it repeals the original section 16-1007. The changes aim to provide more flexibility and options for retiring police officers regarding their pension benefits, ensuring that they can select a payment method that best suits their financial needs.

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