This legislative bill amends various sections of Nebraska's retirement laws, focusing on the participation of state agency employees and political subdivisions in retirement systems. A key change is the requirement for employees to maintain and produce an "approved identification document" to verify their lawful presence in the United States, which includes documents like state-issued IDs and passports. The bill also updates the title of the head of the Nebraska Public Employees Retirement Systems to "executive director" and renames certain state transfers as "state contributions." Additionally, it aims to eliminate obsolete provisions related to the Class V School Employees Retirement Act and harmonize existing laws, while enhancing the board's authority to address overpayments and underpayments of benefits.

Furthermore, the bill introduces specific contribution rates for judges and establishes a framework for annual actuarial valuations to assess the financial health of retirement funds. It clarifies that member contributions will be treated as employer contributions for tax purposes and mandates that both the employing public school and the employee maintain approved identification documents. The bill also outlines the responsibilities of the executive director, including maintaining records and implementing educational programs for compliance. Overall, these amendments aim to modernize and clarify the regulations governing retirement systems in Nebraska, ensuring compliance with federal laws regarding lawful presence and improving the sustainability and efficiency of retirement benefits for public employees and judges.

Statutes affected:
Introduced: 4-108, 23-2305.01, 23-2306, 23-2312, 24-703, 24-703.01, 24-704, 24-704.01, 24-705, 24-710, 42-1111, 49-617, 72-1237, 72-1239, 79-904.01, 79-905, 79-906, 79-907, 79-915, 79-916, 79-930, 79-963, 79-966, 79-978, 79-979.01, 79-983, 79-989, 79-992, 81-2016, 81-2019, 81-2019.01, 81-2021, 81-2022, 84-1305.01, 84-1305.02, 84-1307, 84-1503, 84-1503.03, 84-1504, 84-1512