This bill amends various sections of the Nebraska Revised Statutes concerning retirement systems, particularly the roles of the Nebraska Investment Council and the Public Employees Retirement Board. Key changes include the removal of certain verification provisions and the requirement for a written plan of action from the Public Employees Retirement Board. Instead, the Nebraska Investment Council is now mandated to prepare an annual report analyzing investment returns for retirement systems, which must be presented to the board and the Nebraska Retirement Systems Committee by March 31 each year. Additionally, the Public Employees Retirement Board is required to submit its own annual report by April 10, detailing funding policies, administrative costs, and compliance structures. The bill also emphasizes independent analysis of investment returns, allowing waivers for retirement systems with assets under one million dollars, and mandates that both annual reports be presented at public hearings for transparency.

Moreover, the bill outlines the responsibilities of the board regarding the management of Class V school employees' retirement systems under the Class V School Employees Retirement Act. It requires the board to execute a work plan, file a report, and engage in financial transactions with employers related to the management transition of these retirement systems. The board is also tasked with identifying issues related to this transition and billing employers for associated costs. Additionally, the bill repeals original sections 84-1309.01 and 84-1503, along with section 72-1243 of the Revised Statutes Cumulative Supplement, 2024, indicating a significant update to the legal framework governing Class V school employees' retirement systems and streamlining the board's responsibilities.

Statutes affected:
Introduced: 72-1243, 84-1309.01, 84-1503