The bill amends various sections of the Nebraska Revised Statutes to improve the efficiency of the Public Employees Retirement Board and the Nebraska Investment Council. Key changes include the elimination of certain verification requirements for the Public Employees Retirement Board and the removal of the necessity for a written plan of action. Instead, the Nebraska Investment Council is now required to prepare an annual report by March 31, which will analyze investment returns for retirement systems and be presented to both the board and the Nebraska Retirement Systems Committee. Additionally, the Public Employees Retirement Board must submit an annual report by April 10 that covers its operations, funding policies, and administrative costs.

The bill also introduces provisions allowing for the waiver of investment analysis for retirement systems with assets under one million dollars, stipulating that such analyses must be conducted by an independent organization free of conflicts of interest. It emphasizes compliance with federal laws regarding retirement plans and outlines the board's responsibilities in managing retirement systems, including the Class V School Employees Retirement Act. Furthermore, the bill proposes transferring the management of the Class V school employees retirement system to the board and includes provisions for billing employers to cover associated costs. It also repeals original sections 84-1309.01 and 84-1503, as well as section 72-1243, indicating a significant restructuring of the legal framework governing the retirement system for Class V school employees.

Statutes affected:
Introduced: 72-1243, 84-1309.01, 84-1503
Final Reading: 72-1243, 84-1309.01, 84-1503
Slip Law: 72-1243, 84-1309.01, 84-1503