This bill amends several sections of the Nebraska Revised Statutes concerning the School Employees Retirement Act and the Class V School Employees Retirement Act. Key changes include a redefinition of "termination of employment," which is now clarified to mean a bona fide separation from service, and stipulations that a member returning to work within one hundred twenty days after separation will not be considered to have terminated employment. The bill also introduces new definitions for terms such as "substitute employee," "temporary employee," and "surviving spouse," and specifies that members who separate from service without applying for retirement benefits may return as temporary employees or volunteers without losing their retirement status.

Additionally, the bill modifies provisions related to compensation included in retirement calculations, establishes that actuarial determinations for employees hired after July 1, 2017, will be based on a unisex mortality table, and outlines the process for handling contributions and refunds. It reduces the period for returning to work after separation from one hundred eighty days to one hundred twenty days and emphasizes that creditable service can only be purchased in one-tenth-year increments. The act is set to become operative on May 1, 2026, with provisions for immediate effect due to an emergency.

Statutes affected:
Introduced: 79-902, 79-920, 79-930, 79-978, 79-992
Final Reading: 79-902, 79-920, 79-930, 79-978, 79-992