The proposed bill amends various sections of the Nebraska Revised Statutes to rename the Police Officers Retirement Act to the "Cities of the First Class Police Officers Retirement Act" and updates several provisions within the act. Key changes include clearer definitions of terms such as "city," "beneficiary," and "retirement value," as well as the elimination of obsolete provisions to enhance clarity and consistency. The bill also outlines specific contribution requirements for police officers and their employing cities, gradually increasing the contribution rate from seven percent to nine percent by October 1, 2025. Additionally, it establishes guidelines for managing the retirement system fund, including separate investment accounts for police officers and options for retirement benefits like annuity contracts and lump-sum payments.

Further amendments include provisions for police officers to elect various forms of minimum pension benefits, including lump-sum payments, and mandates cities to transfer necessary funds if the retirement value is insufficient. The bill removes gender-specific language to promote inclusivity and clarifies retirement conditions, including early and disability retirement. It introduces a vesting schedule based on years of service, establishes a retirement committee for oversight, and outlines the direct transfer of retirement funds when officers change jobs. The bill also addresses compensation for public safety officers killed in the line of duty, ensuring that such compensation is not considered part of retirement benefits. Overall, the amendments aim to modernize and clarify the pension and compensation framework for police officers and public safety personnel in Nebraska.

Statutes affected:
Introduced: 16-1001, 16-1002, 16-1003, 16-1004, 16-1005, 16-1006, 16-1007, 16-1008, 16-1009, 16-1010, 16-1011, 16-1012, 16-1013, 16-1014, 16-1015, 16-1016, 16-1017, 16-1018, 16-1019, 18-1723