This bill amends section 24-703 of the Revised Statutes Supplement, 2025, to modify the state contribution to the Nebraska Retirement Fund for Judges. Specifically, it establishes a new state contribution rate that will begin at five percent of the total annual compensation of all members of the retirement system starting July 1, 2023, and will decrease to four percent beginning July 1, 2026. The bill also includes provisions for adjustments to the contribution rate based on the funded ratio of the retirement system's assets, requiring the actuary to assess and recommend changes if certain financial conditions are met.

Additionally, the bill repeals the original section 24-703 and declares an emergency, allowing the act to take effect immediately upon passage and approval. The changes aim to ensure the sustainability of the retirement fund while providing a structured approach to state contributions based on the financial health of the fund.

Statutes affected:
Introduced: 24-703