This text of Nebraska § 16-1004 (Police Officers
Retirement System Fund; administration; system funding; separate investment accounts) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(1)Each city
of the first class shall keep and maintain a Police Officers Retirement System
Fund for the purpose of investing payroll deductions and city contributions
to the retirement system. The fund shall be maintained separate and apart
from all city money and funds. The fund shall be administered under the direction
of the city and the retirement committee exclusively for the purposes of the
retirement system and for the benefit of participating police officers and
their beneficiaries. The fund shall be established as a trust under the laws
of this state for all purposes of section 401(a) of the Internal Revenue Code. Regular interest shall accrue on any contributions
transferred into the fund. Such
funds shall be invested in the manner prescribed in section 16-1016 .
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(1) Each city
of the first class shall keep and maintain a Police Officers Retirement System
Fund for the purpose of investing payroll deductions and city contributions
to the retirement system. The fund shall be maintained separate and apart
from all city money and funds. The fund shall be administered under the direction
of the city and the retirement committee exclusively for the purposes of the
retirement system and for the benefit of participating police officers and
their beneficiaries. The fund shall be established as a trust under the laws
of this state for all purposes of section 401(a) of the Internal Revenue Code. Regular interest shall accrue on any contributions
transferred into the fund. Such
funds shall be invested in the manner prescribed in section 16-1016 .
(2) The city shall establish a medium for funding of the retirement
system, which may be a pension trust fund, custodial account, group annuity
contract, or combination thereof, for the purpose of investing money for the
retirement system in the manner prescribed by section 16-1016 and to provide
the retirement, death, and disability benefits for police officers pursuant
to the Police Officers Retirement Act. The
trustee or custodian of any trust fund may be a designated funding agent which
is qualified to act as a fiduciary or custodian in this state, the city treasurer,
a city officer authorized to administer funds of the city, or a combination
thereof.
(3) Upon direction of the city, there may be established separate
investment accounts for each participating police officer for the purpose
of allowing each police officer to direct the investment of all or a portion
of his or her employee account or employer account subject to the requirements
of section 16-1016 and any other rules or limitations that may be established
by the city or the retirement committee. If separate investment accounts are
established, each account shall be separately invested and reinvested, separately
credited with all earnings and gains with respect to the investment of the
assets of the investment account, and separately debited with the losses of
the account. Each investment account shall be adjusted each year to reflect
the appreciation or depreciation of the fair market value of the assets held
in such account as determined by the retirement committee. The expenses incurred
by the retirement system when a police officer directs the investment of all
or a portion of his or her individual investment account shall be charged
against the police officer's investment account and shall reduce the police
officer's retirement value.