§ 23-2308 — County Employees Retirement Fund; created; investment; system; county clerk; payment; fees; accounting of funds

Nebraska § 23-2308

• Jurisdiction: Nebraska
• Ch. 23: County Government and Officers

Text

(1)
The County Employees Retirement Fund is created. The fund shall be administered
by the board and shall consist of contributions and other such sums as provided
in section 23-2302 . Any money in the fund available for investment shall be
invested by the state investment officer pursuant to the Nebraska Capital
Expansion Act and the Nebraska State Funds Investment Act.
(2) The county clerk shall pay to the board or an entity designated
by the board an amount equal to two hundred fifty percent of the amounts deducted
from the compensation of employees in accordance with the provisions of section 23-2307 , which two hundred fifty percent equals the employees' contributions
plus the county's contributions of one hundred fifty percent of the employees'
contributions.
(3) The board may charge the county an administrative processing fee
of twenty-five dollars if the reports of necessary information or payments
made pursuant to this section are received later than the date on which the
board requires that such information or money should be received. In addition,
the board may charge the county a late fee of thirty-eight thousandths of
one percent of the amount required to be submitted pursuant to this section
for each day such amount has not been received or in an amount equal to the
amount of any costs incurred by the member due to the late receipt of contributions,
whichever is greater. The late fee may be used to make a member's account
whole for any costs that may have been incurred by the member due to the late
receipt of contributions.
(4) The Department of
Administrative Services may, for accounting purposes, create subfunds of the
County Employees Retirement Fund to separately account for defined contribution
plan assets and cash balance plan assets.

Legislative History

Source: Laws 1965, c. 94, § 8, p. 405; Laws 1981, LB 459, § 2; Laws 1991, LB 549, § 5; Laws 1992, LB 1057, § 2; Laws 1993, LB 417, § 2; Laws 1998, LB 1191, § 25; Laws 2002, LB 407, § 3; Laws 2005, LB 364, § 1; Laws 2011, LB509, § 5; Laws 2012, LB916, § 5. Cross References: Nebraska Capital Expansion Act, see section 72-1269. Nebraska State Funds Investment Act, see section 72-1260.