§ 79-933.09 — Retirement system; accept transfers; limitations; how treated

Nebraska § 79-933.09

• Jurisdiction: Nebraska
• Ch. 79: Schools

Text

The
retirement system may accept as payment for repurchase
of relinquished creditable service under section 79-921 or purchases
of service credit made pursuant to the School Employees Retirement Act a
direct trustee-to-trustee transfer from (1) an eligible tax-sheltered annuity
plan as described in section 403(b) of the Internal Revenue Code or (2) an
eligible deferred compensation plan as described in section 457(b) of the
code on behalf of a member who is making payments for such relinquished creditable service or service credit. The
amount transferred shall not exceed the amount of payment required for the relinquished creditable service being
repurchased or service credit being purchased, and the
repurchase of such relinquished creditable service or the purchase
of such service credit shall qualify as a purchase of permissive service credit
by the member as defined in section 415 of the code.

Legislative History

Source: Laws 2002, LB 407, § 31; Laws 2014, LB1042, § 7.