Nebraska § 79-947.07 Employee who becomes a member on
or after July 1, 2013; annual benefit adjustment; cost-of-living adjustment
calculation method

Nebraska Statutes

§ 79-947.07 — Employee who becomes a member on or after July 1, 2013; annual benefit adjustment; cost-of-living adjustment calculation method

Nebraska § 79-947.07

Ch. 79Schools

This text of Nebraska § 79-947.07 (Employee who becomes a member on or after July 1, 2013; annual benefit adjustment; cost-of-living adjustment calculation method) 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.

Bluebook

Neb. Rev. Stat. § 79-947.07 (2026).

Text

On July 1 of each year, for school employees who became members on or after July 1, 2013:

(1)The board shall determine the number of retired members or beneficiaries in the retirement system and an annual benefit adjustment shall be made by the board for each retired member or beneficiary. The benefit paid to a retired member or beneficiary under this section shall be increased annually by the lesser of (a) the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the period between June 30 of the prior year to June 30 of the present year or (b) one percent;

(2)Each retired member or beneficiary shall receive the sum of the annual benefit adjustment and such retiree's total monthly benefit less withholding, which sum shall be the retired member's o

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On July 1 of each year, for school employees who became
members on or after July 1, 2013:
(1) The board
shall determine the number of retired members or beneficiaries in the retirement
system and an annual benefit adjustment shall be made by the board for each
retired member or beneficiary. The benefit paid to a retired member or beneficiary
under this section shall be increased annually by the lesser of (a) the percentage
change in the Consumer Price Index for Urban Wage Earners and Clerical Workers
for the period between June 30 of the prior year to June 30 of the present
year or (b) one percent;
(2) Each retired member or beneficiary shall receive the sum of
the annual benefit adjustment and such retiree's total monthly benefit less
withholding, which sum shall be the retired member's or beneficiary's adjusted
total monthly benefit. Each retired member or beneficiary shall receive the
adjusted total monthly benefit until the expiration of the annuity option
selected by the member or until the retired member or beneficiary again qualifies
for the annual benefit adjustment, whichever occurs first;
(3) The annual
benefit adjustment pursuant to this section shall not cause a current benefit
to be reduced, and a retired member or beneficiary shall never receive less
than the adjusted total monthly benefit until the annuity option selected
by the member expires; and
(4) The board shall adjust the annual benefit
adjustment provided in this section so that the cost-of-living adjustment
provided to the retired member or beneficiary at the time of the annual benefit
adjustment does not exceed the change in the Consumer Price Index for Urban
Wage Earners and Clerical Workers for the period between June 30 of the prior
year to June 30 of the present year. If the consumer price index used in this
section is discontinued or replaced, a substitute index published by the United
States Department of Labor shall be selected by the board which shall be a
reasonable representative measurement of the cost of living for retired employees.