§ 79-982.01 — Employees retirement system; board of trustees; board of education; fiduciaries; duties

Nebraska § 79-982.01

• Jurisdiction: Nebraska
• Ch. 79: Schools

Text

(1) The members of the board of trustees shall have the responsibility for the administration of the retirement system pursuant to section 79-982 until September 1, 2024.
(2)(a) Until September 1, 2024, the board of trustees shall be deemed fiduciaries with respect to the administration of the retirement system, and shall be held to the standard of conduct of a fiduciary specified in subdivision (b) of this subsection.
(b) As fiduciaries, the members of the board of trustees shall:
(i) Discharge their duties with respect to the retirement system solely in the interests of the members and beneficiaries of the retirement system for the exclusive purposes of providing benefits to members and members' beneficiaries and defraying reasonable expenses incurred within the limitations and according to the powers, duties, and purposes prescribed by law at the time such duties are discharged;
(ii) Not have a duty in their official capacity to seek the enhancement of plan benefits through the legislative process if such benefits are not already contained within the plan documents; and
(iii) Act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
(3)(a) Beginning July 1, 2021, and until September 1, 2024, the members of the board of education shall:
(i) Have the responsibility for the administration of the retirement system pursuant to section 79-982 ;
(ii) Be deemed fiduciaries with respect to the administration of the retirement system; and
(iii) Be held to the standard of conduct of a fiduciary specified in subdivision (b) of this subsection.
(b) As fiduciaries, the members of the board of education shall:
(i) Discharge their duties with respect to the retirement system solely in the interests of the members and beneficiaries of the retirement system for the exclusive purposes of providing benefits to members and members' beneficiaries and defraying reasonable expenses incurred within the limitations and according to the powers, duties, and purposes prescribed by law at the time such duties are discharged;
(ii) Not have a duty in their official capacity to seek the enhancement of plan benefits through the legislative process if such benefits are not already contained within the plan documents; and
(iii) Act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

Legislative History

Source: Laws 2016, LB447, § 20; Laws 2021, LB147, § 13.