Nebraska § 84-1309 State Employees Retirement Fund;
established; amounts credited; disbursements;
accounting of funds

Nebraska Statutes

§ 84-1309 — State Employees Retirement Fund; established; amounts credited; disbursements; accounting of funds

Nebraska § 84-1309

Ch. 84State Officers

This text of Nebraska § 84-1309 (State Employees Retirement Fund; established; amounts credited; disbursements; accounting of funds) 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. § 84-1309 (2026).

Text

(1)There is hereby established in the state treasury a special fund to be known as the State Employees Retirement Fund to consist of such funds as the Legislature shall from time to time appropriate. The Director of Administrative Services shall credit an amount each month to the State Employees Retirement Fund equal to one hundred fifty-six percent of the amounts deducted, in accordance with section 84-1308 , from the compensation of employees who are paid from funds appropriated from the General Fund.

(2)The Director of Administrative Services shall credit an amount each month to the State Employees Retirement Fund from the funds of each department with at least one employee who is a member of the retirement system for a sum equal to one hundred fifty-six percent of the amounts deduct

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(1) There is hereby established
in the state treasury a special fund to be known as the State Employees Retirement
Fund to consist of such funds as the Legislature shall from time to time appropriate.
The Director of Administrative Services shall credit an amount each month
to the State Employees Retirement Fund equal to one hundred fifty-six percent
of the amounts deducted, in accordance with section 84-1308 , from the compensation
of employees who are paid from funds appropriated from the General Fund.
(2) The Director of Administrative Services shall credit an amount each
month to the State Employees Retirement Fund from the funds of each department
with at least one employee who is a member of the retirement system for a
sum equal to one hundred fifty-six percent of the amounts deducted, in accordance
with section 84-1308 , from the compensation of employees who are paid from
any funds other than funds appropriated from the General Fund.
(3) The Director of Administrative Services shall credit an amount each
month to the State Employees Retirement Fund for prior service benefits. After
receiving the annual report required by section 84-1315 , the Legislature may
make such adjustments in the funding of prior service benefits as necessary
to keep the plan sound. The contribution for prior service purposes shall
cease when the prior service obligation is properly funded.
(4) The Department of
Administrative Services may, for accounting purposes, create subfunds of the
State Employees Retirement Fund to separately account for defined contribution
plan assets and cash balance plan assets.
(5) The State Treasurer shall be the custodian
of the funds and securities of the retirement system and may deposit the funds
and securities in any financial institution approved by the Nebraska Investment
Council. The State Treasurer shall transmit monthly to the board a detailed
statement showing all credits to and disbursements from the fund. He or she
shall disburse money from the fund only on warrants issued by the Director
of Administrative Services upon vouchers signed by a person authorized by
the retirement board.

Legislative History

Source: Laws 1963, c. 532, § 9, p. 1671; Laws 1967, c. 619, § 1, p. 2074; Laws 1969, c. 584, § 119, p. 2422; Laws 1971, LB 476, § 1; Laws 1971, LB 987, § 34; Laws 1981, LB 459, § 7; Laws 1984, LB 751, § 4; Laws 1991, LB 549, § 64; Laws 1997, LB 623, § 41; Laws 2012, LB916, § 34.